The National Retail Federation expects 2009 U S holiday sales to fall 1% this year to $437.6 billion, a time when 38% of consumers said they plan on doling more online shopping this year compared to last year. The most recent Coremetrics Benchmark Industry Report for U S Retail shows that the shopping cart conversion rate has dropped 3.44% over the previous annual benchmark report.
To gain insight into the reasons behind shopping cart abandonment, Zoomerang recently conducted an online survey with U S shoppers for specific details on what it takes for them to complete their online purchases. The survey results revealed the following factors as having a substantial impact on shopping cart abandonment:
– No Free Shipping / Shipping Cost Confusion – 74% of online shoppers said that the cost of shipping was the #1 reason for NOT completing a purchase online
– Lack of Payment Options – After credit cards, 21% of online shoppers preferred to pay through PayPal – which was even a more popular method than paying with their atm/debit cards
– Bad Product Reviews – 82% said they would rather purchase a product from an unknown brand with high/positive reviews over a well known brand with negative reviews
– No Money Back Guarantees / Tough Return Policy – 60% said that they would rather purchase a product from an unknown brand with a money back guarantee over a well known brand without a money back guarantee
– No Coupons – 47% of online shoppers search for online coupons before completing their online purchases
Offering a safe and quick check out process with available products, photos and cart edit options are the basic foundation of a functional website shopping cart. By directly addressing consumers concerns, you can take the necessary actions to decrease your shopping cart abandonment rate and help push those shopping carts through the check-out process – especially over this upcoming holiday season.