According to a study released by Baymard Institute, the average documented online shopping cart abandonment rate is at 69.82%. Most of the time, it is simply due to the nature of how users browse e-commerce sites — doing window shopping, price comparisons, saving items for later, and exploring gift options. This data simply implies how modern buyers have become quite savvy when it comes to purchasing products online. Not only do they expect to have an enjoyable shopping experience, but also a seamless transaction. To avoid cart abandonment issues, those engaged in an eCommerce wholesale business must ensure that their sites have functional features that would make the buying experience smooth, and watch out for the following eCommerce mistakes:
- Expecting shoppers to buy
According to studies, the eCommerce market revenue will reach $4.15 trillion in 2022, with an expected compound annual growth rate of 11.35%, resulting in a projected market volume of $5.73 trillion by 2025. In the same study, it was even predicted for the number of eCommerce users to increase to 4,877 million by 2025. However, while there is a growing demand for online retail and wholesale buying, it is not guaranteed that shoppers will automatically find a particular eCommerce site appealing in such a way that would trigger them to make a purchase.
With this, eCommerce companies should avoid looking at the market growth as an assurance that their business will grow and become profitable. Instead, they must continuously improve their site and key product features in order to stand out and attract more customers.
- Not providing the necessary product information
Research shows that 81% of buyers research online before making big purchases. Similarly, in a survey by Talkdesk, it was found that 39% of customers call support contact centers to gain access to information.
Customers who engage in wholesale buying online frequently rely on product information, specifications, and reviews provided by eCommerce sites. They research and check on the goods before making a purchase not only to see if they meet their needs and expectations, but also to ensure that they get their money’s worth.
With this, it is vital for eCommerce businesses to integrate detailed product and transaction information, such as stock numbers, order data, and shipping status. This will give customers a seamless shopping experience, where every information they need about a product is provided to them.
- Not investing in site personalization
Site personalization allows eCommerce companies to improve their customers’ buying experiences by offering them with a tailored catalog and buyer-specific prices that allow them to shop according to their preferences, resulting in a pleasant and smooth shopping experience. In fact, a research reveals that 71% of customers anticipate personalized interactions from businesses, and 76% are disappointed when this expectation is not delivered. To avoid the latter, eCommerce companies should invest in a comprehensive site personalization feature to give consumers better purchasing experiences than other stores.
- Not capitalizing on mobile apps
According to recent reports, 80% of B2B buyers now use mobile devices for work, with 60% using the same device to make a recent purchase. With this increasing engagement in these devices for shopping, critical opportunities may slip away if eCommerce wholesale businesses would not engage in mobile applications as a shopping solution. To avoid this, they must offer mobile-optimized transactions to allow buyers to use the site from any device and from any location at any time.
An Easier Solution
Indeed, these common eCommerce mistakes may be avoided by implementing plans that would improve the overall customer experience. However, it may take lots of time and investments before a business could really fully implement them.
For easier solutions, it is best to reach out to Kingpin for an all-inclusive eCommerce platform that will allow online fashion wholesalers to build their brand and increase their engagement.