It’s Monday, and what better time of the week to review the past week’s digital marketing trends that have resulted in 10 very interesting statistics! Every week there are new trends, news and statistics that become apparent and illuminate new and interesting facts about how Digital Marketing is being used.
The main trends from this week include the abandonment of shopping baskets, google shopping and the search engine optimisation insurance industry.
Finance websites currently have the highest average website abandonment rate of all industries. Over 80% of users (according to salecycle) have selected to purchased products and then go on to abandon their purchase instead of “checking out”. Maybe finance companies should invest into keeping users more engaged in their e-commerce functions.
According to (Hitwise shows) individuals in Australia are interacting with challenger banks by over 50% in the last year. In direct contrast to this, mainstream banks have only increased by 1% during the last year. This indicates that consumers may be starting a trend to move from mainstream banking into new and emerging challenger banks. Challenger banks include ING, MeBank, Atom and Tandem Bank.
Uk Online Sales Statistics
Data from the ONS denotes that online sales in the retail industry in the UK have increased 20% over the last year. E-commerce now have 16% market share over the entire retail industry increasing 2% from last year.
A study completed by Sapio Research on behalf of Zetes has revealed important information. A large survey of over 2,000 from Europe found that over 70% of consumers are not happy waiting over five minutes in a store to find out whether an item is out of stock and over 30% of users would not want to wait longer than two minutes. This study also found that new generation consumers have no forgiveness with almost 80% of consumers unwilling to give a retailer a second chance if a delivery is late or incomplete.
Is 100% online retailing really the future?
Entering a website via the Product Page
A study released by FoundIt state that for over a 1/3 of all online retailing shopping the initial contact to the website will begin on the shopping page and not the landing page. For retailers in certain industries nearly 50% of shoppers would enter via the product page. Although there are no statistics stating why this is the case I would hypothesise it is due an increase in Google Shopping advertisements.
What do these statistics mean?
It is very important to remember how useful statistics can be to a Digital Marketer, and to stay in-front of competition and remain proactive. Digital marketers should always be looking to leverage statistics to grow their sales and consumer reach. For example this week the statistics indicated that consumers are going to online retailing more and more, are becoming more frustrated with mistakes from traditional retailing, are increasingly using and trusting google ads. Business owners could use this information to place a higher budget in Google Advertisements and begin the transition from traditional retailing to online retailing sooner than they may have initially planned.