£34.4 billion in sales lost due to
e-commerce basket abandonment every year in the UK.
In today’s volatile retail landscape, UK retailers are losing a staggering £34.4 billion annually to e-commerce basket abandonment – an increase of £2.9 billion on 2023. If you’re tired of missing out on potential sales revenue due to abandoned online purchases, the new 2024 Basket Abandonment Report provides essential insights and underscores the critical need to address consumer expectations head-on.
The incisive report, published by GFS* (pioneers in multi-carrier technology), in partnership with Retail Economics, delves into today’s era of zero-tolerance and explores the psychological triggers behind abandoned carts across UK online retail. It reveals how customers’ purchasing decisions are made meticulously, and influenced by factors such as economic confidence and rapid technological changes. Today, both delivery and returns are indispensable aspects of the online shopping experience, and not mere conveniences.
Why does basket abandonment matter?
Reducing basket abandonment is critical to retail brands for four key reasons:
- Lost revenue: Every abandoned basket is a lost sale
- Higher customer acquisition costs: Failure to convert undermines the return on marketing investment
- Re-targeting costs and loyalty erosion: Re-targeting customers requires resource to re-engage, adding to operational costs and eroding loyalty
- Brand damage: Negative delivery experiences damage brand reputation
Top delivery factors impacting basket abandonment
27% of baskets are abandoned due to lack of delivery options!
The report examines the top five drivers of basket abandonment this year. With delivery factors playing such a key and growing role in the purchase experience, the survey reveals why consumers stop their orders at checkout stage, and compares 2024 with 2023 data. Common causes include frustration with delivery charges, lack of delivery choice, or an expectedly long wait for delivery. Alarmingly, 27% of abandoned baskets are triggered by the shopper’s ‘increased dissatisfaction with choice of delivery options’! The report also delves deeper into the trends that shape abandonment behaviour, including how consumers balance choice of delivery options vs costs, and whether shoppers are willing to pay for premium delivery services.
Tackling basket abandonment with a trusted partner
Working with trusted fulfilment and delivery partners like ILG and GFS empowers brands to conquer these checkout challenges. We help brands to drive online sales, by winning customer loyalty and overcoming their logistical issues. Our managed multi-carrier delivery services provide benefits such as a portfolio of world-class carriers, highly competitive pricing and hands-on guidance from expert delivery teams to despatch your products worldwide. All this helps you stay ahead of rapidly escalating consumer expectations and provides the choice, value and quality your customers expect – to keep them purchasing from you again and again.
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Report Methodology
Consumer surveys were undertaken in March 2024 to gather answers from a sample of 2,000 nationally representative UK households. Economic modelling and retail sales forecasts are based on proprietary Retail Economics data and official national statistics.
About GFS
*Acquired by ILG in 2024, GFS is the UK’s first, and now largest provider of managed multicarrier services, multicarrier technology, and expertise for the e-commerce industry, offering single access to 1000+ services across 220+ countries in the UK, Europe and worldwide. GFS delivery and ILG fulfilment technologies integrate easily to offer a full-service omnichannel fulfilment and multicarrier delivery solution.
About Retail Economics
Retail Economics is an independent economics research consultancy focused on the consumer and retail industry. It provides unbiased research and analysis on the key economic and social drivers behind the retail sector, helping to inform critical business decisions, and giving competitive edge through deeper insights.
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