Three-quarters (74%) of retail shoppers abandon purchases after adding items to a shopping cart, according to a recent SUMOHeavy infographic. Abandonment rates for consumer electronics products are even higher at 79%.
What’s interesting for us are some of the reasons behind these pretty shocking statistics. Most of the causes of shopping cart abandonment can be overcome with a bit more information. That’s exactly what FusePump’s BuyNow solution delivers, at timely points in the customer journey.
To be clear, BuyNow is most useful as a solution for brands that don’t sell directly, rather than e-retailers (who already have the option to sell online). Nevertheless, customers that have arrived at the checkout of a brand’s retail partner through BuyNow are much less likely to abandon their purchase. Here are three of the top reasons given for cart abandonment, and some thoughts on how BuyNow helps to close the loop:
Wanted to compare prices (18%)
Customers want to make sure that they have found the best price for the product. The core function of BuyNow is to provide prices for the product from various retail partners, in an accessible comparison table. A customer can even rank the options by price.
This simple function alone would help almost a fifth (18%) of customers (or possibly even more, according to Forrester) to stay on track with the purchase, as opposed to abandoning their purchase to do a bit more digging.
Decided to buy in-store (15%)
Customers, particularly for more considered purchases, will often go to a shop to see and feel products before purchase to assess their quality. People shopping in-store is not a problem for a brand, and can even be better for a retailer, as the store offers opportunities to cross and up-sell to customers.
It is for this reason that the BuyNow solution has a store locator (‘Where to Buy’) built in, which shows customers their nearest physical store. It also shows the opening hours and contact details, and can even show stock availability when this is provided by the stores.
Where to Buy also offers ‘click and collect’ options. This simplifies the customer journey and helps provide the trackable link between online and offline activity.
Just looking (34%)
Decisions on what to buy (and whether to buy) can be complex, and sometimes it’s just not the time to make a purchase. Perhaps at this stage the customer is just looking for more information but has added items to a cart as a reminder, or as part of a ‘wish list’.
BuyNow – despite its name – is not all about purchase. It can be a tool to help with the research process. Not only can BuyNow show real-time prices and other information from different retailers, but it can be integrated with BazaarVoice to display ratings and reviews.
For more information on how BuyNow makes brand assets shoppable, drives sales, and reduces cart abandonment for retail partners, please get in touch.