Shopping cart abandonment still remains high today even in a world where there are a number of tools and optimization strategies to increase the customer’s follow through with their purchase.
An industry watchdog has compiled over 37 studies on shopping cart abandonment and the average of all these studies shows a 69.23% abandonment rate. These are documented studies and span from 2006 to 2016.
One would think, erroneously, that the abandonment rate would be in steady decline, but the number show otherwise. In fact the two most recent studies they received show an
abandonment rate above 70% (Listrak 2016 [78%] and Adobe 2016 [75.5%])!
So What’s the Big Deal? My Customers Are Just Browsing!
If you think about how people shop online nowadays, there is a big reason for such a high percentage of shopping cart abandonment. The obvious reason is that most people are merely price shopping versus other retailers. So a potential customer goes through the entire checkout process to figure out the total product price plus any shipping charges or taxes.
Others just abandon the process because they were simply not ready to buy.
If you eliminate the “just browsing” and “not ready to buy” categories from the study that was conducted, the remaining reasons cited for abandonment take on the following distribution:
Fix Your Shopping Cart Design and Reap the Rewards
Luckily, most of the above issues are completely fixable through design changes. Take a look at your checkout process. How many fields are required for entry? If you answered less than 15 you are on the right track. Remember more than a quarter of shoppers thought the checkout form had too many fields to fill in, or the checkout procedure was just too complicated.
For most checkouts it is possible to reduce the number of fields by anywhere from 20-60%. This could substantially increase your revenue and decrease cart abandonment. In fact, Baynard thinks cart optimization could allow e-commerce businesses to recover over 260 Billion dollars of lost revenue. That’s an incredible statistic if you think about it hard enough.
Is this Worth Doing?
Frankly speaking, it all depends. If you are in the initial stages of developing your e-commerce store, keep these statistics in mind. You may need to take a look at all the shopping cart software providers to figure out how flexible, or inflexible, designing the checkout experience will be.
If you own a multi-million dollar site, and want to hire someone to do this for you, the ROI can be immense. Some industry studies show that an optimized shopping cart can decrease abandonment by up to 35%.
Next Steps for Optimization