Behavioural Marketing Solutions Company SaleCycle, has released the results of its Remarketing Report for Q2 2016 ahead of the Sydney Online Retailer event, which says that Australian online stores had the highest cart abandonment rate globally last quarter and are performing worse than their international competitors, particularly in fashion.
Taken from a consolidation of statistics from over 500 global retail, travel and fashion brands, the report reveals key cart abandonment and remarketing statistics from April, May and June 2016.
SaleCycle’s Remarketing Report for Q2 reveals an average abandonment rate for Australian online retailers at 76.4 per cent, higher even than the APAC average of 76 per cent, which stands out as the worst performing region globally for the second quarter in a row.
Australian online fashion stores performed particularly poorly and they lost the most consumers at the point of purchase, with a cart abandonment rate of 73.5 per cent in Q2 compared to just 69.8 per cent in APAC and just 68.8 per cent globally.
“Australia has the highest retail abandonment rate globally, and it performs particularly badly in the fashion sector compared to its international competitors,” said Chris Brinkworth, chief revenue officer for APAC, SaleCycle.
“Considering all the blood, sweat and money retailers spend driving traffic to their sites, to have them disappear without purchasing in these high numbers is worrying.
“Of particular concern is that our Remarketing Report for Q2 shows an upward trend in retail cart abandonment in Australia and Asia Pacific since the last quarter.
“There is a very long way to go to match the low abandonment rates of mature markets like Europe and North America, which have widely adopted remarketing tools that give them the ability to communicate quickly and efficiently with visitors who abandon online.”
Q2 Remarketing Report highlights for APAC/Australia:
- Australian online abandonment rate for Q2: 35 per cent (74.3 per cent in Q1)
- Australian fashion abandonment rate Q2 2016: 73.50 per cent (69.8 per cent in APAC)
- APAC has the highest regional global abandonment rate for Q2: 76.30 per cent (75.9 per cent in Q1)
- Global abandonment rate for Q2 2016 was 74.52 per cent (74.32 per cent in Q1)
- Global retail abandonment rate for Q2 2016 was 74.60 per cent
- Global fashion abandonment rate for Q2 2016 was 68.80 per cent
Chris Brinkworth, Chief Revenue Officer at SaleCycle is speaking at the Online Retailer conference in Sydney on Thursday 21 July at 12.35pm about the major issue of cart abandonment.