Online retailers are tasked with getting Web shoppers to buy within 60 minutes, or lose nearly 75 percent of them.
By the end of one hour on a website, most consumers decide what to buy and complete their purchases, according to a recent report from Monetate, a firm that works with marketers to create, use and study personalized marketing campaigns.
The first minute of that hour is all it takes for a Web store to lose 30 percent of its shoppers, most of whom initially are still in “product discovery mode,” the article says.
Over 50 percent of all purchases are made within the first 15 minutes of a shopping session, and the buying dwindles as time adds up, according to the research findings.
If customers don’t select and pay for products within the first 45 minutes, they typically go elsewhere to complete their shopping, the report says. By the 45-minute mark, online shoppers will have completed 68 percent of their purchases, the research adds.
To read more of Monetate’s research on the online consumer experience, click here.