High-income customers are the most likely to abandon shopping carts online

As customers engage with eCommerce channels, they are finding, perhaps counterintuitively, that high-income consumers are most likely to abandon potential purchases without completing the transaction.

By the numbers

PYMNTS Interview Report “How preferred payment availability can reduce cart abandonment” is based on a survey of more than 3,500 U.S. consumers to better understand their needs behavior when shopping online.

Additional findings from the study showed that while lower-income customers might be expected to be more likely to abandon their carts when forced to make more difficult budgeting decisions, it turned out The opposite is true. The report shows that the higher a consumer’s income, the more likely they are to abandon their cart, with those most likely to do so if they earn more than $100,000 a year.

Dive deeper

High-income consumers may have higher expectations about the shopping experience, including website functionality, customer service, product quality and payment options. If these expectations are not met, they may be more likely to abandon their carts. Moreover, higher disposable income may mean that high-income customers feel worse off urgent need to supplement a purchase. They may be more willing to wait for a better deal, more information or simply reconsider the need for this item.

For retailers looking to make salesthis situation can be frustrating because of the numerous possibilities conversions left unfulfilled. Already Bobby Ghoshalco-founder and CEO of the company Carrot, noted in an interview with PYMNTS that current solutions are ineffective for everyone involved. Retailers bombard shoppers with emails and display ads to encourage them to complete their purchases, but consumers have learned to ignore these messages. Meanwhile, customers have to manage multiple tabs to keep track of their purchase history.

“We have learned that when it comes to meeting the consumer… part of the equation is providing them with: frictionless experience to buy,” Mateusz BerkCEO and co-founder of a direct-to-consumer coffee brand Bean boxhe told PYMNTS.

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