Cart abandonment is when a consumer proceeds to checkout but never completes the transaction. This can be due to any number of reasons, such as the consumer being distracted, poor user experience, broken aspects within the website, or encountering unexpected costs.
The cart abandonment rate is calculated by dividing the completed transactions by the transactions that were initiated. This gives you the percentage of people who started the checkout process but failed to complete it.
A high cart abandonment rate is a strong indication that something is wrong with your website or checkout process. The good news is that there are a number of ways to decrease your rate of cart abandonment and in turn increase your sales. Some of these methods include:
Make sure to record this metric often in order to help increase your sales as well as understand that your website checkout process is working well.
What are the main causes of Cart Abandonment?
The main causes of cart abandonment include high shipping costs, complicated checkout processes, lack of payment options, and slow website loading times.
How can I reduce Cart Abandonment?
You can reduce cart abandonment by offering free or discounted shipping, providing multiple payment options, streamlining your checkout process, and optimizing your website for speed.
Fun Fact:
According to a study by Statista, the average cart abandonment rate across all industries was 75.6% in 2019 (Statista, 2020).