It is increasingly difficult for new brands to forge a successful business venture online with the vast competitive e-commerce landscape to negotiate. There are millions of businesses online vying for consumer’s attention and their valued purchases.
For those who do succeed at securing regular healthy traffic levels (usually due to heavy investment within online marketing services) this doesn’t necessarily lead to guaranteed sales. The modern day online consumer is difficult to please and enticing them to make an actual purchase can be a difficult task. The average checkout abandonment rate currently stands at 67.4% which indicates many consumers are being put off making an actual purchase despite being interested in the products on offer.
Consumers have come to expect a high level of customer service and high quality products all for an appealing value for money price tag. This is a tall order for most retailers to provide, especially considering consumers can compare product prices within seconds. This can often mean smaller businesses find it difficult to compete against the larger established brands and lose out on sales.
Other factors which can result is lost sales include lack of information provided by the retailer, slow loading pages, poor website design – particularly at the checkout stage, and high shipping fees.
Vouchercloud have collated the latest industry statistics to provide an insight into just where the majority of online retailers are failing to impress: