Plethora of e-stores is popping up every day as consumers are showing more interest in buying products online. But do you think that all retailers are successful in creating an online business?
The answer is a big “No”. So what are the possible pitfalls and how one could avoid them? The presentation will satiate all your queries. So let’s begin…
Do you know the most common factor that leads to a failed online business? It is the abandonment of shopping carts by the consumers.
68.07% - Average rate of online shopping cart abandonment
Approximately $4 Trillion revenue was lost worldwide due to shopping cart abandonment in 2014.
Why Visitors Abandon Shopping Carts And How to Combat Those Obstacles
Cause:
Lack of Trust Only 65% of online retail shops display security information during the checkout process
Solution:
Add Recognized Security Badge Help your visitors trust your site showing recognized security seals such as Norton, McAfee, TRUSTe and BBB. Make them feel secured against credit card frauds or identity theft
Cause Slow Loading Time 47% of retailers expect a web page to load in about 2 seconds
Solution Fix the Delay In Page Load Times Fix this issue at your backend. If there’s still an inevitable 2-3 second delay in loading during the transfer to your payment gateway, display the loading time on the page. Keep your consumers informed all the time
Cause High Shipping Cost 44% of online shoppers abandon the sites due to costly shipping charge. Many cancel their complete purchase if free shipping is not offered.
Solution Offer Free Shipping Offer unconditional free shipping at least during the peak season. During other times offer free shipping with a minimum order threshold. Announce an additional discount if order is placed in the next three hours to lure more consumers
Cause No Information on Shipping or Other Terms and Conditions 22% of shoppers abandon carts when they found no mention of shipping terms
Solution Maintain Transparency Be transparent. If there is any shipping charge or other handling cost, reveal all details in the website. Confirm estimated shipping date and time
Cause Comparison Shopping 30% of shoppers leave for a different site to compare prices in expectation of getting better price elsewhere
Solution Offer Price Guarantee Offer your visitors the price guarantee to make them understand that they are getting the best deal
Cause
Time Restraints 27% of visitors leave the site because they lack time to check out
Solutions
Less Number of Fields in Checkout Streamline the process of checkout asking minimum details from consumers. Avoid adding additional and unjustified fields in your checkout
No Compulsory Registration Also avoid compulsory registration and offer a ‘prominently placed’ guest checkout option for those who are not willing to register
Factors That Help Consumers To Trust A Site Site Displays Trust Marks to Gain Shoppers’ Confidence - 48% Site displays a contact info and address details - 46.35% Friend/colleague/family member has used the site - 40.7% Site appears professional and well designed – 32.2% Site contains renowned brands/products – 24.1% Site loads quickly and functions well – 23.65%
Value of Product Reviews and Ratings By Users 85% of consumers say that they read at least 10 reviews before considering any brand 72% of consumers admit that positive reviews influence their decision of trusting a business 92% of users are likely to opt for a local business that has a 4-star rating
Customers are More Willing to Do Business Based On 5-Star Rating
Why Quality Customer Support is Crucial for Online Business
Address anxiety concerns of consumers. Add a chat widget on the site to solve any query right away.
Top Payment Gateways Widely Used By Americans Shopping Overseas For overseas e-retailers here are the payment methods that Americans trust most while making payment for products purchased online
Want to develop a highly functional and visually pleasing ecommerce site? Get in touch with us.
Website: www.sbr-technologies.com Email: sales@sbr-technologies.com
Source: www.marketingprofs.com Bymard Institute - baymard.com Toluna QuickSurvey used by Ecocunsultancy, UK Local Consumer Review Survey by Bright Local, 2014 Global Customer Service Barometer Paypal