Uncovering the ‘Surf and Turf’ Trend: Understanding Online Basket Abandonment
- UK shoppers abandon online baskets worth £29.37 on average per month
- 41% of shoppers have abandoned a virtual transaction in the last year
- 60% of retailers unaware of average buyer drop-out rate on their website
- Only 27% analyze browsing behavior of basket abandoners
- 31% struggle to identify peak abandonment time
- Most abandoned items: women’s clothing, men’s clothing, entertainment items
- Top tactics for tackling abandonment: automated emails (30%) and expiry periods (19%)
- Independent retail expert Clare Bailey emphasizes seamless online shopping experience
New research by Barclaycard reveals that UK retailers are losing an average of £18,000 per year due to online shopping abandonment. The study shows that 41% of shoppers have abandoned a virtual transaction in the last year compared to 24% in-store. Retailers struggle with understanding browsing behavior and peak dropout times. Women’s clothing, men’s clothing, and entertainment items are most commonly abandoned. Top tactics for tackling abandonment include automated emails and expiry periods.
Factuality Level: 8
Factuality Justification: The article provides relevant and accurate information about online shopping abandonment rates and strategies used by retailers to tackle this issue. It cites a credible source (Barclaycard research) and includes statistics to support its claims. The article also offers insights into the most abandoned items and popular tactics for tackling basket abandonment, as well as expert commentary on the importance of improving the online shopping experience.
Noise Level: 6
Noise Justification: The article provides relevant information about online shopping abandonment rates and some insights on common abandoned items, but it lacks a deeper analysis or exploration of the reasons behind these trends and potential long-term consequences for retailers. It also does not offer much in terms of actionable solutions beyond mentioning common tactics like automated email reminders.
Financial Relevance: Yes
Financial Markets Impacted: Retailers and e-commerce companies
Financial Rating Justification: The article discusses online shopping abandonment rates and strategies to tackle them, which can impact retailers’ sales and revenue. This is relevant to financial topics as it affects their profitability and potentially the stock prices of these companies.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in this article.
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