Shopping Cart Abandonment: A Data Review
Abandoned shopping carts are the low-hanging fruit of eCommerce. The statistics currently making news estimate the value of all that “lonely” merchandise at $4 trillion; and almost 63% of that amount could be recovered by smart online merchants.
Before embarking on a re-marketing campaign designed to pull those shoppers back to your site to complete their purchase, you need to understand why they left in the first place. To help you make strategic sense of this huge opportunity, LYONSCG undertook a review of several major studies and wrote Shopping Cart Abandonment: What the Data Reveal.
As we reviewed the initial studies, we created category groupings to make sense of the details and also provide a path for creating strategies for your eCommerce team. We arrived at the following categories for shopping cart abandonment.
1. Cost Expectations
2. Timing Not Right
3. Comparison Shopping
4. Checkout Process Friction
To gain even further perspective on the raw data and category percentages through time, we took a look at data from a study on shopping cart abandonment conducted a few years earlier.
After gathering and comparing all the data, LYONSCG listed consumer concerns for each of the categories and then developed a list of remedies your internal teams could pursue. You can read our findings in Shopping Cart Abandonment: A Data Review.