Online shopping cart abandonment is a problem that is far too common among retailers. While it isn’t always clear why, online shopping carts continue to be abandoned on a regular basis. And, when carts are abandoned, you’re losing money. It is easy to assume the reason for this abandonment is because people are just not sure about their purchase, but there are more pertinent factors involved than just that.
As reported by eCommerce research firm, the Baymard Institute, approximately 69% of carts are abandoned in virtual shopping aisles. And, as a result, this causes a significant loss of potential revenue. Additionally, Shotfarm conducted a separate study, which states consumers are abandoning their online shopping carts due to inaccurate product data, among other issues. With both reports, we can take steps toward reducing online shopping cart abandonment with accurate product content.
In the Product Information Report, consumers stated they often abandon their online shopping cart when presented with unexpected costs (61%), or the delivery time was too long (33%). However, the majority of shoppers abandon their online shopping carts because the product isn’t what it appears to be, which is due to inaccurate or missing product images (26%) and product content (30%).
Of the 1,500 consumers surveyed, when asked how important product data is in making purchase decisions, consumers placed a significant value on high-quality product data, regardless of the product type or purchasing channel. The Product Information Report also showcased that:
- Product content quality is an important factor in the success of online sales.
- The quality and completeness of product content can play a significant role in reducing shopping cart abandonment.
- Poor or incomplete product content can impact brand equity and future purchase decisions.
The Product Information Report also indicated that 53% of consumers have stated they are very unlikely to shop with a brand again after inaccurate product information is given. To help avoid abandoned shopping carts online, retailers need to more efficiently develop, manage, and share this product data.
Importance of Accurate Product Data
A lack of quality product data across the retail sector provides an opportunity for a retailer to stand out from the crowd by addressing this problem with the availability of a product management solution. Access to accurate product data provides consumers with order verification, so they know exactly what they are ordering. Focusing on product data for retailers can help provide the consumer with the right information they need to complete their purchase. Databases like the Shotfarm Product Content Network™ provide an end-to-end solution for the management and exchange of product information that meets the demands of the entire retail industry.
Product data helps to keep the consumer informed, assured and confident in their decision making—causing them to be more likely to purchase instead of abandon their shopping cart. Consumers will move between sites until they receive the information they require to make a purchase decision and, as a result, this can affect long-term purchasing decisions as consumers may lose trust in the retailer due to faulty content and images. Through the ease and availability of a Product Content Network™, information from thousands of retailers and manufacturers is accessible on one system in any format to help improve consumers’ experiences.
It is simply not enough to just draw visitors to your website—you need to keep them there, and drive them to complete a transaction. Not everyone who visits your site will purchase something from you. However, you can significantly lower your website’s shopping cart abandonment rate by providing the most accurate, high-quality product content available.