An abandoned cart is a term used to describe when a customer adds items to their online shopping cart but does not complete the purchase. This can happen for a variety of reasons, including getting distracted by other work, being unable to find a coupon or promo code for the purchase, or simply changing their mind.
An abandoned cart is a term used to describe when a customer begins the process of checkout on an eCommerce site but does not complete the purchase.
An abandoned cart is when a customer adds items to their shopping cart but does not complete the purchase.
Reasons for Abandoned Cart
Here are some examples of why a user might abandon their cart:
- Unexpected tax or shipping costs added
- Coupon codes did not work
- The user changed their mind
- The credit/debit card was declined
- Shipping time is too long
- Long checkout process
- Payment seems to be insecure
- No customer support is available
- Went to compare on other platforms and never came back
- The product description is not valid
- Return policies
- Lack of flexible payment options
- Had to create a new account
- The site is not trustworthy
Apart from these above-mentioned reasons to abandon carts, there are many other external factors that might also play their roles, i.e. psychological factors, buying power, and so on.
Few Types of Abandoned Carts
- The customer adds items to their cart, but never visits the site again. This is the most common type of abandoned cart and can often be attributed to distractions or changing their mind.
- The customer begins the checkout process but never completes the checkout. This could be due to a lack of payment information, not being able to find a coupon or promo code, or simply changing their mind.
- The customer completes the checkout process but does not receive the discounts. This could be due to an expired coupon or promo code, items being out of stock, or a mistake on the part of the customer.
Importance of Abandoned Cart
An abandoned cart is an important issue for eCommerce stores. It represents a lost potential sale. In fact, abandoned carts account for $4 trillion in lost revenue each year. This number is only going to continue to grow as more and more people shift to shopping online.
Reasons you should focus on Abandoned Carts:
- It represents lost revenue: As mentioned above, abandoned carts account for $4 trillion in lost revenue each year. This is a significant amount of money that businesses can’t afford to lose.
- It’s growing every year: The amount of money lost to abandoned carts is growing every year as online shopping becomes more popular. This means that businesses need to be increasingly focused on recapturing these lost sales.
- It’s preventable: Unlike other types of losses, the abandoned cart is preventable. This means that businesses have the ability to take steps to reduce the amount of money they lose to this issue.
Getting The Most Out of Abandoned Carts
If your e-commerce store is able to capture the data of abandoned carts, you should focus on recapturing this sale. By means of push notifications, sending personalized emails, or running remarketing ads campaigns on various platforms, getting users to complete their purchases will help your company to grow.