Happy holidays one and all! Black Friday is almost upon us, and on both sides of the pond, heralds the beginning of the holiday shopping season, a time where retailers go out of their way to increase revenues and consumers sharpen their elbows to grab a bargain. Retailers can expect online consumer purchasing to average at $194 and consumers can expect stiff competition to find that bargain as last year 23% of bricks and mortar shoppers camped out at a store the night before Black Friday.
Last year, online and mobile sales over Black Friday and Thanksgiving reached a staggering $2.1 billion, an 18.5% increase from 2012. Unsurprisingly, Amazon dominated the online shopping sphere and racked in 7.7million unique visitors – no mean feat considering Walmart was the second top visited online retailer and it ‘only’ managed to rake in 3.5 million visitors.
So, that’s enough of the statistics. Instead let’s revisit why online and mobile is still growing exponentially and each year represents a higher percentage of overall retail sales. The answer is convenience. Whilst millions of people are happy to brave the crowds and roll their sleeves up to find a bargain, the biggest growth is still coming from online & mobile. However this figure could be significantly increased if mobile retailers worked a little harder to put a bit more convenience into their mobile checkout. Jumio’s research estimates that US mobile retailers are still set to miss out on as much as $8.6bn due to cart abandonment – a completely avoidable loss if retailers focused on and simplified their checkout and payment processes.
One approach to tackling the abandonment problem is Jumio’s BAM Checkout technology that turns a customer’s mobile device into a payment card and ID document scanner. The result is that customers can complete a transaction quickly and easily by eliminating an average of 75 keystrokes and nearly two minutes of laborious key entry. Not only does BAM Checkout enhance the mobile shopping experience for the customer, but it also increases checkout completions rates by over 10%. Happy holidays one and all!