Setting up an online business used to be considerably cheaper than setting up a brick and mortar business establishment. This has significantly altered in the past few years as the world of e-commerce has continued to develop rapidly.
Competition is now so strong online that the e-commerce entrepreneur must increasingly do more to entice customers beyond jsut offering high quality, value-for-money products. Consumers these days have increasingly high expectations and have become accustom to shopping online – any doubt in their mind leads to lost revenue for e-commerce owners.
Apart from the obvious investment required to market an e-commerce brand in order for it to gain the vital traffic it needs, e-commerce business owners must heavily invest time and funds in other aspects of the business such website design, product photography, an identifiable brand image, and clear and concise content.
With the latest statistics indicating that the average checkout abandonment rate stands at a staggering 67.4%, it is clear that despite efforts to provide the consumer with what they expect, many brands are still failing to entice the majority of their customers to make actual purchases.
Vouchercloud has collated these latest statistics to give online businesses an insight into how consumers are behaving online. It indicates the factors which lead to customer frustration and doubt and highlights just how fickle the online consumer can be.
Infographic by Vouchercloud