Customers who are abandoning online shopping baskets at the checkout are costing retailers billions of pounds worth of potential sales. More than one in four online transactions are being abandoned at the checkout, amounting to £34.4bn over the past 12 months, according to new research from GFS and Retail Economics. Up from £31.5bn in last year’s research, the study found that the loss in potential sales was driven by “delivery-related concerns”. Retail Economics said this also reflects increased caution among consumers as a result of ongoing financial pressures as well as heightened expect ..read more

More and more retailers have been trying to boost online profitability with higher delivery charges and stricter returns policies, but the end result of this seems to be that UK consumers are increasingly abandoning their online baskets at checkout, a new report shows. More than a quarter of online transactions are being stopped in their tracks at the point of checkout, adding up to potential retail sales losses of more than £34 billion in the past 12 months, the research from GFS and Retail Economics claims. That adds almost £3 billion more in lost sales and the study said that the key reaso ..read more

According to figures from Retail Economics and GFS, last year saw a 9% increase in “basket abandonment,” amounting to approximately £3 billion in lost sales. Online retailers missed out on £34.4 billion in 2023, with shoppers citing high delivery costs, limited shipping options, and new returns fees as key reasons for scrapping their orders. This is only the second year Retail Economics and GFS have compiled such data, but previous studies indicate a sharp rise in this trend. A 2018 report from Barclaycard found that online stores lost £18 billion due to basket abandonment. While overall onli ..read more

Fuel Surcharges for June 2024 are as follows: Domestic and European Road: 18% Domestic Freight: 18% International Air: 29.25% The post Fuel Surcharges for June 2024 appeared first on GFS ..read more

Rising delivery fees and a resurgent high street are making online buyers think twice When Martin Burkitt received the first email from online retailer LightInTheBox early last November, he barely took any notice of it. Having browsed the clothing website earlier in the day and leaving a handful of Christmas gifts in his basket, he was not surprised to hear from the company with a simple welcome message. He was, however, surprised with how persistent the emails quickly became. “I got another one the next morning, asking if I’d had difficulties checking out,” Burkitt says. “And then, anoth ..read more

In 2023, online retailers witnessed a staggering £34.4 billion loss in sales due to basket abandonment driven by delivery-related concerns. More than one in four attempted online purchases are now left abandoned by consumers, reflecting heightened caution among core spenders amidst financial pressures, and increased expectations from delivery services. Elevated interest rates have seen cost-of-living strains shift from the least affluent to engulf middle- to high-income groups, along with younger and middle-aged consumers, including recent home buyers on large mortgages and those with limit ..read more

eCommerce Personalisation: The Key to Growing Your Business Online? With millions of online stores vying for attention, how can you ensure that your business not only attracts but also retains customers? The answer lies in eCommerce personalisation—a strategy that has become increasingly indispensable in the digital marketplace. Understanding the Importance of eCommerce Personalisation Consumers expect tailored experiences that cater to their individual preferences and needs; eCommerce personalisation is the key to meeting these expectations and creating meaningful connections with cu ..read more

Proposed New Packaging Rules for the EU: For Safety & Sustainability The European Parliament and Council have reached a provisional agreement on new packaging rules to enhance safety and sustainability in the EU. Targets include reducing packaging by 15% by 2040, banning certain single-use plastics by 2030, and prohibiting “forever chemicals” in food contact packaging. The agreement also promotes reuse and recycling, with targets set for reusable beverage packaging and increased recyclability requirements. Formal approval is pending from Parliament and Council before implementation. Disc ..read more

Proposed New Packaging Rules for the EU: For Safety & Sustainability The European Parliament and Council have reached a provisional agreement on new packaging rules to enhance safety and sustainability in the EU. Targets include reducing packaging by 15% by 2040, banning certain single-use plastics by 2030, and prohibiting “forever chemicals” in food contact packaging. The agreement also promotes reuse and recycling, with targets set for reusable beverage packaging and increased recyclability requirements. Formal approval is pending from Parliament and Council before implementation. Disc ..read more

Home Battling Basket Abandonment Report No Margin for Error in Zero Tolerance Era 2024 Edition | A Retail Economics – GFS Publication Pre-register for access In today’s volatile retail landscape, UK retailers are losing a staggering £34.4 billion annually to basket abandonment. If you’re tired of losing potential sales, our 2024 Basket Abandonment Report underscores the critical need to address consumer expectations head-on to thrive in the UK eCommerce market. Last year’s focus on choice and convenience (Battling Basket Abandonment Report 2023) remains relevant, but this year, we delv ..read more