Checkout abandonment rate
What is Checkout Abandonment Rate?
Checkout abandonment rate refers to the percentage of shoppers who begin the checkout process but fail to complete their purchase within a given time period. A high checkout abandonment rate often signals friction within the final stages of the purchase journey, such as unexpected delivery charges, limited payment options, or an overly complex checkout process.
How can businesses reduce checkout abandonment?
The first step for online retailers is to establish a baseline, identifying their average checkout abandonment rate. From there, analysing the behaviour of different customer segments can reveal common points of friction. For example, if mobile users are more likely to abandon their baskets, your mobile checkout experience might need optimisation. Retailers should also pay attention to user feedback and heatmap tools to understand customer pain points. Streamlining the checkout process, offering guest checkout options, and clearly communicating shipping costs can all help reduce abandonment. These changes can significantly increase conversion rates and customer satisfaction.
What is the Difference Between Shopping Cart Abandonment and Checkout Abandonment?
Shopping cart abandonment rate and checkout abandonment rate are similar but distinct metrics when it comes to shopping online. In shopping cart abandonment, customers add products or services to their online shopping carts but may not necessarily reach the final checkout page before they abandon the process. In other words, digital shopping cart abandonment statistics provide a window into pain points earlier in the shopping journey. To know which metrics to track and to pivot their strategies effectively, it’s important for brands to identify at what stage their customers are leaving the purchase flow.
