“Whoever said that money doesn’t buy happiness didn’t know where to shop”. B. Waldorf’s quote resonates truer in today’s time and age of “retail therapy” which co-exists with necessity shopping.
This simply is the best time for e-tailers to capitalise on the consumer market and revolutionize e-shopping.
But ironically the social commerce websites built on best technologies are facing many daunting challenges. Despite offering great user experience, search, security, payment, checkout and business factors of product range, discounts and lower shipping costs; the rate of abandoned carts still don’t seem to stem.
We wonder why? Let’s look at some statistics:
1. Around 2% of all visitors complete the purchase
2. 98% bounce from the website
3. Even after adding items to the cart, 68% fail to buy; resulting in potential revenue loss of ~$18bn per annum to e-tailers.
The answer is simple. All that an e-shopper wants is an in store shopping experience while shopping online. A more personalized and customized online shopping experience that might lead to higher cart conversions.
“89 % of companies see customer experience as a key factor in driving customer loyalty and retention.”
Unfortunately for retailers, there is yet no such holistic solution available that can deliver multi-touch point exclusive customer experience. Point solutions claiming cart conversion or recovery caters to singular pieces, fragmenting the experience and failing to reduce cart abandonment rates. To be effective, a solution should holistically cater across the customer buying stages illustrated below;
The application of the above tenets can help E-tailers convert up to 20% of their lost carts. This makes a huge difference to the revenue being generated. Point-solutions catering to cart completion, fulfillment and recovery are a nightmare to maintain, upgrade and offer asynchronous customer experience. Online retailers can come of age and maximize their ROI in outcome based models that convert abandoned carts.
Tech Mahindra via CartFULL™ brings the only end-end solution available that caters to all aspects of online cart conversion and recovery, ensuring that retailers are not just left with a volume of traffic, but with the satisfaction of happy converted customers whose experience on the e-commerce site is digitally nuanced to perfection at each stage of the customer journey from acquisition to conversion.