Why More Shoppers Aren’t Buying Online Faster?

In April I introduced you to Scan Alert, a company that provides online security analysis and authentication to web sites.
They’ve released a report, “Digital Window Shopping” which explains why the time period between when consumers browsed and bought has grown from 19 hours to 34 hours. Why?
The executive summary reads – The most notable increase in browse / shop time is clearly evident in the behavior of the “cautious shoppers.” They are clearly becoming even more cautious. Twenty six percent took more than three days, 18% took more than one week, and 6% took more than two weeks to purchase. These numbers rose 23%, 28% and 50%, respectively, compared to the same periods in the 2005 dataset. The length of these delays varied from site to site depending on customer demographics, brand recognition, the number of competitors online, and average product price.
The 2007 research illustrates yet again that online comparison shopping is an unavoidable fact of life for online retailers. Other facts include:
1. Shopping cart abandonment is well entrenched as a habitual part of many consumers’ shopping behavior prior to purchasing.
2. Retailers must reevaluate their pay per click (PPC) advertising campaigns, using a much longer time frame to calculate ROI
3. Consumers spending the longest time shopping are also the most concerned about the safety of the sites where they shop, and thus the most influenced by an online comfort zone.
Two proven methods to transform shoppers into buyers are creating a comfort zone for comparison shoppers, and ignoring shopping cart abandonment to focus on the much bigger issue of site abandonment. Everyone who has a transactional website needs to make the online experience more informative, and the sense of safety more memorable, in order to influence those who abandon their carts to return when ready.
Download the report from here.