The latest data for the complete year of 2018 shows that carts are abandoned 79.17% of the time – which is a very large percentage in which you can retarget and increase your marketing effectiveness.
Rates of Cart Abandonment
Abandonment reasons during the checkout process
There is a distinction between cart abandonment while browsing and shopping and the shopper leaving the store at the checkout process. This data captures the reasons once the consumer has placed items in the cart, and proceeds to the checkout, and leaves. Baymard Institute (https://baymard.com/lists/cart-abandonment-rate) has mapped out 41 various reasons for this pattern, the collation is listed below:
Shopping cart abandonment reasons
Looking outside of just the checkout process, data from Abandonment Surveys (https://blog.salecycle.com/strategies/beginners-guide-abandonment-surveys/) captured after leaving a purchase behind showed the following:
Understanding the funnel and abandonment stages
Data from Browse Abandonment (https://www.salecycle.com/features/browse-abandonment-emails/) analyzed consumers browsing product pages and leaving the site without adding products to the cart. While some do get interested in the products shown which may return later to engage further with the product and add it to the cart. The results of this conjoint based survey yielded the following purchase funnel:
While the funnel, reason codes are understood and seem common enough for the consumer to explain their reasons and decisions, overcoming some of these are key to maximize the crossover in the Transaction side of the funnel. What seems consistent is the lack of payment options between both surveys – this 6% could be a massive financial impact (such as offering PayPal aside from CC’s). It has always been proven to be more effective to optimize your revenue stream by working the funnel backward since doing it the other way would prove that the fallout to be more exacerbated. Yet, the area at the top of the funnel may show it to be more difficult to affect the abandonment and their recovery – however, some tools have appeared to have a positive effect.
Shopify Tools in Abandoned Cart recovery
Shopify is one of the main eCommerce platforms based in cloud hosting making it very easy to manage, customize and scale. An article written by ECN describes 8 key tools that address abandoned carts, and how to bring the client back to follow through their purchase intentions.
- Abandoned Cart Recovery
- Recart Messenger Marketing
- Free Persistent Cart App
- Moonmail Recover Checkouts
- Abandoned Protector
- Conversion Plus
- Abandonment Guard
- Smart Cart Recovery
All the above work differently and may apply better to some types of businesses/products/services thus analysis in reviewing the tools is necessary with that context.