NEWS7 September 2017

Two thirds of digital shopping baskets abandoned

Finance Mobile News Retail UK

UK – British retailers are losing out on £3.4 billion worth of goods left in virtual shopping baskets every year, as two thirds of contents are not bought.

A credit card and cart icon, representing online shopping

Switching between devices is seen as one of the biggest issues according to a report from Barclays Corporate Banking.

The research found that across all devices, 86% of browsers save items to online shopping baskets and wish lists, but switching from mobile browsing to laptop, a lack of distinct incentives and a desire for a variety of delivery options are the main reasons for incomplete transactions.

From Browse to Buy: The Conversion Challenge involved research by Opinium and economic modelling by Development Economics. The survey was conducted in June 2017 with 2,006 UK adults and 300 senior managers at UK online retailers.

The report estimated that investing in measures that encourage purchase conversion could cut basket abandonment in half by 2021. However only 16% of retailers said they will make mobile shopping their top priority, despite consumers wanting a better experience.

Ian Gilmartin, head of retail, Barclays said: “If they get their online strategy right, we could be looking at UK retailers selling more than £80bn of stock online by 2021, but that will only happen if as an industry we respond to what the public want from us. This research shows that a streamlined mobile offering, flexible delivery and competitive pricing can help convert more browsers to buyers.”

Among its other findings were that UK citizens browse online for an average of 89 minutes per week, rising to 100 minutes per week among 45- to 54-year-olds.