And we’re not just talking about a couple million. The researchers and data pioneers at Jumio expect online retailers to lose up to $8.6 billion in sales this holiday season from mobile cart abandonment alone. As a sharp turn toward mobile shopping continues, this will become a serious issue for brands of all shapes and sizes.
What makes this problem a bit more concerning is the fact that holiday sales are supposed to rise to $616.9 billion, according to the National Retail Federation. And a hefty $105 billion of that is expected to come from online sales alone. Clearly, there is much to be made. But because 47 to 72 percent of online shoppers abandon their mobile purchases due to checkout friction, it’s imperative that online brands address site issues that will remedy the situation before the heat of this holiday shopping season.
Let’s take a look at some important data points.
- There are four main reasons why consumers abandon their cart at checkout. Aside from high shipping fees, they left the checkout page because: the process took too long (50%), it was too difficult to complete on a mobile device (41%), or the processing would not successfully go through (23%).
- Similarly, 63% of shoppers will not return to a site – with the intention to buy – once they’ve had a bad checkout experience and left their cart.
- Here’s another daunting figure to consider. Brands lose between $5.6 to $8.7 billion in sales because 57% of shoppers won’t complete the mobile purchase on a desktop later.
- And perhaps most interestingly, Jumio predicts 20% of online sales will come from mobile shoppers alone this holiday season.
One solution to the cart abandonment problem is to streamline your checkout page. A simple, succinct user interface that doesn’t ask superfluous questions or draw the consumer from the ultimate purchase is your best bet for a successful checkout procedure.