Cyber Monday has done it again. On its tenth anniversary, the annual shopping phenomenon in which consumers flock online to grab a bargain has broken its own world record to reap US$3 billion in online sales in just one day.
Yes, there were the usual website crashes and downtime as a result of high demand – including Paypal and Target’s US site – but overall the results signified a win for retailers.
But what about the online shoppers that don’t make it through to the final step? This infographic by Salecycle presents its findings from analysing over 1 billion abandoned shopping carts over five years. Results showed that shopping cart abandonment has seen a 15% increase in five years, and while reasons for quitting a purchase can vary wildly, unexpected cost of shipping is the most common.
An abandoned cart is not a hopeless cause, however – with savvy remarketing efforts appearing to pay off. As Christmas draws near, shoppers are less likely to walk away from their purchasing journey, suggesting that the will to fill Christmas sacks plays its part. But come the new year, online retailers’ resolutions should be to make the purchasing journey as seamless and transparent as possible… and see those abandonment rates take a turn for the best.