Is online shopping the real reason Indians are using the Internet?
Indians are utilizing Internet more for shopping than for social media
Delhi and Bengaluru lead the country with 81 percent of locals paying their expenses
The best ways to Minimize the Shopping Cart Abandonment Rate Online
We’ve seen it before and many of us have even been culprits putting products in online shopping carts and leaving before completing the purchase. In the Shotfarm Product Information Report, roughly 90% of online buyers reported leaving a purchase behind at one time or another it’s the bane of the online retail market.
A different study performed by Baymard Institute, an e-commerce research study firm, even integrated the average of 33 different studies containing statistics on shopping cart desertion and reported that approximately 69% of carts are deserted in virtual shopping aisles. While it is simple to assume the reason for abandoning online shopping carts is because people are simply uncertain about their purchase, there is a different problem: incorrect product data (material and images).
The Problem: Inaccurate Product Data
As represented in the Product Information Report, customers frequently desert their online shopping cart when presented with unforeseen costs (61%), or the delivery time was too long (33%). However, it is clear that a majority of buyers often decided to desert their shopping carts because the product isn’t what it seemed due to inaccurate product material (30%) or missing product images (26%).
Seventy-eight percent of customers put a substantial value on high-quality product information when making purchase decisions, regardless of the product type, or acquiring channel. The vital findings in the Product Information Report reiterate the significance of precise product content presenting to that:
Around 87% of consumers are not likely to think about a seller again if inaccurate product info is supplied.
Because of poor product material, 42% of customers have returned an online purchase in the past year.
One in 4 consumers have actually deserted their shopping cart because of bad product information.
When it pertains to purchasing a product, unreliable product information ranks slightly greater in terms of deserted shopping carts than absence of evaluations.
The survey results show manufacturers that improve the quality and breadth of their product assets, despite industry, are most likely to realize substantial digital business gains. To help prevent deserted shopping carts, suppliers and retailers have to more efficiently establish, handle, and share accurate, quality product data a decades-long problem that was when hard to solve.
The Solution: Quality Product Information
The quality of product information considerably impacts all aspects of the online retail business around 95% of those surveyed stated product information is necessary when making a purchase choice, with nearly 4 in 5 indicating it is extremely important. If the product info supplied is incomplete or unreliable in any way, consumers delay their purchases, return items and brand name equity is lost, which can be extremely costly no matter what industry the provider or merchant are in.
By concentrating on product information, providers and retailers can employ a content management and distribution solution that works to move product information from point A to point B in the simplest, most efficient and economical method possible. An efficient content management and distribution option, such as Shotfarm’s Product Content Network, assists to minimize ineffectiveness in the collection, management and circulation of product info.
Retail trading partners can optimize sales, minimize returns, enhance speed to market, and boost their brand names by enhancing the quality of product details they supply digital buyers. Constant, compelling and interesting content enhances brand name loyalty, reduces shopping cart abandonment and reduces the number of returns.