Anyone who has attempted setting up an online business will know the difficulty. There are many aspects to e-commerce, a strong brand identity must be established, then there are the products to consider – is there are market for what will be sold? Who is your target market? Does anybody else sell similar products? How will you be different?
Then work must begin to develop a website which will not only appear to consumers to be trustworthy and professional, but also easy to use and provide detailed content and high quality imagery which will entice shoppers to make a purchase. In order to be discovered it is also advisable to invest part of your business budget towards online marketing in order to attract a healthy number of regular website visitors.
Once this labour and cost intensive aspect has been achieved or is in action, customers should then begin to place orders. However this is often not the case for many. While the world of e-commerce is a competitive market where rival retailers are a mere click away, it appears from recent research that the majority of e-commerce outlets are actually losing out on vital sales due to easily adjusted factors. The average checkout abandonment figure currently stands at 67.4%. This means a vast number of consumers are being put off from processing their order. Even more worryingly, it is believed around 90% of new online businesses will fail within 4 months of launching.
Vouchercloud was fascinated by these statistic and decided to collate the latest industry research to explore just why the checkout abandonment rate is so high, which could also explain why so many start ups fail to take off. They have put together this infographic which highlights some insightful facts and figures which provides a glimpse into the mind of the online consumer: