By: Joe OsbornJanuary 15, 2023
*This resource will be updated with more 2022 statistics in Q3 2023 when more data becomes available.
In 2022, the average shopping cart abandonment rate for online retailers was 70%, indicating that the vast majority of consumers who added items to their virtual shopping carts did not complete their purchases.
Despite global ecommerce sales reaching an impressive $5.7 trillion in 2022, the total value of abandoned shopping carts was a staggering $13.3 trillion, representing a significant missed opportunity for retailers.
In the previous year, the shopping cart abandonment rate was found to be the lowest on desktop devices, at 62%, while mobile devices had the highest abandonment rate of 77.2%.
In the US, the average shopping cart abandonment rate was 68.7% in 2022, indicating that a significant percentage of online shoppers did not complete their purchases.
Despite the impressive ecommerce sales of $905 billion in the US in 2022, the total value of abandoned shopping carts online in the US was $1.99 trillion, highlighting the potential revenue loss for retailers due to cart abandonment.
In 2022, the average cart abandonment rate in Europe was 57.9%, indicating that a significant number of online shoppers in the region did not complete their purchases, potentially costing retailers billions in lost revenue.
The average cart abandonment rate in Asia Pacific was a staggering 82.2% in 2022, the highest of all regions, indicating significant challenges for retailers in the region to capture online sales.
The months of November and December have been consistently associated with the lowest shopping cart abandonment rates, indicating that shoppers are more likely to complete their purchases during the holiday season.
In 2022, 58.6% of US online shoppers who abandoned their shopping carts did so because they were ‘Just Browsing’, suggesting that they were not yet ready to make a purchase and were in the initial stages of exploring options.
In 2022, 48% of US online shoppers who were not simply ‘Just Browsing’ abandoned their shopping carts due to ‘Additional Shipping & Other Fees’, indicating that unexpected costs can be a major barrier to completing a purchase.
According to industry research, online retailers can potentially decrease their cart abandonment rate by up to 35.2% by improving their checkout flow and design.
According to industry estimates, unoptimized checkout flow and design cost ecommerce sites worldwide up to $2 trillion in lost revenue in 2022, representing a significant missed opportunity for businesses operating in the increasingly competitive online marketplace.
As the world rapidly transitions towards an increasingly digital economy, the projected global ecommerce sales for 2023 are expected to reach an astounding $6.3 trillion. Amidst this phenomenal growth, optimizing checkout flow and design has the potential to generate a staggering $2.2 trillion in additional ecommerce revenue in 2023, making it a crucial aspect for businesses to focus on in order to maximize their profits and remain competitive in the rapidly evolving digital landscape.
Consumer Electronics and Groceries emerged as two of the most resilient categories in terms of shopping cart abandonment rates and boasted an impressive abandonment rate of just 50% in 2022, signaling a significant shift in consumer behavior towards online shopping for both essential and non-essential items.
Despite their allure and desirability, Luxury and Fashion categories in ecommerce have proven to be the most challenging, with 87.9% and 87.8% shopping cart abandonment rates, respectively, in 2022.