Ecommerce retailers might be losing out on payment processing revenue because of shopping cart abandonment rates. In 2010, Forrester Research found that 55 percent of the time shoppers added merchandise to their virtual shopping carts that never made it through the debit or credit card processing step.
"The level of missed revenue for retailers is astounding when you consider that over fifty percent of online transactions end in an abandoned shopping cart," said Jim Davidson, Bronto’s manager of marketing research. "The good news is that much of this revenue can be recovered."
To figure out why carts are so frequently abandoned and what retailers can do to hold onto that potential revenue, Marketing platform provider Bronto Software recently conducted an Online Shopper Study. The survey established that on average, customers must deal with 5.6 pages between the cart and order confirmation, which may be too much of a barrier for customer.
Merchants can also curb abandonment rates by offering consumers incentives, such as online coupons and free shipping as well as ensuring shoppers the payment gateway is secured by fraud management solutions, according to Multichannel Merchant. The Online Shopper study found that 35 percent of brand don't display their security certifications at the checkout process, which can makes customers feel their transactions won't be protected.
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