12/09/11
By Karen Moss
Consumers browse, research and compare products online, rather than just viewing the internet as another purchasing channel. Conversion rates have fallen by 55 per cent over the past five years, according to figures from the IMRG Capgemini e-Retail Sales Index.
In 2006, the average online conversion rate for retailers in the was 8.4 per cent, but that figure has steadily declined and the latest results reveal the rate to be 3.8 per cent.
Although the shift from ‘online purchasing’ to ‘online shopping’ has resulted in a drop in conversion rates, still the Index has recorded strong growth in sales throughout the whole period of conversion rate decline. As the market has almost doubled from £30.2 billion in 2006 to £58.8 billion in 2010, there are now far more shoppers visiting retailer websites.
Essentially, browsing, researching and comparing products and services across multiple retail sites has become the norm. Mobile is even making this possible in-store, and the ability to share products and ideas across social media sites has introduced an element of discussion to the online shopping experience.
Tina Spooner, Chief Information Officer at IMRG said: “The steady decline in online conversion rates in recent years is evidence that consumers’ purchasing behaviour has changed. The average online shopper today is making more considered purchases, often visiting several websites in order to compare products before deciding to buy."
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