Where did all the sales go?

Where did all the sales go?

Australia Post produces a great eCommerce Industry Report each year and it has some really compelling stats, particularly around online shopping in 2020. Some of these stats are mind-boggling and demonstrate the impact of COVID on how people shop.

• 82% of all Australian households shopped online - that is 9 million households. With 1.3 million of those households entering the online shopping craze for the first time in 2020.
• Online shopping made up 16.3% of all retail spend in 2020. That’s $50.46 billion dollars spent online in Australia. Which was up by a massive 57% in 2019!
• In April 2020, when all of Australia entered strict lockdown, for the first time, there was a 95% year on year increase in the amount of online sales.
• Buy Now Pay Later (BNPL) providers recorded a 15% increase in active customers during 2020. Demonstrated the continued move away from traditional payment methods.

But amongst all this hyper growth, which is not slowing down and has created many new converts to online shopping, some retailers are still struggling to close the deal. They are attracting new customers, who are filling up their online shopping cart, but just abandoning it without purchasing.

Shopping Cart Abandonment is a real and present nemesis for all online retailers!

The average rate of shopping cart abandonment across all industries is 70%! That is 7 out of every 10 customers when they are about to take that final click, they go “yeah...nah!”

There are a number of stumbling blocks at this final click. Extra costs are a big turn-off - those dreaded shipping fees and other secret fees are a big dealbreaker. Some of us don’t like it when the retailer wants us to set up an account, we REALLY hate being spammed.

Another major reason your customers are leaving behind their carefully selected shopping cart is lack of payment options. The customer wants to pay you, but you don’t have the ability to take their hard-earned money the way they want to give it to you!

1 in every 10 transactions is abandoned due to the customers not being able to make payment the way they want too! There is so much growth and so many options available in the payment space- it is hard to keep up.

This is where payFURL helps you and can make a significant difference to your checkout process. We provide a new way to manage your payments. A single connection and you can have every type of payment option your customers could ever dream of from A to Z!

payFURL will help you make sure your customers are able to pay the way they want and aren’t abandoning their cart at that final step.

Happy customers means more sales. Which means more revenue for you!