Shopping cart abandonment remains a critical issue for online retailers, with the average abandonment rate in the UK hovering around 78.1% in 2023 (Gartner) and 75.6% in 2024. This article explores the various facets of cart abandonment, including causes, tracking methods, and strategies for improvement, with a focus on the latest UK data and best practices, and highlights how Gala Technology's SOTpay can be a game-changing solution.
The average cart abandonment rate in the UK is currently about 75.6%, according to recent studies. This figure indicates that for every four online shoppers, three leave without completing their purchase, representing a significant challenge for e-commerce businesses (GrowthDevil) (Baymard Institute).
Tracking cart abandonment rate involves monitoring the percentage of shopping carts created but not completed. Tools like Google Analytics Enhanced Ecommerce (EEC) can provide detailed insights into customer behavior, from adding items to the cart to the final purchase step. Key metrics include the abandonment rate (number of abandoned carts/total carts created) and the recovery rate (number of recovered carts/total abandoned carts) (Learn Digital Marketing).
The leading causes of cart abandonment include unexpected extra costs (like shipping and taxes), complicated checkout processes, mandatory account creation, and concerns about payment security. Specifically, 48% of shoppers abandon their carts due to high extra costs, while 26% do so because they are required to create an account (Klaviyo) (Baymard Institute).
SOTpay by Gala Technology stands out as a powerful solution to reduce cart abandonment. With a 97% success rate in typical card payment transactions, and up to 99% when both card and bank options are presented, SOTpay ensures a seamless and secure payment experience. It supports multi-channel payments through phone, SMS, email, WhatsApp, live chat, and social media, allowing customers to choose their preferred method (Klaviyo).
To calculate the abandonment rate, use the formula: Abandonment Rate=(Number of Abandoned CartsTotal Number of Carts Created)×100\text{Abandonment Rate} = \left( \frac{\text{Number of Abandoned Carts}}{\text{Total Number of Carts Created}} \right) \times 100 For instance, if 750 carts are abandoned out of 1000 created, the abandonment rate would be 75%.
Tackling shopping cart abandonment requires a multi-faceted approach, focusing on transparency, convenience, and customer trust. By implementing these strategies and leveraging tools like Gala Technology's SOTpay, e-commerce businesses in the UK can significantly reduce their cart abandonment rates and enhance their overall revenue. Embracing tools like Enhanced Ecommerce and optimising the checkout process can turn potential losses into profits (GrowthDevil) (Klaviyo) (Learn Digital Marketing).
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