Retailers losing out on £18 billion a year due to shoppers abandoning online baskets

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3rd May 2018 14:51 - Retail

Retailers losing out on £18 billion a year due to shoppers abandoning online baskets: Shoppers loading their online baskets and then not going through to checkout are causing retailers to miss out on £18bn in potential sales, a survey suggests. 
The research, carried out by Barclaycard Smartpay, surveyed 2,000 people who admitted they had abandoned goods, with the most likely items being knitwear, leather, and lingerie.
The baskets not making it to checkout:
The survey revealed that consumers are far more likely to walk away from an online purchase, with 41 per cent saying they had in the past year, compared to around a quarter of those surveyed (24%) who had changed their mind in store. 
Shoppers aged 25-34 were found to be the most likely to abandon their goods followed by 18-24-year-olds, with the peak times for walking away from a transaction: 8pm -10pm and 6pm-8pm
The £18billiion potential sales figure was reached by calculating the average abandoned basket figure of £30 and taking all UK adults into account. 
The goods being most frequently abandoned online in the UK:
1. Women's knitwear
2. Leather goods, such as wallets
3. Women's lingerie & hosiery
4. Headphones
5. Watches
6. Women's sportswear
7. Women's skirts
8. Books
9. Men's trousers / jeans
10. Women's tops & shirts
George Allardice, of Barclaycard Payment Solutions, said of the issue of basket abandonment online:
"There are many ways retailers can convert online interest into sales – whether this is reminder emails about items left in online baskets, reducing the steps required to check out online, or securely storing card details so shoppers don’t need to re-enter them every time they visit a site."

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