This year £810m was spent on British Black Friday as UK Christmas bargain hunters placed 404,835 orders online. Across the globe, Cyber Monday sales jumped 17% from last year, totalling nearly $2.04 billion, the heaviest online spending day in history and the first day ever to surpass $2bn in sales, according to ComScore.
But were online retailers actually prepared for the sheer volume of people who shopped on their site? It would seem not, the top 50 ecommerce websites performed slower overall this year compared to 2013. In fact desktop pages were 20% slower and mobile pages were a staggering 57% slower. According to Catchpoint, the main reasons for the slowdown were too many users overloading the system and also the fact that this year there was more data to download on retailers’ pages.
With slow-loading websites and poor checkout processes accounting for as much as 66% of people abandoning their mobile purchases and 67.45% people deserting their online shopping carts, can retailers really afford to still be getting this wrong? In fact, our Jumio released checkout abandonment research earlier this year predicting that mobile retailers were set to miss out as much £2.5bn in sales in the UK and $8.6 Billion in the US due to the prevalence of outdated mobile checkout experiences; and not even the major online retailer players can afford to miss out on that type of money! It’s predicted that Europe’s online retail sales will double between 2013 and 2019, according to research from Mintel. M-commerce looks to be bolstering growth in e-commerce and as shopping via a smartphone has now reached 41% of internet users in the UK, we think it’s about time retailers got their mobile checkouts optimised. It’s why we developed BAM Checkout to enable frictionless mobile transactions. Not only does it increase conversion rates and reduce fraud but it also improves your customers’ shopping experience and makes them more likely to return.
Black Friday 2015 will be upon us sooner than we think. Can your business handle another increase in customers, or will your system crash and drive them to your competitors? It’s time to plan now and ensure that you convert as many sales as possible next year.