Discuss the Digital & Search Engine Marketing.
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Paper instructions:
Assignment Content
Why Do Customers Abandon the Shopping Cart?
Why are customers abandoning their purchases more than half the time? Some site more comparison-shopping activities. Recent studies found the following reasons (multiple studies cited so the numbers don’t add to 100%).
57% didn’t want to pay shipping costs
48% felt the cost of the purchase was more than expected
41% simply used the shopping cart for research – perhaps to determine shipping costs
27% wanted a discount coupon
24% sought more payment options
22% were unable to find contact information and felt the website was less credible as a result
19% didn’t want to wait for the purchase to be shipped and purchased offline instead
15% felt checkout process was too complicated
12% reported a variety of other reasons
The Financial Impact
In a recent article about conversion rates, I mentioned that ecommerce websites convert anywhere between 1-2%. If you are converting at 1.5% for example and you can reduce your cart abandonment rate by 25% (from 50% to 37.5%), your conversion rate increases from 1.5% to nearly 1.9% – a nice improvement. Taking it one step further, if your average sale is $100 and you are spending 10% of revenue on paid search marketing to drive website traffic, you have improved gross margins by 40% – this is meaningful.
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