Many people reading this will have been there. You fill up your online shopping cart, proceed to the checkout, but decide not to make the purchase at the last minute. This issue will result in approximately 4 trillion worth of merchandise being abandoned in online shopping carts this year.
So what are online retailers doing wrong? The main problem seems to be shipping costs. 57% of people didn’t complete an online purchase because the shipping costs were too high.
This presents an interesting opportunity for small business owners. If small business owners can find a product with a high enough margin and ship the products online with low or possibly no shipping costs it could be extremely lucrative for them. Even a small portion of the online retail market would be a massive addition to the income of many small business owners. Find out more about reducing shopping cart abandonment in the infographic.
Author: Liam Casey is Sales & Marketing Analyst at SnapParcel. He is passionate about implementing marketing plans that help the business to expand.