Monetate: Cart abandons down 20%

Industry wide about two-thirds (66%) of shopping carts are abandoned in the online space. But, retailers with Monetate are seeing cart abandons that are significantly lower than the industry standard.

by Kristina Knight

According to new data out from Monetate, shopping cart abandons for retailers using their platform stand at under 45%, that is 20% lower than the industry standard. The key to decreasing cart abandons? Monetate's data points to personalization.

"It's evident that personalized, curated experiences across multiple channels continue to be a driving factor for successful retail brands," said Lucinda Duncalfe, CEO, Monetate. "Consumers expect more personal experiences across every touchpoint that reflect how they've interacted with a brand in the past. We're seeing that the brands who are driving faster to meet that expectation are enjoying tremendous ROI, and leaving their less customer-focused competitors in the dust."

Other interesting findings from the Monetate Ecommerce Quarterly Report include:

• Industry-wide add-to-cart rates were 8.4%
• Monetate's average AtC rate was 12%
• Industry-wide bounce rates were 30%
• Monetate's average bounce rate was 19.9%
• Industry-wide conversion rates were 2.8%
• Monetate's average conversion rate was 6.4%

Monetate's findings are based on Q4 2014 numbers, which included a record-setting holiday shopping season for online retailers. More than $51 billion was spent online according to the National Retail Federation. That is a 7.7% increase over Q4 2013.