A great infographic revealing the latest cart abandonment statistics in retail.
Research from Baymard shows that around 70% of consumers will abandon their online shopping carts this year. While the reasons for cart abandonment are endless, failure to capitalize on these lost sales opportunities is projected to reach a staggering $3 trillion in lost revenue for companies across the globe.
But how do the numbers compare across different areas of retail? And just how successful can email remarketing campaigns be?
Check out our 2014 Cart Abandonment Forecast, based on averages from over 500 leading global retailers and their email remarketing results to see how your sector shapes up!
Want a piece of the pie?
This year, online spending is forecasted to exceed $1.4 trillion and with the majority of retail industries seeing abandonment rates well above the global average, more brands are realizing the huge marketing potential that abandonment provides.
After all the money and effort put into getting people on your website in the first place, customers who have found their way, told you the products they are interested in and demonstrated they are considering a purchase are red-hot prospects! Making remarketing campaigns a goldmine for retailers looking to recover lost sales online.
The proof is in the pudding. Nearly all retail industries are seeing abandonment email open rates well above 50% and more importantly, conversion rates around 30% across the board (that’s over 3x the rate of traditional marketing emails!)
With ecommerce set to grow year on year, the value of abandoned carts will soon exceed $3 trillion. And it will be the businesses that innovate and build effective strategies to both prevent and respond to abandonments that will win the race!
Ready to accept the $3 trillion dollar challenge, but want more information on how to develop your email remarketing program for maximum results? Take a look at our (free!) 7 Step Guide to Cart Recovery:
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