Fully understand Shopping Cart Abandonment with this report
| | Exclusive Report Reveals:
Online retailers' biggest headache is actually a huge opportunity… Shopping cart abandonment — when shoppers put items in their online shopping carts, but then leave before completing the purchase — is the bane of the online retail industry. But it's also a huge opportunity: Approximately $4 trillion worth of merchandise will be abandoned in online shopping carts this year, and about 63% of that is potentially recoverable by savvy online retailers, according to BI Intelligence estimates. In a report from BI Intelligence we explain what leads a shopper to abandon an online purchase and how retailers can begin to combat rising shopping cart abandonment rates. We collected and analyzed 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. Among the big picture insights you'll get from this report, titled Shopping Cart Abandonment Report: Online Retailers' Biggest Headache Is Actually A Huge Opportunity: - Approximately $4 trillion worth of merchandise will be abandoned in online shopping carts this year, and about 63% of that is potentially recoverable by savvy online retailers, according to BI Intelligence estimates.
- Shopping cart abandonment is increasing, and it will continue to do so as more consumers shift to online and mobile shopping. In 2013, as many as 74% of online shopping carts were abandoned by shoppers, according to data shared with BI Intelligence by e-commerce data company, Barilliance. That abandonment rate is up from 72% in 2012, and 69% in 2011.
- An abandoned shopping cart does not automatically translate to a "lost sale," because three-fourths of shoppers who have abandoned shopping carts say they plan to return to the retailer's website or store to make a purchase, according to data from SeeWhy. Online-only retailers are at a disadvantage to "omnichannel" retailers in this respect because they have fewer channels through which to recover lost sales.
- Retailers can reduce the rate of abandonment and increase conversions by streamlining the checkout process and also by retargeting shoppers with emails after they've left a website. Initial emails, sent three hours after a consumer abandons a cart, average a 40% open rate and a 20% click-through rate, according to Listrak.
- More broadly, an abandoned shopping cart should be seen as part of the increasingly complex series of steps a consumer might take before finally making a purchase and a strong indicator of consumer interest in a product or a brand. Technology that helps retailers collect and leverage online shopping cart data is likely to be a worthwhile investment.
 | | | This exclusive report also: - Explains the complex relationship between consumers and retailers and outlines reasons why shoppers abandon a purchase.
- Includes interviews with executives from top retailers and marketing agencies who talk about what they are doing to reduce shopping cart abandonment.
- Proposes a list of solutions that are proven to reduce shopping cart abandonment for online retailers.
- Forecasts where this trend is going and how shopping cart abandonment will affect retailers — bricks-and-mortars and e-commerce companies alike — in the future.
- And much more.
Shopping Cart Abandonment Report: Online Retailers' Biggest Headache Is Actually A Huge Opportunity is how you get the full story. To get your copy of this invaluable guide to shopping cart abandonment trends, choose one of these options: - Bundle and save 90% today when you purchase the Ultimate E-Commerce Reports Bundle. You will gain immediate access to this report and 38 others on some of the most important topics impacting the e-commerce scene. ACCESS THE BUNDLE AND SAVE 90% »
- Purchase the report and download it immediately from our research store. BUY THE REPORT »
The choice is yours. But however you decide to acquire this report, you've given yourself a powerful advantage in your understanding of the fast-moving world of e-commerce. | |  | | Copyright © 2016 Business Insider, Inc. All rights reserved. |  | | | |
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