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Consumer Psychology and E-Commerce Checkouts

Consumer Psychology THE E-Commerce Checkout The statistics and habits behind the shoppers clicks. SITE SPEED http://www.site.com After waiting 1...2...3 seconds... o000000000 57% 00001111| of online consumers will abandon a site. the site X of these consumers click will never return E-COMMERCE DESIGN General design: Products are assessed within 90 seconds and a quick initial judgment is made whether to make a purchase or not. 92.6% of people said that the visuals are the top influential factor affecting a purchase decision. Product Imagery and Videos: Offering multiple product views and other alternative Best Boots Ever ***** images lead to 58% more web sales. O But... Reason for Return: 25% cited 'product not what I was expecting.' It's important to have accurate product images. 31% 1 in 2 bought the product after being influenced by the video. customers have more confidence in a product after watching an online video. Attitudes toward online product videos according to US internet users, 2011 & 2012 I 2011 I 2012 57% 52% More confident when I watch a product video in advance of making a purchase online and therefore less likely to return that product. 52% 45% Willing to stay on a website longer because the retailer or brand manufacturer makes product videos available to me. |45% |41% More likely to return to a retailer who integrates video into their website experience. |44% |37% Purchase more products on websites that allow me to learn about products via video. 0% 10% 20% 30% 40% 50% 60% PRODUCT REVIEWS OF THOSE 85% 79% trust the reviews as much as a personal of consumers read recommendation. 85% online reviews for local businesses before making a purchase. 67% Review 1 Review 4 ***** of consumers read 6 Review 5 ***** Review 2 reviews or less before ***** they feel they can trust a business enough to make a purchase. Review 3 Review 6 ***** ***** CHECKOUT ABANDONMENT STATISTICS 67.4% Average checkout abandonment rate Average rate of checkout abandonment from 22 different studies. why did they abandon? A research study conducted polled over 1,200 online users, asking why they would abandon an order when shopping online. 41% Hidden charges at the checkout 8% Phone number not provided on website 1% - Other 11% 29% Unclear delivery Having to register before buying 10% details Lengthy checkout Why the lengthy checkout process? process 1 5.08 steps is the average length of a checkout process among the top 100 grossing e-commerce sites. Registration • E-commerce checkouts should have no more than 5 steps maximum. • 24% requireaccount registration. + ASOS halved checkout abandonment rate by adding a guest checkout option (2011). 2 50% of e-commerce websites will ask for the same information twice. Categorisation of those who abandon their cart: 42% of customers are 'vague' consumers - those that need more information (from customer reviews etc). Men are more likely to abandon their cart. SSS$$$$$$$S 2% are 'cost conscious' who want to shop around for better prices. 16% AGES are 'window shoppers' who have no intention of making 25-44 a purchase and are just looking. are the worst offenders, when it comes to giving up on a purchase. 0% 10% 20% 30% 40% 50% Newsletters: Tips: • Clear call to action buttons - help guide consumers through the process making the next/continue/proceed buttons a clear size and colour. of online retailers assume 81% their newsletter is a must CALL TO ACTION > have (box pre-checked). O000000000 • Show checkout progress bar so consumers know how far into the order process they are. 40% of consumers do not want to receive newsletters • Simplicity- keep the checkout design clear which is why many hate signing up for an account. and concise so consumers don't become distracted. K.I.S.S. 32% of online retailers will not • Allow customers to use a back button to inform their consumers they are being automatically added to the newsletter subscription. make amendments to their order ( BACK COUPONS AND DEALS US adult digital coupon users: Millions 250 IAdult internet users I Adult digital coupon users 200 197.1 201.5 205.7 192.3 150 100 110.8 118.3 102.5 This year, more than half of US adult internet users will redeem a digital coupon via any device for either online or offline shopping. 92.3 55.0% 57.5% 50 52.0% 48.0% 2012 2013 2014 2015 Note: ages 18+, internet users who redeemed a digital coupon/code via any divice for online or offline shopping at least once during the calendar year; includes group buying coupons. 57% DISCOUNT CODE 4% who used a coupon code said that if they had not received the discount, they would not have bought the item(s). Coupons can increase customer satisfaction (4% rise in satisfaction rate) SHIPPING Cost of shipping: 59% 44% % that abandon cart due to of consumers say they consider shipping costs when making online purchase decisions. high shipping costs 53% % that say low-cost shipping is a reason to switch online retailers SS Same day delivery: 24% Important 76% Not important PAYMENT AND SECURITY More than of consumers feel safer seeing AMERICAN EXPRESS MasterCard DISCOVER 80% trustworthy card logos prominently displayed within an online store. PayPal A A AAAA VISA CIFrus Payment options: $$$$$$$$$$ 40% of respondents would have more confidence in an online shop that had more than one payment method. 59% will abandon a transaction if their preferred payment method is not in place. Most popular payment gateways: 1 PayPal O PayPal processes 60% of total web transactions making it the most popular payment gateway. Authorize.net 60% 3 USA ePay SOURCES http://www.strangeloopnet- works.com http://www.dailymail.co.uk http://www.zeroabove.co.uk/ http://baymard.com/ https://blog.compete.com/ http://www.brightlocal.com http://www.bizrateinsights.com/ http://www.webcredible.co.uk http://econsultancy.com/ http://blog.cleverbridge.com/ http://www.amaze.com/ http://www.emarketer.com/ http://newrelic.com/ http://blog.idealo.co.uk https://blog.compete.com/ http://www.internetretailer.com/ http://www.polr.co.uk/ http://uxdesign.smashingmagazine .com/ http://www.webshaper.com CC vouchercloud BY ND

Consumer Psychology and E-Commerce Checkouts

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Consumer Psychology and the E-Commerce Checkout – An infographic by the team at vouchercloud.

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