Businesses are Expected to Lose $4 Trillion to Abandoned Online Shopping Carts this Year: What Businesses Can do to Prevent Cart Abandonment, Improve Online Checkout and Drive Sales
A recent report by Business Insider found that online businesses will lose $4 trillion to abandoned shopping carts this year, a trend that has been increasing in recent years. In 2011, 69% of shopping carts were abandoned by online shoppers. In 2012, 72% of carts were abandoned by shoppers and in 2013, 74% of online shopping carts were abandoned. But approximately 63% of that $4 trillion can be recovered by savvy businesses that put into place smart strategies and techniques, including:
- Put yourself in your customerâ€™s shoes
- Simplify the checkout process
- Embrace omnichannel
- Retarget, retarget, retarget
- Keep your eyes on the prize: the sale
- Keep customers informed
- Consider consumer credit
Join PayPal and learn about how these businesses are reducing cart abandonment and driving online sales.
Malia Nagle, Director of Design Research, PayPal
Malia is Director of Design Research at PayPal and the former Head of Usability at eBay Enterprise. She has 10+ years of experience leading teams to produce highly effective and engaging user interfaces that dramatically improve business outcomes. She brings a keen, hands-on focus to her user experience passion and has personally observed and tracked thousands of users interacting with a broad array of digital content and end-to-end purchase paths. Malia has frequently lectured at universities and has presented at numerous industry conferences.
Sarah Davis, Founder & COO, Fashionphile
Sarah is the founder and Chief Creative Officer of pre-owned luxury handbag and accessory dealer, Fashionphile. Sarah started Fashionphile while she was in law school and never looked back. Forbes called Sarah one of the â€śTop Ten Female Entrepreneurs to Watchâ€ť and Entrepreneur Magazine called Fashionphile one of the top 100 â€śSmartest, Most Innovative, Hands Down Brilliant Companiesâ€ť on their radar. Sarah received her BS from Brigham Young University and her JD from the University of Maryland. She currently lives in San Diego, California with her husband and four children.
Mark Oâ€™Neill, CTO, JackThreads
Mark Oâ€™Neill is a technologist who has worked in the NYC tech industry since Web 1.0. For the last seven years heâ€™s been CTO of Thrillist Media Group, supervising that companyâ€™s growth from 150,000 to 6 million subscribers, blending and content and commerce. He holds a degree in Computer Engineering from Tufts University. Heâ€™s also former bar owner & history geek who follows politics the way other people follow sports.
Workshop Presented By: