Abandoned carts — when shoppers add items to their online shopping carts but then leave without completing their purchases — are the bane of online retail.
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But abandoned carts
are also a huge opportunity: BI Intelligence estimates that nearly.
$4 trillion in goods will be abandoned in online shopping carts this year.
With 63% of that potentially still available to savvy retailers who have abandoned their stores.
In its latest report, BI Intelligence explains what causes shoppers to abandon denmark phone number data their shopping carts, and how retailers can begin to
combat the rising number of abandoned carts. We’ve collected and analyzed data from leading e-commerce companies and .
Industry experts who are tasked with reducing cart abandonment and increasing conversion rates.
And to do so, they’re coming up with a range of solutions that will help retailers recoup lost sales.
Abandoned carts are on
the rise and will continue to do so as more consumers move online and mobile shopping. For example, according to Barillance, the abandoned cart rate was 74% in 2013. This is up from 72% in 2012 and 69% in 2011.
An abandoned cart does not automatically mean a lost sale, as three-quarters of shoppers who abandon a cart say they plan to return to the retailer’s website or store to make a purchase, according to SeeWhy. Omnichannel retailers have an advantage over online-only retailers because they have fewer channels to recover lost sales.
Retailers can reduce abandoned carts and increase conversions by streamlining the checkout process and retargeting shoppers with email after they leave the site. According to Listrak, sending an email to a customer within three hours of instructions on how to calculate special consumption tax abandoning an item in their shopping cart and leaving the site has an average open rate of 40%, while click-through rates are 20%. More broadly, abandoned carts can be thought of as part of a more complex sequence of actions that consumers take before data on making a final purchase decision, and as a clear indicator of consumer interest in a product or brand. Technology that helps retailers collect and use data about consumers’ online shopping carts could be a worthwhile investment.