UK consumers are abandoning two thirds of the contents of all virtual shopping baskets, according to new research by Barclays.
The value of these goods amounts to £3.4bn, but the Barclays Corporate Banking report, From Browse to Buy: The Conversion Challenge, highlights the steps retailers can take to encourage shoppers to complete their purchase.
Key reasons for ‘basket abandonment’ are consumers switching from mobile phone browsing to laptop purchasing, a lack of discount incentives, and desire for a variety of delivery options.
Mobile apps that simplify the purchasing process would help, as 28% of consumers surveyed by Barclays said that a more streamlined process would make them more likely to complete a transaction.
Meanwhile, free delivery (56%) and returns (29%), next day delivery (17%) and click and collect (15%) are all options which consumers say would make them more likely to purchase.
Unsurprisingly, price has a significant bearing on the final decision to purchase. Just under half (43%) of consumers said they would not complete a purchase because they were waiting for a better deal or offer. Discounts tailored to the product being viewed are likely to incentivise consumers and 27% said that schemes such as bonus points also tempt them to buy.
According to Barclays, targeted investment in discounts, mobile optimisation and flexible delivery options could cut basket abandonment in half.
Commenting on the findings, Ian Gilmartin, Head of Retail at Barclays Corporate Banking, said: “At a time when cost management is a priority, it’s understandable that investment in mobile optimisation may seem too expensive for many retailers. However, our research underlines the longer term benefit of providing easy to use options across all online platforms. By adapting quickly to the needs of today’s consumer to create a better shopping experience online, and particularly via mobile, retailers will boost their sales.”
If you would like to learn more about mobile shopping and connected consumer trends, please read our international research report “The European connected consumer: a life lived online.” Through research that questioned 7,000 consumers, comprising 1,000 from each of Belgium, France, Germany, Italy, the Netherlands, Spain and the UK, our report identifies consumer trends and the associated business and legal challenges.