Shopping Cart Abandonment in 2015

Shopping Cart Abandonment in 2015 How many abandon their cart? The average online shopping cart abandonment rate is 69.07% Shopping Cart Abandonment (By Year) 75% Over time, abandonment rates have crept up, but since their 70% 65% peak in 2012 they have begun to 60% reduce 55% 50% 2006 2007 2008 2009 2010 2011 2012 2013 2014 SaleCycle. abandonment rates are highest in the Food & Drink Industry According to 2. 2 D1 71.9 % 74.1 % 75.7 % Style & fashion Consumer electronics Food & drink 50 100 0 50 100 0 50 100 Basket abandonment trillions IIIIII globally each year loses Ecommerce businesses Year Revenue Value of Abandoned Carts 2013 $1.077 trillion $3.365 trillion £689 trillion* £2.119 trillion* 2014 $1.316 trillion $4.112 trillion £842 trillion £2.631 trillion* 2015 predicted $1.592 trillion $4.975 trillion £955 trillion* £2.985 trillion* *These figures have been converted using average exchange rates from each year BLACK FRIDAY Worldwide 2014 Phone Abandon rates were 79% higher on mobile Tablet Desktop 62% 67% devices Why do they abandon their cart? Reasons for Shopping Cart Abandonment х Couldn't find voucher 13% 16% Unexpected shipping costs 8% Had to create account 23% Just browsing 12% Card Security 28% Complicated checkout International payment and delivery barriers cause overseas abandonment 8% of retailers admit that between 31% and 51% of all transactions come III! from international customers 10% 42% of these cite the payment page of international customers abandon their basket at the point of payment as the reason How to reduce abandonment rates 1. Build Trust Only 65/ of brands show security information on the purchase page during checkout Norton McAfee SECURE SECURED powered by VeriSign 2. Improve Usability Ensure your site is easy for them to use Be mobile friendly Make navigation obvious Anywhere from 15-40% Keep sites clean and simple of your customers are Make calls to action large, clear and prominent visiting your site by way of a small screen Improve site speed 3. Follow up Start a basket abandonment email campaign You still have items in your basket! Use remarketing techniques INTERACTION YOUR AD YOUR SITE www LEAVE SITE 4. Simplify the Checkout Keep your checkout process between 2 and 6 steps Log in Delivery Payment Verify Allow Don't ask for any Be open about shipping charges and options unnecessary information guest checkout Remind Make customers payment as about your returns policy easy as possible 13ten www.13-ten.com Sources http://baymard.com/lists/cart-abandonment-rate http://www.salecycle.com/cart-abandonment-stats/ http://www.formisimo.com/blog/shopping-cart-abandonment-rate/ http://realbusiness.co.uk/article/29101-abandoned-shopping-carts-are-costing-online-retailers-millions http://www.barilliance.com/cart-abandonment-rates-black-friday-cyber-monday-weekend/ http://blog.crazyegg.com/2014/06/23/guide-shopping-cart-abandonment/ http://www.mcafee.com/us/business-home.aspx https://www.creativsymantec.com/campaigncentral/downl/Norton_Secured_Campaign/Norton_Secured_SealLogos_Guidelines/Norton_ SecSeal IDGuide_MKTG_Final.pdf In sources: *Average exchange rates used can be found here: https://www.gov.uk/government/publications/exchange-rates- for-customs-and-vat-yearly