Abandoned cart, or cart abandonment, is a natural phenomenon that occurs across all eCommerce websites and all industries. It happens when a user places items in their digital cart, then leaves the website before making a purchase.
In real life, salespeople work tirelessly to make sure that clients don’t leave without making a purchase – if you’ve ever thought about buying a car you know how persuasive they can be – but in the world of eCommerce sales you can’t replicate this. The digital showroom is a passive environment where users pull the information or products towards themselves, and an environment in which you will find it hard to push them. Fundamentally it’s a loss of revenue and something that most eCommerce websites do nothing to combat, let alone understand. You don’t want to be like most eCommerce websites, right?
The Cold, Hard & Scary Abandoned Cart Statistics
Well maybe you do want to be like most other eCommerce websites, but you won’t after this…
According to a recent study by SaleCycle, the total of forecasted online sales is $1.4trillion. That’s trillion with a ‘T’. The total abandoned online sales? $3trillion. Ok, we’re not saying that by implementing a strategy to prevent and recover abandoned carts you will become a trillionaire, but perhaps you can see the importance of addressing the issue as an eCom company.
On average this translates to around 74% of sales being lost as a consequence of abandoned carts. Just consider what that means to your company for a second.
Why Do Users Abandon Carts On eCom Sites?
Here is where it gets interesting. Whilst we said it’s very difficult to push products on your clients in the passive environment of the digital shopping aisle, it’s extremely easy to push them away.
Market research into the reasons for cart abandonment found that confusing interfaces and payment options constitute around 24% of the problem, whilst price comparisons cause 18% of users to jump ship. Getting distracted by the whole rest of the internet is around 14%.
Of course these statistics don’t take every factor into consideration, but they do give you a clear outline of the sorts of things that you can be doing as an eCommerce business to prevent this loss in revenue. From A/B Testing your on-page content, to re-adjusting payment and delivery methods, you can go some way to stopping so many users abandoning their carts. Though, of course the reasons for abandonment are much deeper than simple user interface, and vary sector by sector due to the sort of buying cycles that the user is engaged in.
For instance, in the travel industry cart abandonment is at over 80%, whilst in retail it’s below 70%. This is because as someone buying a £400 flight to Delhi will need to take more time considering the purchase compared to someone purchasing a maxi dress from Zara. What is of paramount importance is how you re-engage your users.