Online shopping is a huge business. More and more consumers are using their mobile phones to browse and buy products from the comfort of their homes. With global online sales expected to rise to £167.66 trillion by 2017, businesses are coming up with innovative ideas to engage consumer interest, improve the overall shopping experience and build brand loyalty. But in spite of all these efforts, conversion rates are extremely low at only 3.48%. Also, shopping cart abandonment continues to be a real thorn in the side for many retailers. Ever wonder why? The answer may lie in their payment solutions, according to this new animated infographic from Total Processing.
Why do Shoppers Abandon their Carts?
On an average, online shoppers ditch their shopping carts at a rate of 68.63%, which means that only 31.37% of the total 4.6 million people who shopped online in 2015 ended up going through with their purchases. While unexpected shipping costs account for a quarter of the abandonment cases, 15% of shoppers say that concerns about payment security played a major role in their decision. A complicated checkout process took out another 9% of shoppers, while the need to create a user account before checkout and lack of express shipping options accounted for 22% and 4% respectively.
This means that if the online retailers had taken steps to add a simple, secure and safe payment gateway to their websites, they could have resolved the problems of nearly a million shoppers and increased their total sales immensely.
So if shopping cart abandonment is causing you constant problems, you know what to do. Upgrade your payment solutions today to include a safe and secure payment gateway that can help you expand your online business and gain control over shopping cart abandonment!