The travel and airline industries have the highest shopping cart abandonment rates in 2018. Shopping cart abandonment refers to online shoppers who have added items to their shopping carts on a particular website but failed to follow through with the purchase.
According to the latest data, as many as 87.87 percent of all flights added to shopping carts are abandoned, followed by 81.31 percent of all travel bookings. In other words, approximately eight or nine out of every ten internet users looking to book a holiday online end up ditching the travel options that they added to their shopping carts.
In fact, the abandonment rates of these two industries exceed the rate of the finance, retail, and fashion industries.
A possible reason for the high shopping cart abandonment rate for the airline industry is its relatively longer research process. In comparison to retail purchases, which are considerably more straightforward, holiday planning includes many more factors including tedious coordination with fellow travelers.
At 77.97 percent, the finance industry has the third-highest shopping cart abandonment rate after airlines and travel, and the rate appears to be on the rise. The most commonly cited reasons for this is the amount of personal information required (40 percent), the long process (34 percent), and having to mail documents by post or go to a branch in person (28 percent).
After finance, the industries with the highest shopping cart abandonment rates are retail and fashion with rates of 74.58 percent and 74.13 percent respectively.
There are many factors that contribute to the abandonment of retail and fashion products online. These include bad website functionality, long delivery times, and concerns over the quality and fit of the products.
As an ecommerce store owner, it is important to understand why people abandon their intended purchases and how to retarget these shopping cart abandoners. The most common reason for high shopping cart abandonment rates is that people were simply browsing around for options (34 percent). Other reasons are related to shipping costs and options (23 percent), price comparisons (18 percent), and a preference for in-store purchases (15 percent).
To improve abandonment rates, consider streamlining your check-out process, offer popular payment methods, and free shipping. These are some of the most recommended tactics to optimize and convert shopping cart additions.
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