Abandoned Shopping Carts: Why Businesses Lose Revenue and How to Increase the Number of Successful Payments

Officially, in 2024, more than 2.7 billion people will shop online. But despite such a large scale, 70% of users abandon their shopping carts before payment. What is the reason for such a large share of unfinished purchases? And how can Tranzzo increase the number of successful payments on your website or app?

The global e-commerce industry has been proliferating over the past ten years. However, the only way to see the full scale of the market is through numbers. Here are the latest statistics on the e-commerce industry:

• The number of online stores worldwide exceeds 26.6 million;
• Sales in this niche are expected to reach 6.3 billion in 2024;
• 34% of users shop online at least once a week.

Even though the number of online shoppers is constantly growing, more and more users are abandoning their shopping carts before the checkout page. So, how high is the abandonment rate? 

According to the Statista report, in 2024, the share of abandoned purchases is 70.19%. In the first year of the study, 2006, this share was 59.8%. 

The purchase process involves several stages, so it is sometimes clear at what point a customer decides to abandon their shopping cart in an online store. 

Below, we'll take a look at the main reasons for unfinished purchases among modern online shoppers.

Obviously, anything can be the reason for abandoning a purchase: a poorly organized online shopping process, a poor online store interface, insufficient security, etc. All of these problems hinder your customers' purchases and your conversion rate, i.e., your profit. 

Of course, you will never be able to eliminate these problems completely with minor improvements. However, there is one universal solution that will help you significantly reduce the percentage of cart abandonment.

The technology payment platform Tranzzo provides several innovative solutions for businesses worldwide. To optimize payment acceptance on the website or mobile application, thousands of companies have integrated Tranzzo online acquiring into their systems.

There are several tools that make this solution effective.

Flexible routing

It allows you to automatically select the optimal payment path for each transaction, reducing the likelihood of failures due to technical failures or network congestion. As a result, users are less likely to encounter problems during payment, reducing the number of abandoned carts and incomplete purchases and increasing customer satisfaction.

Smart cascading

13% of users don’t complete their purchases due to a payment error on the website. With this tool, transactions will be automatically redirected through alternative payment gateways in case the primary option fails, ensuring the continuity of the payment process. The result is an increased number of successful payments.

Three-level anti-fraud system

For 18% of users, an insufficiently secure website is a good reason to leave the shopping cart and never return. Thanks to an effective fraud protection mechanism, Tranzzo ensures your reputation as a reliable brand and minimizes the risk of financial losses. 

• 200+ rules to identify fraudulent activities
• Unique risk markers for each area
• Constantly updating the fraud scenario database

Tranzzo has become a solution for more than 190 companies around the world. An innovative approach to work and high technological efficiency have ensured the stability and continuity of the transaction process. 

By connecting to our payment system, your business can reduce the number of abandoned carts and reach a new level by increasing customer satisfaction and improving your financial performance.

Contact our support team to get a full guide to how we can work together.