CLICK HERE LOGIN NAME PASSWORD CREATE AN ACCOUNT CLICK HERE ȡ 5 Shopping Cart Abandonment Online Shoppers Abandon Their Carts Why 8-9 p.m. Most common time for cart abandonment Saturday Most common day for cart abandonment 3 in 4 Online shopping carts are abandoned worldwide $116 5 8 Average value of an online order 5 ȡ $4 trillion Value of online merchandise abandoned each year Online Shoppers Get Stuck Where ȡ Top 5 Reasons for Abandonment 1. Unexpected costs 2. Just browsing 3. Found a better price elsewhere 4. Overall price too expensive 5. Decided not to buy 56% 37% 36% 32% 26% 5 Completion Rates by Device 13.5% DESKTOP Abandonment Rates by Industry 13.4% TABLET 8.5% MOBILE It’s a problem most ecommerce retailers are facing: Shoppers come. They add a product to their cart. And they leave without making a purchase. Shopping cart abandonment rates are astronomical, and they’re costing retailers billions of dollars every year. Why is it happening, and what can ecommerce sites do to recover these lost sales? Ecommerce Tips to Increase Sales CHECKOUT ȡ CHECKOUT ȡ Ecommerce Marketing Tactics for Abandoned Carts CHECKOUT TRAVEL 80.1% RETAIL 74.6% FASHION 68.8% 24% of online shoppers abandon their carts because they want different payment options 13% cancel their online purchases due to payment security concerns It takes shoppers an average of 5 steps to check out 23% of their consumers leave their shopping carts because they don’t want to create an account Send an Email Reminder of cart abandonment emails are opened 44.1% 5 REMINDER are clicked through 11.61% ȡ You forgot items in your cart ȡ Every shopping cart abandonment email sent delivers $8.21 in revenue of click-throughs lead to recovered purchases 29.9% CHECKOUT ȡ Send a Text Message You forgot items in your cart. Click here 9 in 10 SMS messages are read within 3 minutes 15.5% You forgot items in your cart. Click here are clicked of clicks result in a recovered sale CHECKOUT 28.7% Use Ad Retargeting CHECKOUT 3 in 4 shoppers who abandon their carts plan to return later higher average order value than other purchases of online retailers follow up on abandoned carts Recovered purchases have a Just 22% You forgot items in your cart ! 14.2% $ $ $ $ $ ȡ of shoppers will convert on their first visit to an online store Ad retargeting lures as many as 30% of shoppers back to a website 54% of online shoppers are “very likely” to buy an abandoned product if it’s re-offered at a discount For consumers in the 25-34 age group, that number reaches 72% Only 2% 20% OFF Streamline the Checkout Process 1 2 3 4 5 Checkout Login 37.4% ȡ CARD # NAME ON CARD ȡ 5 Making a Payment 46.1% SHIPPING CHARGES ȡ 5 Viewing Shipping Costs 20% CHECKOUT ȡ 5 Entering Billing/Shipping Address 35.7% CARD TYPE 28% of online shoppers abandon their carts when presented with unexpected shipping costs 1-2 DAYS $42.00 3-5 DAYS $34.00 6-7 DAYS $21.00 1 WEEK $7.95 67% of online researchers buy items in store to avoid shipping costs OPEN $$ STEP 10 BILLING ADDRESS SHIPPING ADDRESS 50% of sites ask for repeat information 15% of online purchases are canceled because the checkout process is too complicated 1 2 3 ADDRESS ADDRESS ? ? ? Display shipping charges upfront Keep the cart visible on your site Allow guest checkout Minimize the steps required Provide contact information Offer multiple payment options Display security badges Use exit popups to remind shoppers about their cart $$ 3 STEPS x © 2016 BankcardBrokers Infographic designed by Mad Fish Digital Bankcard Brokers Can Help Ho w Online retailers can maximize their sales—and improve the shopping experience—with merchant services from Bankcard Brokers. We help ecommerce businesses succeed with effective payment gateways that instill trust and confidence in consumers. 5 CHECKOUT ȡ www.bankcardbrokers.com SOURCES: baymard.com, savvypanda.com, designforfounders.com, salecycle.com, shopify.com/blog, businessinsider.com, formisimo.com, cpcstrategy.com, blog.compete.com, blog.kissmetrics.com, webstrategiesinc.com, webcache.googleusercontent.com