A study conducted by Bold Commerce has found that nearly 48% of shoppers who go from their shopping cart to checkout are still not finishing their purchase.
The figure is worse for consumers who shop on mobile, with 58% abandoning their purchases after proceeding from cart to checkout.
Bold Commerce’s ‘Checkout Benchmark’ study exposed key reasons for cart abandonment, including friction and poor user experience related to payment options, shipping and device experience.
The subject has been a focus of the retail sector for years due to the large amount of shoppers who make up the figure.
Bold Commerce is out to disprove the theory that if retailers can get shoppers from cart to checkout, they’ll complete the purchase.
The research analysed data from 3 million checkout sessions, generating $138 million in revenue across 80+ retailers to uncover the true story of checkout performance and what impacts checkout completion rates.
It also found that single-page checkouts convert at a rate of 48.4%, a similar figure to the 47.5% for multi-page checkouts across devices.
Whereas on mobile, single-page scrolling checkouts actually see a lower checkout competition percentage (41.6%).
Progressive multi-page checkouts on mobile deliver a 44.7% checkout completion rate.
One of the primary findings of the study was the unsurprising fact that checkout competition declines when shipping fees increase.
Checkout completion rates are at 56% on desktop and 45% on mobile.
As shipping fees increase by 10%, checkout completion rates fall 6% on desktop and nearly 4% on mobile.
“We see retail brands pouring over details like colors, product images and descriptions, loyalty tactics and other elements that influence whether shoppers make it to checkout, but then foregoing customisation of the checkout itself, ” Bold Commerce chief executive Yvan Boisjoli said.
“This checkout experience gap is a wake-up call to retailers. If the checkout isn’t optimized, it doesn’t matter whether shoppers get there–they simply won’t complete their purchase.”