NetIQ just published a survey focusing on the huge cost to businesses caused by abandoned ecommerce shopping carts. The survey quotes reports by eMarketer that in 2003 some 52 percent of shopping cards were abandoned and estimates by research firm Datamonitor, that in the United States alone, the loss due to unfinished online transactions could grow to $63 billion in 2004, resulting in a cumulative loss of more than $173 billion since 1999. Profit loss of such high order cannot be ignored. However, it could be reduced dramatically if retailers were to implement web analytics solutions, which would significantly impact profits by simplifying their online shopping scenarios.
Some of the most interesting points in the NetIQ Survey are:
- Many consumers abandoned online purchases due to additional costs, like shipping and handling, or lengthy delivery times (35 percent).
- This is followed by complaints about Web sites asking for too much information in order to make the purchase (30 percent).
- About one in five (17 percent) surveyed say they abandoned online purchases due to lack of product information.
- 14 percent say they changed their minds and opted to purchase from a “brick and mortar,” rather than online, store.
- Site security and “best prices” are the two most important factors driving respondents back to Web sites to make additional purchases (52 percent and 55 percent, respectively).