Yes, said ChannelAdvisor CEO Scot Wingo this morning in his keynote address at the annual ChannelAdvisor Catalyst conference in Las Vegas.
Conversion rates rise, but retailers also face rising cart abandonment
Online shoppers are viewing more pages and carting more products, causing conversion rates and average orders to increase, but retailers still face the challenge of a rising rate of cart abandonment, DoubleClick says.
Online shoppers are viewing more pages and carting more products, causing conversion rates and average orders to increase, but retailers still face the challenge of a rising rate of cart abandonment, DoubleClick Inc. says in its Q2 2004 E-Commerce Trend Report.
Conversion rates in the second quarter rose 14% year-over-year, with 4.9% of all visits resulting in a conversion, reports DoubleClick. At the same time, average order value rose 15% to $134.01 and the average revenue per visit rose 25% to $4.28. DoubleClick says it bases its research on hundreds of millions of unique visitors and over $1 billion in e-commerce sales at multi-channel marketers that use its SiteAdvance web analytics application.
Partly driving these increases are a 12% increase in the number of pages viewed per session, to 11 pages from 9.8 a year ago. In addition, carting frequency rose to 9.4% from 8.3%. But while the number of pages per visit rose, the time per visit remained virtually unchanged at 4.82 minutes in Q2, up from 4.78 minutes a year ago, presenting marketers with the challenge of persuading shoppers to buy while they spend less time per page, DoubleClick says.
“Consumers are looking at more pages, carting more products and converting more often-so the opportunity is there,” Eric Kirby, vice president of strategic services. “Now it’s up to marketers to not only make the shopping experience as engaging as possible but also to introduce new strategies such as re-marketing to lost prospects.”
Consumers were also more likely to abandon their shopping carts in Q2 compared to a year ago, as their abandonment rate rose 24%, to 57% of all carts from 45.9% a year ago. In addition, shoppers were less likely to return to abandoned carts to complete a purchase. Only 26.5% of sales resulted from previously carted items, compared to 35.6% a year ago.
DoubleClick said the use of site search rose 26% in Q2, as the percent of sales from site search rose to 8.4% from 7.2% a year ago. The average order value resulting from site search increased 47% year-over-year to $110.62.