With so many options of where to buy online it can be difficult to keep consumers purchasing from your site.
Abandoned Cart Marketing is a new type of marketing that has made a major hit in the e commerce world. An abandoned cart occurs when a shopper places something in their online shopping cart and then fails to make a purchase during that visit. Retailers then have the opportunity to email, pop-up, or discount their way back in to your hearts.
Forrester Research found that the industry average abandoned cart rate was just about 50%. That is, fully half of all filled carts never result in a purchase. Approximately 88% of shoppers abandoned shopping carts at one time or another in 2005. Forrester also estimated that in 2005, $33 billion was lost due to abandoned carts.
There were six primary reasons for abandonment:
• Didn’t want to pay shipping costs 57%
• Total cost of purchase was more than expected 48%
• Used the shopping cart for research 41%
• Didn’t want to wait for the product 19%
• Purchased offline instead 18%
• Checkout process was too complicated 15%
• Other reasons: 12%
Source: Forrester Research
Base: North American Web buyers who have abandoned a shopping cart (multiple reasons accepted)