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The uncomfortable truth about lost sales online
By Stuart Rivett,
Managing Director of B2C Europe.
It can’t be denied that ecommerce is booming, and will continue to do so for the foreseeable future. In 2014, €424 billion of e-sales were made across Europe in goods and services. What’s more, the number of individuals shopping online across Europe is predicted to reach 210 million by 2018.
A growing number of retailers are looking to develop and expand their presence online to meet customer demand and be competitive within the ecommerce market. Due to this, consumers are presented with a myriad of opportunities to purchase items online. It is because of this level of accessibility that shoppers find it easy to abandon and go elsewhere to purchase their items. It’s therefore more important than ever for businesses to create a smooth running online checkout process. E-tailers are all too familiar with the frustration of customers
loading up their baskets only then to abandon them before processing the payment. Research from B2C Europe has found that a staggering 79% of consumers abandoned their online purchase at least once within a 6 months period. Not only that, every month, 39% of consumers abandon their shopping basket at least once and almost a third of people never returned to complete the purchase. With the rates of abandonment so high, it’s critical for online retailers to recognise the obstacles that are preventing customers from following through or they will continue to lose potential sales. What is more, with retail and ecommerce being such a hot topic due to huge shopping events, such as Black Friday and Cyber Monday, retailers cannot afford to miss out on the opportunities that lay ahead. It is important to bear in mind that consumers also browse
online with no intention of actually making a purchase. Although e-tailers can’t necessarily do anything about customer intentions, they can remove any delivery/returns related obstacles and make the process as transparent as possible right from the beginning. B2C Europe’s research found that 43% of consumers abandon their basket for logistical reasons such as delivery time and flexibility. Furthermore, 40% leave the purchase because the cost of delivery is too high. With so many missed opportunities what can e-tailers do to turn things around and convert visitors into buyers?
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Transparency is key
Customer expectations and demands are changing simultaneously with the rise of ecommerce. Tey are looking for clear and concise information when it comes to delivery options. Online retailers need to display these costs as early as possible during the shopping process so that there are no unwanted surprises for the customer at checkout – potentially resulting in a lost sale.
Flexible delivery options
With the rise of click-and-collect, express and track and trace (among others), consumers expect to be given a number of different delivery options when they find themselves at the checkout. It is important to provide shoppers with as many of these solutions as possible, or they may go elsewhere.
Clear and easy returns solution
B2C Europe’s research found that another reason for cart abandonment was a lack of information about returns. Customers want to know that if their purchase isn’t right they can easily return it and get their money back. Having a clear returns policy will instil confidence for the consumer and they will be more likely to follow through with a purchase. It’s important to make the process as easy as possible by enabling the customer to print returns labels and to drop off items at a local collection point. Some retailers even enclose all the relevant returns documents for the consumer which means all they need to do is post it back. Although a huge portion of sales are lost through checkout
abandonment, this is one of the many ecommerce obstacles that can be easily minimised. Delivery and returns solution should never be a barrier for online purchases. E-tailers need to revise their checkout process or the results could go beyond a missed sale into customer disloyalty and brand damage.
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