The research reveals that 14% of consumers browse online stores every day with no intention of buying anything. In addition, 37% add items to their basket to save them for later, not necessarily to purchase.
Crucially, missed sales opportunities for retailers lie in the research phase, typically longer for consumers shopping for big ticket items such as TVs, washing machines and designer beauty products.
Around 34% will spend several days researching big-ticket items before buying, while 23% spend up to a few weeks. During this time, 31% will visit an average of three sites to compare their intended big-purchase item before deciding where to buy.
As part of the comparison process, 52% of potential customers will look at the different product descriptions online and 20% will venture in-store to find out more. Ultimately, 34% of consumers will not buy the products on the original online store they used to discover them, with many brands acting as a mere stepping stone.
As a result, online retailers are losing customers close to the finish line, with 44% abandoning their baskets at the last moment to check a competitor’s online store and 43% switching to Amazon instead.
“Brands face a growing challenge to convert researchers into purchasers,” Ve Global chief executive officer Jack Wearne said.
“Many currently have no way of distinguishing between those adding items to their basket with no intention to buy at all, those in the early research phase with a high propensity to buy, and those who are ready to purchase.
“A brand’s job is to give customers the confidence to buy, and to buy from them. Instead of wasting effort on those who are never going to convert, brands must identify those who are ready to take the leap and deliver an experience that gives them the confidence to buy from them, not Amazon.”