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Monday,
October 18, 2004
I'm happy to
report that online shopping is growing consistently. However, shopping cart
abandonment is at an all-time high. According to DoubleClick's "2004
E-Commerce Site Trend Report," carting frequency has risen from 9.4
percent. Abandoned carts have increased by 24 percent yearly. This represents
57 percent of all carts that are ditched. I thought
about this and wondered if shoppers are leaving carts for some reason (maybe
to go get a credit card). When I researched further I found that most were
not coming back to their carts. According to
the study this gets costly for eTailers. It is estimated that for every
dollar spent there is $4.51 left in the cart. On the
positive side, overall conversions and order transactions have increased.
Close to 5 percent of eCommerce visits represent a conversion (this is up 14
percent over last year). The average online value is up (15 percent) a little
over $134 USD. Let's sneak a
peek at online shoppers. They look at about 11 pages per session but spend
less time per page (29 seconds versus 32.5 last year). All this virtual
shopping per session typically takes them less than 5 minutes. When shopping
online, consumers want convenience. Just under half of all onsite searches
resulted in a conversion. This functionality rose 26 percent this year. If you are
reading this and you are responsible for selling products and services
online, consider the following: The market is hot and growing. Consumers want
convenience. They want to have an easy time finding, comparing, and searching
for products online. When online, they typically know what they want and tend
to have broadband access. According to
The Dieringer Research Group, 43 percent of Internet users bought products
from a retailer's offline store after viewing them on the seller's Web site.
The study said that for every dollar spent online, consumers are influenced
to spend another $6 offline. Studies also
found: - Nearly 100
million adults made purchases after doing online research last year. So what does
this mean to eTailers now? Seize the opportunity ASAP. The "2004
Shop.org/BizRate.com Online Holiday Mood Study" found that 98 percent of
merchants anticipate online growth this holiday season. Also, 32 percent of
consumers plan to do more of their holiday shopping online this year. Seventy-two
percent plan to begin holiday marketing at the same time as last year. Over
half of online retailers (53 percent) will wait until after Halloween to
begin promoting the holiday season, though most online shoppers will have
started their shopping nearly a month before. According to
the survey, 53 percent of online shoppers plan to begin their holiday
shopping by early October, when only 14 percent of merchants will have
launched their online holiday marketing promotions. Chuck Davis,
CEO of BizRate.com, hit the nail on the head when he told Shop.org recently,
"Even consumers who may ultimately buy in the store are using the
Internet to compare prices or research products." I guess the
bottom line is, people go online to research or purchase products. We need to
come up with better ways to attract consumers and keep them converting. Have
a story or some tips and tricks for the group? If so, post to the SPINboard. See
what others are saying. Online Spin for Monday,
October 18, 2004: http://www.mediapost.com/dtls_dsp_Spin.cfm?fnl=041018
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