Survey Reveals Budget Consciousness as Key Driver of Online Cart Abandonment

A YouGov survey commissioned by commercetools reveals that budget-consciousness prompts online shoppers to abandon their carts, with shipping costs and the search for better deals cited as the top reasons. The study underscores the significance of financial considerations across income ranges, with recommendations for retailers to invest in technology, loyalty programs, and personalized experiences to combat cart abandonment during the upcoming holiday season.

17 November 2023 – A recent YouGov survey commissioned by global composable commerce leader, commercetools, highlights that budget-conscious online shoppers are abandoning their shopping carts, with shipping costs (19.6%) and the pursuit of better deals elsewhere (19.5%) being the top reasons. The study, involving over 4,500 respondents in the United States and the United Kingdom, unveils insights into cart abandonment trends, demonstrating that consumers across various income ranges are influenced by financial considerations.

The survey indicates that higher-earning consumers ($80,000+ HHI) prioritize seeking the best possible deal (21.5%), while lower-income households (below $40,000 HHI) are more likely to wait for product sales (17.7%). Other key findings include male shoppers prioritizing better deals (21%), while female shoppers are more concerned about paying for shipping (23%). Privacy concerns are not a significant factor in cart abandonment for the majority of shoppers, with 98% of UK consumers and 96% of their US counterparts not identifying privacy as the primary reason.

Jen Jones, Chief Marketing Officer for commercetools, emphasized the need for retailers to focus on offering a variety of payment options, investing in user-friendly loyalty programs, and prioritizing personalization to combat cart abandonment. With the holiday shopping season approaching, retailers are urged to invest in technology that enables flexibility, such as composable commerce and generative AI, to enhance the end-to-end customer experience.

Author: Terry KS

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