How Much is Cart Abandonment Costing YOU?

Data from the Baymard Institute shows that just over 70% of shopping carts online are abandoned by the user. This figure is astounding and is serious bad news for e-commerce websites. Look at it this way: if you were making £10,000 a month in online sales and could turn just a quarter of those abandoned carts into successful conversions, you would be earning an extra £45,000 a year.
So, why do so many potential customers abandon their shopping carts? There is a plethora of reasons. Some of them are listed below, also based on data from the authoritative Baymard Institute.
By far the biggest reason for cart abandonment, with 47% of survey respondents citing it, is extra/hidden costs being added at checkout. Things like shipping and fees were high on the list of complaints but customers ordering from outside the UK were also subject to taxes that they weren't aware of until checkout. Every cost should be made clear to the potential customer right from the start. 
Closely following with 25% of respondents complaining was that they were required to create an account before their purchase could be completed. When people did choose to create an account, they often couldn't remember the password when visiting again and the hassle of having to reset it made them go elsewhere. If you feel you have to make customers create an account then keep the number of fields to an absolute minimum. Better yet, provide an express guest checkout instead. 
19% of customers abandoned carts because they felt that they couldn't trust the website with their sensitive financial data. This was part of a larger, more worrying, mistrust with the website in general, often caused by that website not being fresh, modern and regularly updated. It is absolutely crucial that your website provider has the very best security credentials and that you display evidence of these on your own website. You should also not neglect e-commerce websites and ensure that they are regularly refreshed. 
Another problem that is becoming more and more evident is a lack of payment options, with a growing number of people preferring alternatives to traditional debit cards. Millennials and Gen Z customers are of special concern here as they show a strong preference for mobile and digital payment methods. It's important to realise that millennials are now the world's largest generation with a massive £1.96 trillion spending power. Gen Z is forecast to surpass even this high level of purchasing power over the coming decade, reaching a staggering £25.8 trillion. 
Brick technology can help your e-commerce website to break the cycle of cart abandonment and that starts with a thorough upgrade. For a limited time, customers who commit to such an upgrade will receive a free three-month trial (worth £400) of The Digital Workhouse, our comprehensive suite of state-of-the-art SEO tools.
Get in touch with us TODAY and start realising the true potential of your website!