Consumer Psychology and the E-Commerce checkout

While enjoying a weekly read on marketingmag.com.au we stumbled across an interesting info graphic about consumer psychology and the e-commerce checkout.

The info graphic was content heavy on fascinating stats about consumer interaction and behavior online and showed insight into how our customers are using the Internet for e-commerce.

Here are 8 stats we thought would be of interest!

1. Timing is everything

After waiting only 3 seconds 50% of online consumers will abandon a site – and an astonishing 80% will never return.

What’s important here is that your e-commerce site is well designed, to be able to cope with the image and video files you wish to include on your website.

2. Show variety

By showing multiple views of the product, and other alternate shots of the product leads to 58% more web sales.

A product is assessed within 90 seconds and it’s during this time that initial judgment in made to whether to make the purchase or not.

3. Video content is important!

One in two customers have more confidence in a product after watching an online video – with 31% buying the product after being influenced by the video.

4. Product reviews

85% of consumers read online reviews before making a purchase, and of those, 79% trust the reviews as much as a personal recommendation.

More than half of all online consumers will read six or less reviews before they feel like they trust the brand to purchase.

5. Promo codes are worthwhile

57% said if they had not received a discount they would not have bought the item(s)

6. Payment and security

When making online payments more than 80% of consumers feel safer seeing trustworthy card logos prominently displayed within the online store.

7. Shipping costs will impact a consumer’s purchase decision

53% of consumers will switch online retailers due to shipping costs.

8.Checkout abandonment

A study of over 1200 online users were asked by why would abandon an online order – here are the stats

  • 41% left due to hidden charges at checkout
  • 29% left because they had to register before buying (asos halved checkout abandonment rat by allowing a guest checkout in 2011
  • 11% left due to unclear delivery details
  • 10% left due to lengthy check our process – your check out process should have no more than 5 steps maximum
  • 8% left because the phone number was not provided on the website
  • 1% other

Those aged between 25-44 are most likely to give up on a purchase, and it is men who are most likely to leave their cart.