Having a customer abandon their cart during checkout is like running a marathon, but spraining your ankle a few yards before the finish line. PYMNTS recently released a report on cart abandonments, and I think retailers should pay close attention to the numbers.
Millennials are the generation that shops online the most and has abandoned more carts recently than other generations. Millennials abandoned 8 times more carts in the last 30 days than boomers. Gen Z isn’t very far behind. It appears that older customers are much less likely to abandon their carts.
It is clear that each generation behaves differently when shopping online. Retailers that do not address cart abandon rates are leaving money on the table. This issue will be more and more important as Gen Z and millennials gain more purchasing power.
Now, let’s see why customers are leaving before completing the purchase and what can be done to lower cart abandon rates.
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