UK e-tailers may have lost over 70% of their potential sales over the Black Friday weekend due to shoppers abandoning their online buying process just before checkout, a new study has revealed.
From midnight on Thursday to midnight on Monday, only 24.95% of consumers who started buying something online completed their orders, according to analytics startup Formisimo.
The company attributed the high drop-off rate to a complicated check-out process, one that is too slow or that simply fails, and websites asking for so much information that the shopper gets bored and buys elsewhere.
Formisimo CEO Al Mackin said: “After all the browsing and searching to find a great deal you’d be amazed at how many shoppers hate filling in their details in an online checkout – so much so that they go and buy from elsewhere.”
“With tempers frayed they’re less patient with processes that ask for too much information, that have errors, or that are simply confusing. On some of the busiest online shopping days of the year online retailers are losing up to 80% of their potential sales right at the end of the buying cycle," he added.
Formisimo compiled the study by using patent-pending technology to store and analyse consumers’ spending habits online, revealing the main points in a series of interactive reports.