The proliferation of eCommerce websites and apps has become a boon for sellers and buyers.
With a range of tools, software, and services at our disposal, it has become easier to turn ideas into enterprises and netizens into customers.
However, this does not come without its own challenges and struggles.
Creating a website, or an app, and launching the business is only the tip of the iceberg.
Retaining the customers, increasing sales, and reducing churns and abandonments is where all the crux of the matter lies.
Today, we are here to help you deal with one aspect of it. We are here to discuss some significant statistics and facts related to cart abandonments.
So, let’s dive right in and gain some useful insights. Stay informed and be at the best of your game in the eCommerce industry this year, and beyond. Let’s begin:
What is cart abandonment and how it impacts your business?
When customers show interest in a product in any manner and add it to their cart but do not complete the purchase, the phenomenon is known as cart abandonment.
As per several studies and reports, the average cart abandonment rate across all industries is around 70 to 75%. Evidently, this leads to a loss of sales of a huge amount across all industries.
While the rate of cart abandonment may differ across industries, every business, niche, and sector suffers cart abandonments due to various significant reasons.
As illustrated above, the percentage is higher in sectors like travel, finance and retail as many people also end up browsing websites and apps just for fun, information, comparisons, window shopping, etc.
Sometimes people also abandon carts for a variety of other reasons like high costs, unsatisfactory delivery process, long checkout process, unclear pricing etc.
Whatever the reason may be, the eCommerce stores often end up incurring heavy losses because of the same.
It can lead to a decrease in conversions, loss of customer loyalty, failure of campaigns, and more such issues related to engagement, conversions, etc.
High cart abandonment rates may also affect other metrics and hinder your overall performance. Thus, it is important that you identify the causes and reasons behind abandonments and tackle the issues accordingly.
You can go through our blog suggested below and learn about the top 5 reasons behind cart abandonment. You can also find solutions to the problems and minimize the losses with ease.
Suggested Read: Top 5 reasons for cart abandonment and how to resolve it
How to calculate cart abandonment rate?
Let us now acquaint you with the process of calculating the cart abandonment rate.
The metrics needed to calculate the cart abandonment rate for a given period of time for your website are as follows:
- Total number of completed purchases or transactions
- Total number of shopping carts created or initiated
You will get the shopping cart abandonment rate with the following steps:
Divide the total number of completed purchases by the number of shopping carts initiated. Now subtract the result from one and then multiply by 100 to get the cart abandonment rate.
Else, you can also use tools and software like Google Analytics to get reports and statistics on your cart abandonment rate. We will discuss this in detail later sometime.
Cart abandonment statistics for 2022 and beyond
Now let us get to the part that we are actually here for. The numbers!
Go through the statistics listed below and crunch the numbers to understand the top reasons behind cart abandonments, cart abandonments based on device types, and more. The top cart abandonment statistics are as follows:
- The average cart abandonment rate for eCommerce stores is around 70 per cent. (Sleeknote)
- Smaller screen sizes can lead to more abandonments. Therefore, mobile users can have a higher abandonment rate of 85.65 percent if not optimized for performance, design, adaptability, and speed. (Sleeknote)
- E-Commerce brands lose $18 billion in sales revenue each year because of cart abandonments. (Sleeknote)
- If the checkout process is optimized on the store, the conversions can increase by 35.62 percent. (Sleeknote)
- About 59 percent of all internet users have no true intention of making a purchase. (Baymard)
- Hidden and high costs is the number one reason behind cart abandonments. (Baymard)
- Being forced to create an account is the second highest reason behind cart abandonments. (Baymard)
- 57 percent of shoppers are likely to abandon a shopping site if they have to wait for more than three seconds for a page to load. (Sleeknote)
- 26 percent of shoppers abandon due to long or complicated checkout processes. (Baymard)
- 55 percent of shoppers will abandon if they have to re-enter their credit card or shipping information. (Sleeknote)
- 61 percent buyers will cancel a purchase in the absence of free shipping. (Invespcro)
- 46 percent of shoppers agreed that they abandoned because they were unable to redeem discount coupons. (Sleeknote)
- 39 percent of mobile users abandoned because of difficulty entering their personal information. (Sleeknote)
- 61 percent of consumers avoid buying from a site that does not display trust logos. (Shopify)
- Based on device type, mobile users account for a high traffic online and eventually they also have the highest abandonment rate of 85.65 percent. (Barilliance)
- Desktops users and tablet users have a cart abandonment rate of 73.07 percent and 80.74 percent respectively. (Barilliance)
- Cart abandonment is most common between 6 and 9 pm. (TechJury)
- Nearly 9 out of 10 carts get abandoned on Saturday and Sunday. (TechJury)
- In 2020, one third of shoppers in UK that abandoned carts came back to finalize the transactions while 25% of them decided to try a different seller. (TechJury)
- Using retargeted ads can inspire 26 percent of shoppers to go back to a site. (Sleeknote)
- Black Friday and Cyber Monday registered global cart abandonment rates of 73.78 percent and 68.94 percent respectively in the year 2019. (Barilliance)
- 79 percent of buyers agreed that are a more likely to make a purchase from an online store that offers free shipping. (WalkerSands)
- 54 percent buyers will prefer to complete a purchase on a site that offers free returns or exchanges, and 42 percent shoppers will do it for same day shipping. (99Firms)
- 48% of emails on cart abandonment are opened by customers. (TrueList)
- 10.7% of cart received abandonment emails lead to shopping cart recovery. (TrueList)
- 6 in 10 merchants are unable to identify the average abandonment rate on their website. (TechJury)
- 65% of cart abandonment can leave a 97.9% gap in conversions. (TrueList)
- APAC countries have the highest rate of cart abandonment while Europe has the lowest. (TechJury)
That was all about cart abandonment. Keep the above statistics and facts in mind when taking business decisions for your eCommerce brand in the year 2022 and more.
Shape your campaigns and curate deals, offers, etc., based on these statistics.
We keep posting on a range of issues, so you can also go through our other blogs and enhance your knowledge about website development and maintenance, app development and maintenance, eCommerce business development and marketing, and more.
If you need an app then you can also explore our online app creator and turn your WooCommerce website to app within minutes.
Make a robust start in the mCommerce industry as the year starts, and offer a new and refreshing experience to your customers. Get, set, grow and app your way to success with AppMySite!
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