Providing a frictionless payment experience certainly helps increase the likelihood that online shoppers will complete their purchases. In addition, merchants need to be aware of generational differences in cart abandonment rates. For instance, millennials lead in cart abandonment, abandoning an average of five carts in the past 30 days, followed by Gen Z consumers at four. In contrast, baby boomers and seniors averaged fewer than one cart abandonment in the past 30 days, suggesting they go online specifically looking to complete a purchase. On the other hand, younger consumers’ behavior might be linked to the ease of browsing and the abundance of available choices. They may hold items in their charts while searching for better deals. Online shopping platforms can significantly influence consumer decisions and foster greater loyalty by streamlining the checkout process and providing the payment options consumers want to use.
The highest rate of cart abandonment is in the clothing and accessories category, where both millennials and Gen Z consumers abandoned an average of two carts in the last 30 days — five times more than baby boomers and seniors. In contrast, cart abandonment is less common when shopping for essentials such as groceries and big-ticket items such as electronics or home furnishings and appliances. We found, at most, one cart abandonment among these categories across all generations. Streamlining the payment experience — thus reducing shoppers’ drive to look elsewhere — could be a key strategy for reducing cart abandonment and building loyalty among younger consumers.