The Baymard Institute looked at 29 different studies from 2006 – 2014 that examined shopping cart abandonment and came up with an meta-average of 68.07%—meaning for every 100 shoppers who go through the motions of putting items in their cart, only 32% complete their transactions!
(See the data for yourself: http://baymard.com/lists/cart-abandonment-rate)
Over on the Shopify blog, using an older 2013 statistic for the UK of 67.45% (also from the Baymard Institute; the 2014 number is 67.91%), calculations show how just recovering 25% of the abandoned shopping carts would net the equivalent of 3 months of extra sales each year.
With data originally sourced from WorldPay, Shopify charted the chief reasons shoppers halted the check-out process; the reasons ranged from “Presented with unexpected costs” (56%) to “My payment was declined” (11%).
We can extrapolate that if all three payment-related barriers were removed—and Sign2Pay can easily solve all three - the potential increase in monthly sales would be quite significant.
Sign2Pay is essentially a mobile payment platform that helps customers make purchases by removing obstacles from the shopping check-out process.
