Is shopping cart abandonment costing you business?Data Insights 6 April 2014
When you’re first starting out as an online retailer, it can be difficult enough to get people to even visit your site, let alone complete a sale. The last thing you need is potential customers abandoning a purchase part-way through the process.
If you’ve managed to get the consumer onto your site and interested enough in the product or service you are offering to add it to their cart, it is vital to ensure they complete the transaction. After all, this is the only way to guarantee your business will be a success.
Cart abandonment is the nightmare scenario for e-commerce retailers and an infographic published by SaleCycle has highlighted the issue.
Assessing statistics from 200 brands – including heavyweights such as Sony, Millenium Hotels & Ralph Lauren – over the third quarter of 2013, the firm’s results have produced some very interesting statistics.
According to the data, just under three-quarters (73.9 per cent) of all transactions will be abandoned. However, this varies depending on the specific sector and there is nothing to suggest this figure could not be driven lower.
Travel operators will see customers turn their backs on four out of five purchases, which SalesCycle president Dominic Edmunds attributes to the longer buying cycles and higher average order values that are prevalent across the industry.
When it comes to fashion, the figure drops to seven out of ten (69.8 per cent) and Mr Edmunds suggests the fact these retailers tend to have better-optimised website checkouts is a key reason for this.
The infographic also shows most abandonment occurs between 13:00 and 14:00, while Thursday is the most common day.
If abandonment is a big issue for your business, it might be worthwhile to assess whether you have the most appropriate shopping cart on your site.
Sending an email to customers who have selected items but failed to complete the sale may prove a valuable tactic, with the infographic revealing 46.1 per cent of these messages are opened and more than one in eight are clicked on. In these instances, more than a third (35.3 per cent) lead to a sale.