Blog & Company News

Jul 31, 2013

Faster Checkout Equals More Online Consumers

Ecommerce-design-tips-to-avoidWhile some consumers may take on the motto “shop ‘til you drop,” others say, “Get me out of here as fast as you can!” In fact, according to Optimizely, over four in ten (44 percent) consumers would get their shop on more if it were faster to make a purchase. The survey, conducted online between June 4 to 6, among more than 2,500 US adults by Harris Interactive, found that a whopping 84 percent of consumers expect an online transaction to be completed in five minutes or less. This takes the common saying, “get in, get out” to a whole new level. Overall, a majority of respondents (72 percent) said that they believe the complete experience of online shopping could be better, while 39 percent said many websites are outdated. Interestingly enough, male consumers (25 percent) are more likely to “strongly agree” that the experience of surfing the Web could be greatly improved versus women with only 16 percent. No surprise here, 29 percent of younger consumers (18 to 34-years-old) also said they would prefer a more optimal online experience over those 35-years-old and older (18 percent). Additionally, those between 18 and 34-years-old (70 percent) said they are more likely to spend time on a site that feels “fresh and new.” “Just two percent of visitors across the Web convert into customers,” said Dan Siroker, chief executive officer and co-founder of Optimizely. “That means there is a massive opportunity to convert the other 98 percent.” Siroker adds, “Increasingly, online retailers must differentiate by providing a superior web experience.” While US-based online retailers may find apprehensive consumers within the United States, those in the UK, China, Hong Kong, Canada, Australia and Germany said merchants from the US (45 percent) are most the most popular market to shop from. With 94 million consumers regularly buying from overseas websites, the survey by PayPal and Nielsen Company suggests cross-border online shopping will be worth $105 billion this year. Top purchase categories, include: clothes, shoes and accessories ($12.5 billion); health and beauty products ($7.6 billion); personal electronics ($6 billion); computer hardware ($6 billion); jewelry, gems and watches ($5.8 billion); and home electronics ($5.4 billion). Although cross-border trading is nothing new, David Marcus, president of PayPal, says, “What is new is how easy it has now become for consumers to shop online directly from merchants around the world and the massive opportunity that represents.” Marcus concluded, “Our message to merchants is if you are looking for new ways to grow your sales, especially in an economic downturn, start selling directly to 94 million cross-border shoppers in these six markets and own a piece of this $105 billion market.” If you are new to ecommerce or are interested in finding an effective and affordable solution to enhance your company's online sales, contact NewtekOne's technology division today at 1-877-323-4678.