E-consultancy has a good interview with Dr. Mike Baxter, author of Online Retail 2007: Checkout Special.
We quote two survey results from 2006 in the report: they found 46% and 60% abandonment rates respectively. Now, these covered abandonment from both the basket and checkout but earlier surveys have suggested that most of this (between two thirds and four fifths) is during checkout.
Interestingly, one of the surveys also gave a breakdown in the range of abandonment rates. Some retailers report as little as 10% abandonment, whereas others report more than 80%. This probably reflects differences in underlying factors such as: brand loyalty, time invested in making the purchasing choice, availability of alternative suppliers etc.
The key conclusion, however, is that a 50% abandonment rate is not simply something you have to live with. It can be significantly reduced. Case studies suggest a 10-15% reduction can be achieved through redesign, split-testing or a combination of the two.
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