The proportion of online retail purchases to purchases from brick-and-mortar stores is increasing every day. Mobile purchases now constitute a significant percentage of online transactions. We've put together this infographic to highlight current trends in online shopping. What are you doing in your business to take advantage?
Some interesting takeaways:
- The USA only ranks 5th when it comes to percentage of disposable income spent online, trailing India, China, Brazil, and the United Kingdom.
- Payment security is a huge factor in consumers' willingness to spend online. Make sure that your customers are aware of the lengths you take to protect their personal and payment information and you will see more sales.
- Shopping cart abandonment is most prevalent when shoppers aren't shown the full cost of their purchase (hidden fees or shipping costs) until the very end of the purchase funnel. Show respect for your customers and alleviate purchase anxiety by being fully transparent with price early in the shopping experience.
The bottom line? Your ability to thrive as an ecommerce business rests largely on your ability to reduce purchase anxiety.