You are leaving a vast amount of money on the table. No jokes.
We haven’t met yet, but the cart abandonment statistics data shows it as clear as day.
And it’s not just your online store. Cart abandonment is a major problem for all online retailers, regardless of how big a company is. Even the most optimized and perfectly designed eCommerce stores see items left in the carts each and every day.
That being said, it’s important to highlight from the start that an engaged customer is not always guaranteed to buy.
That’s why I’m writing this blog post.
In it, you will find the 12+ shopping cart abandonment statistics, learn why people abandon their shopping carts, and what online sellers can do to prevent it.
Here are the most significant cart abandonment statistics in 2021:
Baymard’s study shows that the average documented shopping cart abandonment is %69.80. This stat paints the most accurate picture of the current state of cart abandonment across all industries.
That roughly means that for every 100 potential customers, 70 of them leave with items in their cart without purchasing. (That’s a lot of revenue lost.)
Additionally, Baymard’s research shows the cart abandonment rate differs by device. Mobile and tablet devices have the highest percentage of abandoners at the checkout page:
What happens when a customer abandons their shopping cart?
Statista found that when online shoppers from the UK abandon shopping carts, less than a third return to purchase them. A quarter of them buys the same product from a competitor retailer.
But the most staggering effect of shopping cart abandonment is the lost revenue for your business. It is reported that the amount of lost revenue each year due to cart abandonment is $18 billion in sales.
It’s true that every day thousands of potential buyers leave shopping carts without purchasing, but the real question is, “why do people abandon shopping carts?”
73% of shoppers are more likely to decide to buy an item if the shipping is free.
For more than half of online consumers, free shipping/delivery is the most effective incentive in convincing them to buy an item from an online retailer.
Extra costs—including taxes, shipping, and extra fees may not always be obvious to customers. So, when they head to the shopping cart only to see the surprising extra costs, they might leave your site right away.
In fact, 49 percent of shoppers abandon carts for this reason.
Let’s spill out the hard cold truth: Nobody wants to fill in time-consuming fields like phone numbers or birthdays just to buy something online.
Some shoppers find it frustrating having to create an account and give all of that information for a single purchase. 24% of people say that it is the reason for them to abandon the shopping cart.
And let me note that even if they have created an account before, they may not remember the password considering that the average internet user has 100 passwords.
Offer a guest account or an accelerated checkout option that remembers a customer can be a perfect solution for this problem.
The average US checkout flow contains 23 form elements by default, including popular ones like name, address, and birthday.
Although this data helps online retailers understand their customer base better, a long and complicated checkout process can be causing them to exit altogether.
Fortunately for you, this problem has an easy fix: get rid of the unnecessary form fields from the checkout flow.
“The smaller the size of the screen, the more likely a customer is not to purchase. This is problematic considering that for the first time ever, more digital buyers will use smartphones than desktops to shop.” - Brilliance.
This points out the importance of optimizing your website for mobile, which can be easily achieved in the following ways:
Most online shoppers have too little patience. Cart abandonment statistics show that you have 3 seconds at most before the majority of them leave your site. What’s more, 80 percent of those consumers will never return.
You need to test your website both on desktop and mobile and see how long the page-load time takes. Google’s Pagespeed Insights tool is ideal for testing site speed for free.
Site speed is only a part of optimizing for conversions. You can take advantage of conversion rate optimization tools to boost sales and UX.
A study from Statista reports that 30 percent of shoppers will leave without completing the purchase if they have to re-enter their credit card information, and 25 percent will leave if they have to re-enter their shipping information.
The simplest way to avoid that problem is to fill automatically in the shipping information fields with the shopper’s billing information.
Another reason behind abandoning shopping carts is because shoppers don’t trust the website with their credit card information.
And nobody can blame them.
In 2020, almost 1.4 million people in the US reported being a victim of identity theft. It’s pretty standard for online shoppers to be concerned about giving sensitive information like credit card numbers or home addresses online.
How to improve your website’s trustability? Installing an SSL certificate, showing customer testimonials, reviews, highlighting warranties, or using social proof can help you improve it.
The vast majority of consumers (90%) use coupons. Doubtlessly, coupons are one of the most effective methods of creating loyalty in existing customers. They can skyrocket conversions; however, they may also cause prospects to leave when shoppers run into any issues in applying the discount code.
Nearly 46 percent of them abandon their shopping carts in the face of broken discount codes. The best way to avoid this is to ensure the code works smoothly before sharing it with the customers.
You may ask, “so, what happens after shoppers abandon their carts? Are they completely lost?” Luckily, no.
You can make use of retargeted ads to direct potential buyers back to your online store. 3 out of 4 consumers noticed retargeted ads. Considering most internet users block out all irrelevant ads, that’s an encouraging percentage.
26 percent of those consumers will click and return to your site through retargeting.
Retargeting can bring back qualified leads to your e-commerce store but retargeted ads give an even better outcome when personalized for users.
Personalized calls to action generate 202% better conversions. One way to personalize your ads is to use dynamic content to show, for example, user names or locations.
Companies like Zendesk that segment out different retargeting audience lists get ROIs of over 1300%.
For example, rather than displaying a generic retargeting ad campaign, you can promote the exact product a person added to their shopping cart before abandoning it.
As you have seen from the cart abandonment stats above, the rates are considerably high. More than half of online shoppers like a product enough to add to the cart but also find the checkout flow frustrating enough to hit the exit button and never return.
Unclear pricing, complicated checkout process, untrustworthy website, and more can be among the factors that cause these high rates of cart abandonment. But, the bright side?
It’s easily preventable with a thorough optimization like site speed, exit popups, and A/B testing.