What is Cart abandonment? Well, Cart abandonment occurs when a visitor adds item(s) to their online shopping cart, but exits without completing the purchase. In this 90 second video, SaleCycle’s Chris Sheen tells us more…
Put simply, cart abandonment occurs when someone adds something to their shopping cart online, but then leaves the website without completing that purchase.
It’s a pretty major challenge for all online retailers, with the latest stats, which you can see by clicking this link here, showing that three quarters of all online shoppers will abandon their purchase.
To give that number some real life context, that would be the equivalent me and 99 other happy shoppers walking into a store, finding items we like, and queuing at the check-out, only for 75 of us to walk out, leaving the shopkeeper confused and with a ton of products to put back on the shelves.
Of course, in online terms, it’s often just a natural part of the purchasing journey, and something that I’m sure you’ve probably done yourself.
Indeed, while many studies will site payment issues or shipping costs as the key reason for abandonment, the reality is that, for the majority of cases, people aren’t just quite ready to commit to the purchase just yet. Here’s a our latest poll…
Have you ever abandoned your shopping cart online?
Tell us why? #ECommerce
— SaleCycle (@SaleCycle) January 20, 2016
Now while cart abandonment most commonly applies in the ecommerce industry, the phrase is also coined alongside booking abandonment when considering traveling, or form abandonment when considering a number of other checkout settings, such as financial implications, charity donations, or online betting accounts.
There’s plenty of ways that companies can work to respond to abandonments when they happen, and indeed reduce abandonments on their website.
But that’s something for another time…