Consumers abandoning their shopping carts are likely to result in £46bn in lost sales in the next 12 months, according to a recent survey carried out by finance provider Deko.
The report detailed that up to 90% of consumers are already leaving their baskets before checkout averaging in £861 per person, equating to the £46bn in total losses for retailers across the UK.
62% of businesses when surveyed believe cart abandonment is an issue. The value of digital carts abandoned is also lucrative, with it ranging between £500 – £1,000 in the majority of cases.
Customers’ reasons for abandoning their carts were predominantly down to complicated checkout services (35%) and a lack of consumer payment options (34%). 58% of UK retailers stated they are already using retail finance products, with 35% opting to adopt them in the future.
Furthermore, customers who say they would benefit from retail finance options to cover more basket sizes was an overwhelming 92%, with consumers believing more diverse checkout options would help them finalise their purchases.
Melanie Vala, Chief Commercial Officer of Deko, commented on the findings: “These survey results demonstrate how many UK businesses struggle with the challenge of basket abandonment and sales completion, particularly against the backdrop of rising costs and inflation.
“Complicated checkout processes with a lack of flexible payment options are a key factor in shoppers choosing not to convert their sales.”
Deko highlights the survey as an issue for basket abandonment and suggests that a broader range of checkout finance offers could help retailers boost their sales. A broader range of payment options can help affordability measures for customers all whilst merchants to benefit at the point-of-sale too.
64% of retail companies stated in the survey that multi-optional payment solutions would help reduce basket abandonment, ensuring a seamless checkout process whilst maximising sales.
The BNPL provider also attributes this high figure to the UK’s current cost-of-living crisis as customers will have to deal with increasing inflation too.
Vala added: “These providers and retailers need to do more to provide the broadest range of affordable payment solutions for customers, to enable them to continue purchasing the services and goods they require.”
With its platform and product selection, Deko is looking to empower consumers to buy the things they need while helping merchants grow and convert more abandoned baskets. To do this, Deko offers a multi-lender, multi-product solution at checkout, with quick and seamless integration, making it the ideal tool to help retailers resolve the issue of basket abandonment and capture millions in lost sales.”