During 2018, 75% of shoppers abandoned their shopping carts with 52.3% of all abandonments happening on mobile devices. But why are your customers so willing to abandon their carts?
Every industry is different and the same goes for industry cart abandonment rates. Here are some cart abandonment statistics: according to recent data the travel industry has the highest rate of cart abandonment at an eye-watering 81.8%. While fashion has the lowest cart abandonment rate at 71.5%. Imagine the amount of revenue you could be getting if your cart abandonment rate reduced by as little as 5%. Read our Grow Your Website Conversion Rate ebook.
Why are abandonment rates so high?
Outside of shipping costs and internet ‘window shopping’ there are four key reasons as to why shopping cart abandonment rates are so high:
1. The checkout process is too complicated and difficult
As a society, we love quick and easy solutions especially when we are required to enter data or numbers online. PayPal has hugely benefited from our quick-thinking preference as their system only requires an email address and password. But for sites without quick payment options, many customers feel that multi-step card processes are tiresome and an annoyance. This is especially true for on-the-go buyers who refuse to enter their exact card details in public.
2. Payment method not secure or trusted
With online hacking scandals coming to the surface on a monthly basis, users are more aware than ever of unreliable payment methods. Security has the largest impact on cart abandonment rates, even though it can be easily fixed. Here are some quick and easy ways you can reduce security-focused abandonment rates:
- Is your site formatted correctly across all popular devices?
- Do you have an SSL certificate?
- Are card images missing?
- Is your website localised to each country's standards and norms? Remember customers don't trust something they
3. Coupon not working
We all love a deal and many of us will only shop at certain stores due to discounts and reward systems, and the same goes for online stores. Ensuring that all of your coupon codes are correctly implemented will increase the number of purchases taking place every day on your site. Additionally, research shows that by including a coupon code search bar in the final steps of the payment process promotes the idea that some customers are missing out on deals and are paying too much for an item. This often leads to abandonment as your customers search elsewhere for better deals.
Here's a tip: put your coupon search bar in the basket drop down menu to stop your customers from feeling like they are missing out on possible deals.
4. Website crashes and errors
This one is pretty simple; website crashes and errors ruin your UX, as customers experience brick walls while browsing or purchasing. Not only is this bad for your conversion rates but also your overall digital performance. And your users aren’t afraid to vent their frustrations on social media, blacklisting your website as buggy and unreliable.
What can you do?
Whether you're an e-commerce manager or a developer it's likely that you are already under pressure to tackle the increasing expectations of your customers and your management, as new functions are implemented on a daily basis. To put it simply, you do not have time to go through every page, every link and every feature that needs to be localised. But which so much revenue up for grabs you need to find a way to iron out all of these issues leading to high levels of cart abandonment.
But don't fret, companies such as Digivante are designed to examine your website or app and identify all of the issues leading to cart abandonment, without going into the infrastructure of your website. Meaning your site's security won't be breached and you are given the opportunity to increase your conversions and revenue without wasting time. A win-win situation really.