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With so much competition in the market, ecommerce sites consistently face one huge problem—abandoned shopping baskets. It is believed that around $4.6 trillion worth of merchandise has been left unpurchased in online shopping baskets as consumers click through to the checkout screen, then have second thoughts and leave the site.
As November approaches, the focus of internet retailers will be on enticing early Christmas shoppers to their sites as they look to get a head start on their festive shopping. Black Friday, which this year falls on 29th November, is now firmly established in the seasonal calendar with multiple sites offering their goods at heavily discounted prices.
Percentage - Customers - Purchase - Commerce - Websites
If even a small percentage of these potential customers could be persuaded to finish their purchase, it could increase the overall commerce on websites by several billions.
A team of researchers from the University of Southampton and the University of Brighton have taken a new approach to combat this trillion-dollar shopping cart abandonment challenge. Rather than looking to AI algorithms and ad words, the team considered this issue from a human psychological perspective, believing that customer shopping cart abandonment is underpinned by human motivation and self-regulation.
Professor - Paurav - Shukla - University - Southampton
Professor Paurav Shukla of the University of Southampton said: "How many times have you been to a retail store, put some products in your trolley, went to the checkout and decided not to buy anything at all and left the trolley at the checkout? Chances are the answer is zero times. But when asked 'how many times in the last month have you been on a website where you have added a product in the basket, went to the...
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