Stat Watch: A New Perspective on Shopping Cart Abandonment
Today's online shoppers are a savvy group who are increasingly demanding better experiences from e-commerce merchants.
To improve these digital encounters, however, online retailers must first understand the increasingly common "non-linear" path to purchase. Bronto Software (acquired by NetSuite in April 2015) recently shed some light on consumers' current online shopping preferences with its "Consumers Tell All" series - providing a new perspective on shopping cart abandonment.
According to the data, the majority of consumers (73 percent) are actually using online shopping carts as a research mechanism by storing items for later viewing as they navigate different shopping destinations during the purchase decision process.
"Shoppers now increasingly use all available devices to make the best decisions and enhance their shopping experience," said Jim Davidson, head of research at Bronto Software. "Commerce marketers need to clearly understand consumer shopping and purchasing behaviors, particularly the move toward mobile, in order to maximize revenue potential and identify effective commerce marketing strategies."
The study also shows that consumers may have an ulterior motive for abandoning purchases, as the data found 44 percent of consumers expect to receive an email reminder after leaving products in their online shopping carts. Out of these customers, 37 percent expect their email reminder to include a coupon to motivate them to complete the purchase, while 15 percent expect the reminder to include a free shipping offer.
Online sellers, therefore, must be strategic with their email marketing initiatives, as the study reveals that even though 42 percent of consumers find reminders helpful, 32 percent find these messages annoying.
More than half of consumers say they need a reward or recognition in order to write a product review.
1 in 3
Retailers are planning significant increases in their customer experience budget, as 1 in 3 will increase it by more than 10 percent.
(SDL and Econsultancy, Jan. 2015)
More than 60 percent of consumers say they would stop shopping at a retailer after a poor gift return experience.
(LoyaltyOne, Feb. 2015)
Consumers ages 25-34 are the most likely to shop on their smartphones.
Just 58 percent of luxury brand executives were content with their digital initiatives at the end of 2014.
(RadiumOne and WBR, Jan. 2015)