How to Reduce the Shopping Cart Abandonment Rate Online

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How to Reduce the Shopping Cart Abandonment Rate Online

04/27/2016
We’ve seen it before and many of us have even been culprits—putting items in online shopping carts and leaving before completing the purchase. In the Shotfarm Product Information Report, approximately 90% of online shoppers reported leaving a purchase behind at one time or another—it’s the bane of the online retail industry.

A separate study conducted by Baymard Institute, an eCommerce research firm, even combined the average of 33 different studies containing statistics on shopping cart abandonment and reported that approximately 69% of carts are abandoned in virtual shopping aisles. While it is easy to assume the reason for abandoning online shopping carts is because people are just not sure about their purchase, there is a different problem: inaccurate product data (content and images).

The Problem: Inaccurate Product Data

As represented in the Product Information Report, consumers often abandon their online shopping cart when presented with unexpected costs (61%), or the delivery time was too long (33%). However, it is clear that a majority of shoppers often decided to abandon their shopping carts because the product isn’t what it appeared to be due to inaccurate product content (30%) or missing product images (26%).

Seventy-eight percent of consumers placed a significant value on high-quality product data when making purchase decisions, regardless of the product type, or purchasing channel. The key findings in the Product Information Report reiterate the importance of accurate product content showing that:

• Approximately 87% of consumers are unlikely to consider a retailer again if incorrect product information is provided.
• Because of poor product content, 42% of consumers have returned an online purchase in the past year.
• One in four consumers have abandoned their shopping cart because of poor product information.
• When it comes to purchasing a product, inaccurate product data ranks slightly higher in terms of abandoned shopping carts than lack of reviews.

The survey results indicate manufacturers that improve the quality and breadth of their product assets, regardless of industry, are likely to realize significant digital business gains. To help avoid abandoned shopping carts, suppliers and retailers need to more efficiently develop, manage, and share accurate, quality product data—a decades-long problem that was once difficult to solve.

The Solution: Quality Product Information

The quality of product data significantly impacts all facets of the online retail business—approximately 95% of those surveyed said product information is important when making a purchase decision, with nearly four in five indicating it is very important. If the product information provided is incomplete or inaccurate in any way, consumers delay their purchases, return products and brand equity is lost, which can be very costly no matter what industry the supplier or retailer are in.

By focusing on product data, suppliers and retailers can employ a content management and distribution solution that works to move product information from point A to point B in the simplest, most efficient and affordable way possible. An effective content management and distribution solution, such as Shotfarm’s Product Content Network™, helps to reduce inefficiencies in the collection, management and distribution of product information.

Retail trading partners can maximize sales, minimize returns, optimize speed to market, and enhance their brands by improving the quality of product information they provide digital shoppers. Consistent, compelling and engaging content increases brand loyalty, reduces shopping cart abandonment and decreases the number of returns.

To learn more about online shopping cart abandonment and the importance of accurate product data, you can download the Product Information Report from Shotfarm.