The e-commerce system as marketers know it needs an upgrade, and the proof is in the numbers.
While people prefer the convenience of online shopping, conversion rates online (2.5–3%) lag behind brick-and-mortar rates (20–40%) drastically. A typical add-to-cart rate is approximately 6.5% while the average abandoned cart rate is between 50%–70%.
Why do so few online shoppers complete their purchases leaving ecommerce businesses with so few orders relative to their hard-earned site visits?
As if it’s not a big enough challenge to get buyers to complete their purchases, shoppers are also returning merchandise at a significant clip. According to the National Retail Federation, buyers returned nearly 18% of online purchases in 2023. That’s almost $250 billion coming out of company coffers.
This is what happens when what you see isn’t what you get, or at least not what you expect. Managing and meeting buyers’ expectations should be at the forefront for every ecommerce company, and the current approach isn’t making the grade.
As retail brands seek to improve customer satisfaction and reduce inefficiencies, one solution lies in immersive and interactive experiences, powered by AI extended reality (XR), a technology that blends the physical and digital worlds.
Continue reading at AdWeek.com (Sponsored by Infinite Reality)
