Shopping Cart Abandonment Definition:
Shopping cart abandonment refers to the process in which a shopper adds an item to the cart but leaves the site without completing a purchase. The average shopping cart abandonment rate is around 68%.
Recover Abandoned Carts
Cart abandonment causes online retailers to lose an average $18 Billion in annual sales revenue according to Forrester research. Cart abandonment occurs for a number of reasons, but you need to take a good look at your behavioral data to figure out why your carts are being abandoned. You may learn that your checkout process is too clunky. You may learn that your prices don’t look competitive when totals are calculated. You may learn that your credit card form looks suspicious. Once you do, you can translate input into action and begin to recover your abandoned carts.
How Retailers Can Reduce Shopping Cart Abandonment
Fortunately, Dynamic Yield offers many ways to reduce cart abandonment. As an example, one of the most common solutions to online shopping cart abandonment is the final plea in the form of a personalized exit-intent popup – “Don’t go – we’ll throw in free shipping if you complete now!” This strategic placement of the right offer at the right time may be enough to get consumers back in time to complete that order ASAP. In some cases, the quick fix isn’t that simple.
Read our blog post, titled “Taking Advantage of the 3-Stage Shopping Cart Abandonment Timeline“, to learn how to effectively reduce shopping cart abandonment throughout the customer journey – as part of a comprehensive eCommerce personalization strategy.