Everyone is familiar with them: You know when you visit that web page because you want something but then get cold feet? That's considered an abandoned cart.
According to the Baymard Institute, the average abandoned cart rate is hitting almost 70% of the time, which accounts for trillions of dollars left uncollected. While this looks to be a huge missed opportunity, there is a light at the end of the tunnel. The good news is, over 63% of these carts can be converted, and lucky for you, we are driving the train.
Why Users Abandon
The main reason we see carts being abandoned is that the users are simply browsing.
They are window shopping for the fun of it, doing price comparisons between multiple sites, researching for future gifts, and more. This segment accounts for almost 60% of abandons and some will even occur before anything is even put in the cart.
Let's take a look are the real reason that a cart is abandoned:
While many solutions for abandoned carts revolve around the ease of checking out, it is also extremely important to quickly maintain the conversion.
Did you know that if you were to follow up with a direct mail piece to those shoppers who have abandoned their cart and lure them back to your site, they will likely spend on average, 55% more than they were originally going to spend?
So not only will you convert on the original sale, but you are more likely to increase it!
This applies for all abandoned carts:
Conference and event registrations
Membership and renewals
Source: Adronitis Marketing Group