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Cart abandonment is one of the top challenges plaguing e-commerce, as executives are well aware. More than 84% of retailers had tracked cart abandonment on their website in the past six months as of September 2022, according to a survey by Coresight Research. But what actually drives abandonment?
One of the top answers may be security concerns, according to a survey by Radial. Radial found that 48% of cart abandonments can be tied to the security of the website being shopped on, while shoppers’ concerns about the use and security of personally identifiable information (PII) accounts for another 45%.
This makes sense, as consumers are increasingly aware of the value of their data and protective of how it gets used. A study by the University of Bristol found that 96% of consumers would like to prevent their personal data from being shared by retailers for commercial gain, and it’s unlikely that they’d be happier with that information being stolen by unidentified third parties. Consumers are willing to share their data for clearly defined benefits, but they don’t want it released into the wild.
The Radial survey also found the security measures consumers value most, which could help ease their concerns:
- A strong password for online transactions (50%)
- Two-factor authentication (32%)
- Verification by Visa/Mastercard SecureCode (37%)
Implementing tools like these could prevent fraud and data leaks and help build loyalty by reassuring shoppers that they can trust your site.
But security isn’t the only cause of cart abandonment, which Coresight estimated could be overall as high as 74% to 77% for the retail industry. That study found the top reason for cart abandonment to be extra costs, such as shipping fees or taxes, at 43%. A study based on data collection by the Baymard Institute put that total at 48%.
Friction is another significant cause. For instance, shoppers want their payment preferences to be represented among a retailer’s checkout options. Radial found that 58% of consumers say that having multiple payment methods is an essential factor when they select an e-commerce brand. Additionally, 26% of respondents cited lack of alternative payment methods as a reason for abandonment in Coresight’s study.
Complicated checkout processes in general were enough for 25% of consumers to abandon their carts, according to Coresight. One remedy for this problem is having shoppers signed in — logged-in consumers had a 36% higher conversion rate than guests — but that adds the wrinkle of asking customers to log in during their shopping journey.
Clamping down on cart abandonment can be a tall order, especially with so many different factors potentially causing consumers to walk away. Retailers will need to tackle the problem on multiple fronts to truly make progress in this area.
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