E-Commerce has become a significant revenue stream for companies across the globe, but how much do we really know about the consumer’s psychology when they purchase goods over the web?
Research has shown that a consumer will assess a product within 90 seconds and will then make a quick initial judgement on whether they decide to make a purchase or not. Video is a big factor when it comes to influencing site visitors to make a transaction. Nearly 1/3 of online shoppers bought a product after being influenced by video and 50% of customers have more confidence in a product after watching a video online.
Trusted resources such as product reviews have become an important consideration when people shop online. A whopping 85% of online shoppers said they read online reviews before making a transaction. 2/3rds of customers read up to 6 online reviews in order to trust a business/product enough to complete a purchase.
Why do online shoppers get to the checkout point and then abandon the purchase? The average figure for checkout abandonment rate is 67.4%. The main reasons for abandonment are hidden charges and having to register before buying. Other reasons include lengthy checkout process, unclear delivery details and a phone number not included on the website.
When it comes to discounts everyone loves to save some money and 57% of people who purchased items with a coupon code said they would not have made a purchase at full price.
At the final transaction stage when payment details are required a huge 80% of online shoppers said they felt safer when they saw a trustworthy card logo predominantly displayed on the website.
Here at VoucherCloud, we’ve compiled an infographic featuring the latest data showing how consumers respond to different aspects of the checkout process and what you should do to reduce your cart abandonment rate and boost your E-Commerce sales.