Why 60% of browsers use your site as a steppingstone to other sites
Our latest research has shown that when a consumer is about to make a purchase on a site, 43% checked if the item is available on Amazon and then purchased it there instead. The results also indicated that 44% checked if the item is available on a competitor's online store and then purchased it there instead. What’s more, 34% of respondents said that they did not buy the product on the original site they were searching for the product on.
It's clear that even if you have worked to navigate your visitor from their awareness phase to shopper to getting to the point of buying a product from your site, there is still a high point of failure for brands right at the end of the tunnel.
In fact, according to Littledata, where the average add-to-cart rate was 5%, as little as two out of three don’t buy with the average checkout completion rate was 49.8% and a low of 32%.
Why? Well for starters, the survey results speak for themselves:
Which of the following would give you the confidence to buy a product from an online store?
- 49% say reputable brand experience.
- 37% need more detailed product specifications.
- 21% want the ability to get recommendations on the site.
- 19% want ability to get advice and guidance on the site.
What makes you purchase an item elsewhere, rather than the original online store you visit?
- 65% got it cheaper.
- 50% want to get free or faster delivery.
- 22% want to get it from a brand that I trust or recognise from in-store shopping.
- 14% say the other online store is easier to use.
But in short, it is an issue of confidence. Not only in your brand, but in the purchase they are making, the price, the product itself and judging how high the cost of getting it wrong will be. Our research has shown that there is a great point of failure for brands who don’t manage to inspire this confidence where researchers might be easily swayed to make the same purchase elsewhere.
At this point of failure, the researcher is weighing up the cost of making the wrong decision and the consequences of this. Whether that be the monetary cost of choosing the wrong washing machine vs white t-shirt, or the convenience cost of returning and incorrect product.
Consumer confidence is four-pronged approach
In an overly saturated market where it is likely that Amazon has the same products as you with the added benefit of prime, the point of failure is very easy to get stuck in. When weighing up the cost of getting it wrong, the researcher is looking for confidence in the following:
- Price – They want to know they are getting value for money and paying a competitive price. If you can show this before they leave your ecosystem, you give them a reason to stay on your site.
- Product – They want to know this product will solve the problem that they have identified and that it is better than any substitution. Does your product description give a good enough experience or understanding of the product? Customers want guidance and advice on the site.
- Brand – The brand experience both at an affinity level and the online user experience needs to inspire confidence, not create friction. Is the online journey created with information they need to make a choice?
- Convenience – Researchers need confidence that they product will get to them in the most efficient and cost-effective way and the reassurance that the returns policy is easy.
Assuming you are already competing on price and delivery, there is a job to be done to give the buyer the confidence in your brand at the point of check out. It might be a piece of onsite tech that fires reviews and recommendations both from your previous buyers but also third-party review sites.
With the average ecommerce conversion rate of about 1.5% to 2%, the widely held belief and status quo is that the 98% on your site who did not buy are lost sales. We decided to question that status quo with a simple objective of wanting to help brands see the researchers amongst the 98%.
That is why we set out to research this problem – to identify and quantity those who are on your site ready to buy, who don’t because they lack the confidence to. In short, turning researchers into purchasers.
So, the question shouldn’t just be about driving traffic to boost conversion rates, the question then becomes about how you are turning researchers into purchasers. What are you doing to give customers the confidence in your price, product, brand, and convenience when there are in their late-stage research?
We can help. Download this eBook for valuable insight about how you can turn researchers into purchasers by giving them the confidence to buy – and buy from you.