Cyber Monday is the single largest online shopping day of the year. In 2013 consumers spent 1.735 billion, up approximately 18 percent from 2012. That's a large increase, and as a business owner you should see this as a prime opportunity for your business to make a profit.
While many shoppers still prefer to purchase items in a brick and mortar store, there is a significant amount of shoppers who are opting to make purchases online shopping. These shoppers contribute to the success of platforms like Amazon, Ebay, and Etsy.
According to a study conducted by ComScore:
- 55% of regular online shoppers prefer to buy online.
- 44% prefer to buy on a destkop or laptop computer.
- 11% prefer to buy on a tablet or smart phone.
When the perfect opportunity arrives to turn more shoppers into buyers, the pressure is on. And that time is now.
The National Retail Federation predicts a 4.1 percent increase in sales for this holiday season over last year’s holiday sales. Total spending for November and December should hit $616.9 billion, which is more than 19 percent of retailers’ total earnings for the year.
What’s your online shopping cart abandonment rate? If you had to make a guesstimate, what do you think online cart abandonments cost your business in lost revenues?