The average cart abandonment rate is 70%.
There are many factors that influence shopping cart abandonment. According to HubSpot, shipping costs, website security concerns, and conducting outside price comparisons are a few of the most common reasons consumers abandon their carts. These behaviors can skew data and drive analysts mad, so it's important to take measures to minimize the abandonment of carts on your site.
$260 billion dollars is lost every year due to poor checkout flow & design.
Yes, you read that right. $260 billion. Functionality alone just doesn't cut it anymore; you need t0 streamline your checkout process to ensure that you don't lose any customers along the way. If possible, it's best to fit the checkout process into a single page, and enable guest checkouts to further simplify the process for certain users. According to Baymard Institute, the ideal checkout flow can be as short as 12 form elements, despite the current US average of 24.
55% of abandoned users will spend more when retargeted to.
Retargeting is an excellent way to win over users who have previously abandoned their shopping carts. Services such as Google AdWords and social media ads can help keep your brand top-of-mind, and encourage future purchases. Make sure that you take into account the average consideration cycle for your product when determining the length of time between cart-abandonment and your retargeted ads. It is also advantageous to highlight shipping deals and promotions in retargeting ads to further encourage a purchase (ReadyCloud).
Unexpected shipping costs account for 25% of all abandoned carts.
Make sure that you clearly show all costs associated with a purchase up-front so that customers don't feel deceived when they start the check out process. This will drastically decrease your abandonment percentage, and increase overall transparency in the eyes of the customer (Barilliance).
93% of shoppers are more likely to make a purchase when free shipping is offered.Free shipping is an absolute necessity for every ecommerce site. With low-cost options like Amazon Prime, free-shipping has become a standard for e-commerce, and most consumers assume your site will offer the same. If you can't afford to offer free shipping, you must find a clever workaround, even if that means increasing your prices slightly to reflect the shipping costs.