Critical price in return to abandoned cart

0

Most consumers – 86% of online shoppers – have abandoned a cart at least once before making a purchase, whether because they were distracted, wanted to buy better deals, or because they were distracted. have decided not to buy.

But of that group, 67% have returned to a basket to complete at least one abandoned transaction, including 72% of Gen Z shoppers, nearly three-quarters of Millennials, and more than two-thirds of Bridge Millennials, suggesting that all is not lost when a customer virtually walks away before providing payment details.

Figure 5

These findings come from a study conducted by PYMNTS in conjunction with Checkout.com that examined the features that retailers offer shoppers during the checkout process and how changes to those features affect checkout experiences, satisfaction, and customer satisfaction. consumer loyalty.

Read the study: Consumer Choice at Checkout: How Online Shopping Experiences Drive Customer Loyalty

Price is a top reason to return and complete a purchase, with 31% of buyers saying they came back after doing more research and determining the retailer’s price was right. Price holds the biggest influence on baby boomers and the elderly, with 37% of this cohort returning after conducting more research, followed by Gen Z, with 35% returning in an abandoned cart after performing price comparisons. Only a quarter of millennials said the main reason for their return was price.

Perhaps surprisingly, only 25% of consumers who live paycheck to paycheck and struggle to pay their bills said price comparisons were the most important reason to come back to complete a purchase, compared to 35. % of those who do not live from paycheck to paycheck.

Refusal of free delivery

Merchants also made it easier for customers to put things in their carts, with nearly 50% implementing a ‘quick add to cart’ feature by mid-this year, up from less than 31%. at the end of 2020. The share of traders who have a “buy” button on their platform remains roughly unchanged over the same period, at 83%.

Figure 2B

Related: What online merchants are wrong at checkout

But even though 55% of consumers say that not being able to receive free shipping could cause them to abandon their cart and switch merchants, the share of retailers offering free shipping has started to decline. At the end of last year, nearly 79% of merchants were offering free shipping, with 47% requiring a certain amount to purchase. In Q2 2021, less than 64% offer free shipping.

And while the worst-performing and worst-performing merchants are the most likely to drop free shipping – the share of middle-tier merchants offering it has fallen by 15 percentage points, and the share of lower-performing merchants has fallen by 15 percentage points. 11 percentage points – Top performing merchants have also started to reconsider that shipping costs continue to rise. All of the top performing merchants surveyed in Q4 2020 were offering free shipping, but only 93% were offering it in the middle of this year.

Figure 3A

——————————

NEW PYMNTS DATA: 2021 HOLIDAY SHOPPING PERSPECTIVES

On: It’s almost time for the holiday shopping season, and nearly 90% of American consumers plan to do at least some of their purchases online, up 13% from 2020. The 2021 Holiday Shopping Outlook, PYMNTS surveyed over 3,600 consumers to learn more about what drives online sales this holiday season and the impact of product availability and personalized rewards on merchant preferences.


Source link

Share.

Comments are closed.