Shopping Cart Abandonment: Insights For Success | Magento

Shopping Cart Abandonment: Insights For Success

November 8, 2013

by: Craig Peasley,
Author Title: 
Head of Marketing
,
Author Company: 
Magento
Main Image: 

As merchants make a greater investment in email marketing than ever before and place a greater focus on email optimization than any other initiative, according to Forrester Research*, identifying the best sales conversion opportunities is essential.

While attending Fashion Digital New York (FDNY) earlier this month, Danny Essner, Magento’s Head of Merchant Marketing, and Ryan Thompson, Magento’s Director of Partnerships, had an opportunity to sit down with Alicia Fiorletta of Retail TouchPoints to discuss a recent report developed by Bronto in partnership with Magento titled “Why We Don’t Buy: Consumer Attitudes on Shopping Cart Abandonmen” The report takes a deeper look at consumers’ online shopping behaviors and what are the key factors that lead to more frequent shopping cart abandonment, just in time for holiday sales optimization:

  • Why consumers are abandoning more frequently and how this could be an opportunity for marketers
  • What the consumers want to happen when they abandon a cart and what will annoy them
  • Key components of the shopping cart and email strategies

During Magento’s talks with Alicia, Ryan Thompson shares some unique insights as to how retail marketers can decrease abandonment rates and also provide an innovative shopping experience. One of his recommendations Alicia highlights is “to improve shopping cart options and flexibility in order to give shoppers more confidence to cart and purchase their items...provide innovative and fun ways for consumers to browse, consider purchases and update their shopping carts and wish lists.”

This week, Alicia posted an article titled “Improve Shopping Cart Options And Flexibility To Reduce Cart Abandonment” which outlines many of the report’s key findings as discussed in her conversations with Magento at FDNY, including:

  • Shopping cart abandonment rates now average 75%
  • 56% of consumers who purchase online at least once a month use the shopping cart to store items for future purchase
  • Nearly half of all consumers surveyed found shopping cart abandonment reminder emails to be helpful
  • Another 61% said they likely would return to a site after receiving reminder emails

More information can be found in Alicia’s article here and the full report can be downloaded here.

*Source: The State Of Retailing Online 2013: Marketing And Merchandising Forrester Research, Inc., July 30, 2013