Online retail sites have made tremendous growth in recent years. Their marketing strategies have also shifted the gear to a next level. Numerous online web stores are already floating on the virtual platform. There is a serious need of analyzing the stats of online marketing.
This will help companies to tap new clients who visit their sites casually and also retain the re-visitors of an online store. Many users visit online retail sites and select products, but somehow they leave their cart abandoned. Seriously, there is a similarity witnessed in the buying behaviors of the people engaged in online shopping. All reactions from consumers put systematically in a data form can help to improvise in the right direction. They can analyze and reciprocate in the anticipation to deliver better services.
Here are seven important stats on online business and cart abandonment:
1. Reasons behind Abandonment of Cart:
There are many reasons for cart abandonment. Unpredictable shipping charges are considered to be the most prominent reason for the same. Apart from these charges, mandatory registration, concerns over privacy and security, checkout glitches, or confusing design of checkout may restrict people to execute their purchase. Some of the visitors also abandon their product to conduct research. Also, if they couldn’t find a coupon for availing discount, they can leave a website. Hence, web stores must consider these points to transform their prospects into buyer.
2. Days of Abandonment on E-commerce Sites:
The review of over 1 billion carts left abandoned has revealed that Tuesday is the bad day for e-commerce sites in terms of cart abandonment. Saturday evening is considered as the best period because very few abandonment cases happen during this time. Perhaps, conversion rate of purchases is quite high during Christmas and other festive seasons.
3. Remarketing on SMS:
As most of the people have Do-Not-Disturb or DND service activated on their mobile, there is very little scope left to tap these clients. SMS marketing is considered one of the best ways to tap the potential customers as nearly 98% SMS are opened and 90% SMS are read by the recipient within a timeframe of 3 minutes. Readability of message is high on SMS than Emails.
4. Do Devices Matter?
The data of products added to cart is quite interesting when analyzed on the basis of device. People surfing on tablets and desktops add the highest numbers of products to their cart as compared to other devices. Hence, it is better to target people using tablet or desktop for better conversion rates.
5. Rate of Sector-Wise Cart Abandonment:
When data is filtered in the terms of sectors, fashion, iGaming, and retails have witnessed very less abandonment of cart. This may happen due to robust return policies and relatively easy process. The highest number of abandonment is seen in finance and travel category when data abandoned cart is analyzed sector wise. Lack of digital maturity and longer application process are other reasons for such behavior of customers towards travel and finance sectors.
6. Why Are Travel Bookings Abandoned Frequently?
People take more time to plan a travel trip. They tend to consider various websites before finalizing their bookings. Hence, abandonment rate is high in this sector. Researching, looking for better options, comparing the prices, checking the reviews of other travelers, payment issues, policy, laggard booking processes, etc. are some of the major reasons for fewer conversion rates.
7. Tracking Sales on Cyber Monday and Black Friday (hourly basis):
While tracking e-commerce sites sales pattern on an hourly basis, it is observed that Black Friday morning has highest conversions while Cyber Monday evening time is the most rewarding period.
These are some intriguing stats related to cart abandonment on an online store. At Infognana, we offer specialized online retail services and e catalog management services to reduce abandonment rates to a bare minimum.