The current e-commerce system struggles with low conversion rates, averaging only 2.5% to 3%, compared to significantly higher rates of 20% to 40% in physical stores. This disparity illustrates a critical issue in the online shopping funnel that needs to be addressed.
Consumers face frustrating experiences resulting from lack of personalization, poor customer service, and an antiquated website design, which hampers their online shopping journey. My own experience searching for a rug demonstrated how tedious and time-consuming this process can be.
Notably, a staggering 70% of online shopping carts are abandoned, showcasing how ineffective the existing structure is at converting interest into sales. This inefficiency poses a significant risk to e-commerce companies already investing heavily to acquire customers.
The staggering costs associated with online returns, amounting to $248 billion last year in the U.S. alone, highlight the need for a shift in how retailers engage with and support customers throughout their online shopping experience.
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