Checkout Abandonment:  Why Customers Are Leaving the Checkout Process Early

According to industry analysts’ predictions, consumers will spend upwards of $52 billion for online purchases in this coming year. In addition, retailers are reporting higher than ever increases of the traffic to their web sites. In spite of these optimistic indicators, many retailers continue to have web sites that make it more difficult for shoppers to spend their money.

Independent reports by Forrester Research and Shop.org estimate the average shopping cart abandonment rate to be 64-70%. In fact, when it comes to completing the checkout process, retailers see a significant drop in conversion rate, which typically hovers between 2-4% for the average retail web site and up to 20% for highly successful sites. Despite best intentions and efforts from companies, many are finding it harder to move beyond these numbers.

Why do retailers fail or succeed when it comes to the checkout? And what can retailers do to prevent losing sales from customers leaving a purchase at the most crucial point of the shopping process? Molecular studied online consumers and uncovered some behaviors that led to significant conclusions—retailers can dramatically improve conversion rates by effectively implementing best practices during checkout. Several of these practices are presented in this report.

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