Online retailers may have lost as much as $44 billion dollars over the past year due to transaction problems on their website, according to a new report released by Tealeaf and conducted by Harris Interactive.

The report found more than a quarter (27%) of online shoppers would turn to an online or offline competitor if they had an online transaction issue.

“The potential for lost revenue when customers have a negative online shopping experience is amplified by the rising use of social media," said Rebecca Ward, CEO of Tealeaf.

"The ‘echo chamber effect' caused by frustrated customers who voice their displeasure on social networks can significantly damage an organization's reputation. Proactively identifying website issues presents an opportunity for businesses to recover some of that $44 billion in potentially lost revenue, especially as we head into the upcoming holiday shopping season."

The report found if online shoppers experienced a problem while trying to conduct an online transaction, they would react in the following ways:

*66 percent contact customer service , including:

*53 percent call customer service

*36 percent email or log a web complaint with customer service

*32 percent abandon the transaction, including :

*27 percent turn to a competitor