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Retail Economics partnered with GFS to conduct rigorous industry research to explore the issue of online basket abandonment. The research quantifies the cost of consumers abandoning online shopping baskets mid-customer journey and what this missed opportunity costs the industry.
The research was featured in the Financial Times (print), The Times, Retail Week and on other trade related websites.
Richard Lim (CEO, Retail Economics) discusses the research with Bobbie Ttooulis (Group Marketing Director, GFS) on the GFS exhibition stand early in the morning, prior to Richard speaking about the core findings in a busy speaker session.
- One in four attempted online purchases are left abandoned by consumers, as expectations around delivery options, cost and speed fall short.
- This amounted to £32 billion of abandoned online transactions in the last 12 months, with the single highest factor contributing to being the lack of delivery choice offered at checkout.
- Irrespective of demographics, delivery is front of mind for all consumers and can make or break the purchase experience, directly impacting acquisition, conversion at checkout and repeat purchase.
- Consumers expect a minimum of five delivery options; currently, pure online non-food retailers offer less than three delivery options on average.
- A survey of over 100 retailers revealed that higher operational costs and overhead of working directly with multiple carriers are the main obstacles to expanding consumer delivery choice.
Click here for more information about the report.
Click here to access the slides our CEO, Richard Lim presented for this report at the IRX.
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