It was Michael Aldrich who invented the notion of online shopping, back in 1979, enabling online transaction processing between consumers and businesses. Whether he recognized its importance and potential at the time is unknown, but Aldrich’s foresight has led to one of the most dramatic social shifts in living memory with the continued development of the behemoth that is e-commerce.
The habits of shoppers the world over has evolved with the technology available and now forms the basis of the majority of consumer transactions and internet usage. 80% of the online population has used the internet to purchase something and e-commerce sales are growing at a rate of 19% every year. With such a shift in our online habits it is vitally important that businesses understand their audience and indeed, their e-commerce website.
Design
The page with which customers engage with is of vital importance, this is a business’ opportunity to capture the imagination of a web user, and secure a sale. A such, designers need to be thoughtful of buyer habits and psychology to ensure the page is conversion-driven.
- 6% of people said their visuals are the most influential factors affecting their decision to purchase
- Consumers assess products within 90 seconds and a quick initial judgement is made whether to make a purchase or not
- 58% more web sales can be achieved by offering multiple product views other alternative views
- 31% of consumers were led to purchase after being influenced by video content
Speed
The rise of e-commerce has given way to shoppers being more concerned with speed of purchase rather than the typical high street experience. Mobile usage has also made the notion of impulse buying a far simpler process, and as such shoppers are now often led by the speed with which they can make their purchase.
- 57% of online customers who wait more than 3 seconds for a site, will abandon it
- 80% of these customers will never return
Reviews
The online marketplace has made it far easier for businesses and consumers alike to express their pleasure and displeasure at products and services. This forum for discussion has played an important role in the buying process, allowing consumers greater opportunity for valuable research, beyond the corporate message of the seller.
- 85% of consumers read online reviews for local businesses before making a purchase
- 79% of those trust the reviews as much as a personal recommendation
- 67% of consumers read 6 reviews or less before they feel they can trust a business enough to make a purchase
Checkout Abandonment
Getting consumers to a purchase page is only half of the battle for businesses. People visiting a page does not equate to sales, and so businesses must be aware of why consumers abandon their purchase.
- The average checkout abandonment rate is 67.4%
- 41% of consumers abandoned the checkout due to hidden charges at the checkout
- 29% abandoned the checkout because they had to register before purchase
- 11% left their purchase due to unclear delivery details
- 10% abandoned the checkout because of a lengthy checkout process
- 8% left their purchase because a phone number was not provided on the website
- 1% for other reasons
Understanding of these important buying habits allows businesses to develop their e-commerce sites to suit the needs and desires of their customers. Whilst product quality still remains the keystone of commercial success, businesses should always consider the importance of their buyer experience in building a lucrative e-commerce campaign.
To see how StrategiQ can help with your e-commerce website, contact us today.