When you are in the e-commerce business, one of the most important numbers you need to watch out for and monitor is the cart abandonment rate. Cart abandonment rate is a metric used in e-commerce to measure the percentage of online shopping carts that are abandoned by shoppers without completing the purchase. For example, if 100 people add items to their online shopping carts, but only 60 of them complete the purchase while the other 40 abandon their carts, the cart abandonment rate would be 40%.
This metric is important for online retailers because it can help them assess the effectiveness of their website and the overall shopping experience they provide. According to the new statistics* in 2023 based on 49 studies, the average cart abandonment rate is at 70.19%. This means that only less than 30% of shoppers complete their shopping online. The research interestingly shows that low satisfaction of the user experience is one of the big reasons why shoppers abandon their carts.
It made it obvious that ensuring a better user experience is directly linked to a better conversion.
*Data: 49 Cart Abandonment Rate Statistics 2023 – Baymard Institute
The reasons for abandonment caused by bad user experience
Users cannot trust the website
When it comes to filling in personal information online and purchasing something, users need to trust the website. A website that lacks basic information about the company and its policy as well as conditions and terms can be a reason for untrust.
Complicated and long checkout process
Even when users are excited about their purchase, if the checkout process is too long, they will immediately lose interest.
The worst experience is when the website errors and you lose all the information you previously filled in. It will not only make users leave the website, they will probably not come back again.
Not enough options for payment methods
Having a popular and convenient method set up for payments is crucial. Especially if the website has international customers, it is vital to research what would be accepted as a payment method in various countries.
Consumers’ expectations for a smooth online shopping experience are getting higher and higher nowadays. Improving websites to meet those expectations and lowering the cart abandonment rate has become the bottom line to succeed in the modern online business.