A high Checkout Abandonment Rate is an indicator that you need to improve your checkout process. But what is a good checkout abandonment rate in ecommerce?
As in our earlier benchmarks, we analyzed Compass’ growing dataset of over $13B in ecommerce transactions. We found that the average checkout abandonment rate in e-commerce was at 25%. If you have a rate of 13% or lower, you’re among the industry’s top performers.
How does your compare?
Read more here: http://blog.compass.co/ecommerce-checkout-abandonment-rate/
Content Marketing & Growth at Compass
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PS: I just wrote, in partnership with Shopify, a guide on how to use data analytics to grow your store. I think it will be useful to you: http://report.compass.co/ecommerce-analytics-guide/
Do we have any stats anywhere which breaks down this abandoned cart reasons? Is it price? my layout? my checkout process? What contributes the most to shopping cart abandonment?
Would even take this one step further and say if you're hitting only 25% abandonment, you're doing great if you're a new store! In general, have seen the following steps be useful for creating checkout experiences that convert:
- Make sure there are no technical errors in your checkout process (happens more often than you'd think)
- Simplify your forms as much as possible
- Make sure you have clear CTAs between steps if you're not using a single page checkout
- If you're using a multi page checkout, make sure you have your conversion tracking set up to measure each stage of the funnel so you can see where users drop off (helps you identify places to improve)