Retailers face an average 75.7% cart abandonment rate on their websites, resulting in an estimated $111 billon to $136 billion in lost revenue each year. The drop-offs are driven by a lack of checkout optimization, with the top three reasons for shoppers abandoning their carts being extra costs, such as shipping fees (43%); lack of alternative payment methods (26%); and complicated checkout processes (25%).
Retailers should be wary of abandoned carts. Not only will four in 10 shoppers decide not to purchase that product at all, but more than 25% will complete the purchase at a competitor.
For more information about what can be done to reduce cart abandonment, check out this infographic from Coresight Research.