It’s that time again! Here’s our latest infographic with the key cart abandonment stats from the last quarter. This quarter we focus on customer journeys in retail with advice for how brands can increase their all important ‘add-to-cart’ rate.
Here’s some of the headline stats from the last quarter:The global cart abandonment rate for Q2 2017 is 76.9%, up 1.3% on the previous quarter! Click To Tweet The average retail conversion rate for Q2 2017 was 3.29% Click To Tweet Gaming websites have the lowest abandonment rates of any sector, at 67.4% Click To Tweet
Often, when abandonment rates between sectors are very different, this disparity can be a result of the customer journey.
For example, finance abandonment rates are the highest in Q2 as the process of selecting and buying financial products is more complex.
For example, insuring a car requires the user to enter a lot of data before choosing a policy which suits them. It takes more time than, for example, buying a t-shirt, which is why the fashion sector tends to have lower abandonment rates.
This month’s stats show a disparity between gaming sites and non-profits, with abandonment rates of 67.4% and 83.2% respectively.
Gaming sites are very focused on increasing customer registrations and deposits, and have worked hard to make this easy for users.
So, for example, registration forms are made as simple and easy to complete as possible, as this example from 888.com shows.
Forms are also optimized for mobile, while some sites use shortcuts such as registration via PayPal to make the process smoother.
In theory, with a relatively simple research and purchase process, non-profits should have comparable abandonment rates to retail in general, rather than travel and finance.
I think this can be explained, at least partly, by the challenges faced by non-profits online.
While gaming sites and most of the other sectors here have had the resources to invest in their online operations and work hard to optimize conversions, charities have to think carefully about the resources they invest online, as this potentially diverts funds from their main purpose.
For this reason, many non-profits have much to improve online. Indeed, just 53% of charities are currently accepting donations online.
There are some good examples though, with man charities improving greatly over the past few years, with smoother donations processes and well-designed mobile sites to maximise donations.
Using data from more than 100 global retailers, we calculated add-to-cart and conversion rates for Q2 2017. Overall conversion rates were 3.29%, while the average add-to-cart rate was 14.29%.
For comparison, here are some figures shared by Monetate recently which show a similar trend broken down by region:
Add-to-cart rates provide useful insight into site performance. For example, relatively high rates may suggest that product pages are performing well in terms of providing information and persuading customers to buy.
Likewise, fluctuations over time may point to problems which need to be addressed in the purchase journey.
Sites can also analyze add-to-cart rates by channel to see which channels and campaigns have been most effective.
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