New research by GFS and Retail Economics shows that 25% of online baskets are abandoned at checkout, costing retailers £34.4bn yearly. Inconvenient delivery options are key, urging retailers to enhance strategies such as diverse shipment choices and upfront cost transparency.
Financial pressures are also prompting consumers to be more prudent in their spending, carefully evaluating each product and service to match their requirements. To tackle this issue, businesses should utilise resources that instil confidence by providing additional support and expertise throughout the online purchasing process.
By offering a more human-like sales experience and ensuring digital interactions meet the level of service provided in physical stores, business can reduce purchase barriers. This will boost website conversions and in turn, lower acquisition costs.
