There is a well-researched variety of reasons for which consumers cut their online experiences with brands short: complicated checkout, forced registration (when forced registration is removed from the checkout page, businesses can see a 45% increase in customer purchases), unexpected costs (56% of shoppers leave for this reason), lengthy registration forms, slowly loading pages, etc. In the financial services industry and e-commerce, abandonment is a particularly painful problem.
The abandonment rate estimates are generally along the same lines. Some estimates suggest that as many as 70% to 80% of customers abandon online shopping carts. SAP puts the number of uncompleted online purchases at 97%. Other professionals suggest that businesses operate in a harsh reality of converting only approximately 2 out of every 10 visitors into paying customers.
As for online banking applications, while some put abandonment rates somewhere at 97%, others report that one out of three consumers are abandoning the process of opening a new account because it is too difficult or takes too long.
There is also the device influence at play: desktop conversion rates are 2.7X higher than mobile. While 30% of carts result in orders from a desktop,...