Here at Jumio we have thoroughly enjoyed the extended summer we’ve had in the UK this year. Never before have we enjoyed a cool beer on a warm evening….in November! And we have loved it! Retailers on the other hand, haven’t.
The unseasonal warm weather has meant retailers have struggled to shift their autumn / winter ranges and sales are down. But with Black Friday and Cyber Monday fast approaching, are retailers about to use this ‘American dream’ to shift ageing stock? Black Friday (28 November) and Cyber Monday (01 December), follows Thanksgiving in the US, yet the dates have quickly gained traction as the start of the Xmas shopping period on both sides of the Atlantic, and a way in which retailers can regain some lost revenue through clearing stock by offering huge discounts; on average 20% off RRP. Great for the retailer, even better for the avid shopper!
Last year on Cyber Monday, internet retailers said orders came in at a rate of 47 items a second, racking up £4.1m sales during the day (peaking at 9:22am) and turning over £450m. Yet with 66% of customers abandoning a purchase due to issues encountered at the checkout, this figure could have been millions more.
Even though this year has seen a 64.8% year on year increase of transactions from mobile devices in the UK and 20% in the US, Jumio’s research estimates retailers are still set to miss out on as much as £2.5bn in sales in the UK and $8.6bn in the US due to checkout abandonment; way more than a few woolies!
In typical Santa fashion though Jumio has gifted the retail world with a little helper in the form of BAM Checkout. BAM Checkout minimises checkout abandonment and could also help smash 2013’s Black Friday/Cyber Monday’s record! Not only does BAM Checkout enhance the mobile shopping experience for the customer but it also increases conversion rates for the retailer with a checkout process that takes seconds, not minutes. Isn’t it about time you tried BAM Checkout?