According to McAfee's findings, you can increase conversion rates 11% higher for digital window shoppers who were shown a security cue, and the longer it took a customer to complete a sale, the more responsive they were to security cues.
"Online retailers who ignore the role security plays in converting digital window shoppers to customers are missing out on billions of dollars they can’t afford to lose in this economy," said Shane Keats, senior research analyst for McAfee. “Many will take traditional measures to get customers to return, like reducing shipping costs or offering coupons, but more can and should be done.”
A couple more noteworthy findings:
- 65% of all shoppers will wait a day or more to complete a purchaseNaturally, whether they come back or not, this indicates that shopping cart abandonment is at play. A few months ago, PayPal released results from a survey on shopping cart abandonment, and here are the reasons that were cited:
- The average delay is 33 hours and 54 minutes
- High shipping charges: 46 percentWebProNews/SmallBusinessNewz writer Doug Caverly recently reported, "One cause of abandonment is 'couldn't find preferred pay option.' Another's 'item unavailable at checkout.' Then 'couldn't find customer support' and 'security concerns' kick in."
- Wanted to comparison shop: 37 percent
- Lack of money: 36 percent
- Wanted to look for a coupon: 27 percent
- Wanted to shop offline: 26 percent
- Couldn't find preferred pay option: 24 percent
- Item was unavailable at checkout: 23 percent
- Couldn't find customer support: 22 percent
- Concerned about security of credit card data: 21 percent
Sidenote: Here are some other good tips for optimizing your e-commerce conversions:
McAfee suggests that the abaondoned carts don't necessarily mean the customers won't still buy though. "Retailers shouldn’t misinterpret abandoned shopping carts – many of these potential sales return later to finalize the sale," said Keats. "Understanding this delay is critical for merchant analytics."
That's not to say that that if you are selling things online, there isn't a good chance you are missing out on a substantial amount of money you easily could be making, if you only examined why people are leaving the shopping cart. Just focus on the ones who aren't coming back.
Original article posted in WEBPROnews by Chris Crum