Abandoned Online Shopping Carts Represent A $US2 Trillion Opportunity For Retailers

For many online shoppers, the e-commerce shopping cart has become a kind of bookmarking tool, rather than an actual indication that they’re ready to “proceed to checkout.”

An astounding $4 trillion worth of merchandise will be abandoned in online shopping carts this year.

But these abandoned carts don’t all represent lost sales. In fact, new estimates from BI Intelligence find that about 63% of volume in these abandoned shopping carts is potentially recoverable by savvy online retailers.

In order to win back those sales there are a number of routes retailers can take, from making costs more transparent, to promising price-matching, to eliminating the requirement that customers register for a given site.

In the report, BI Intelligence explains why shopping cart abandonment is on the rise, what leads a shopper to abandon an online purchase, and how retailers can begin to win back those sales.

We collected and analysed data from top e-commerce companies, and spoke with industry experts whose job it is to reduce abandonment rates and boost conversions, to come up with a number of solutions that can help retailers recover lost sales.

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Here are some key takeaways from the report:

In full, the report:

For full access to all BI Intelligence’s charts and analysis on the e-commerce industry — including downloadable Excel files — sign up for a free trial.

Disclosure: Jeff Bezos is an investor in Business Insider through his personal investment company Bezos Expeditions.

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