Get the latest buzz from the world's leading personalization solution.
Increased website traffic is not converting to increased purchases, as cart abandonment rates rise during Thanksgiving, Black Friday and Cyber Monday
New York – November 27, 2018 – Monetate, the worldwide leader in personalization, today released its 2018 analysis of ecommerce activity from Thanksgiving to Cyber Monday. The annual analysis—derived from 2.3 billion U.S., Canadian and U.K. consumer touch points across desktop, mobile and tablet in the past five days—shows a 5.4 percent increase in cart abandonment rates across Thanksgiving, Black Friday and Cyber Monday from 2017. The findings indicate that while brands are successfully driving consumers to their sites—website traffic is up 13.1 percent globally from 2017—consumers are shopping around before making final purchase decisions at a higher rate than years past.
More Key Findings:
Global Shopping Analysis
Heavy traffic but low engagement and conversion rates signal that brands are struggling to stand out from the noise during the busiest shopping period of the year.
In the U.S., 2018 Thanksgiving holiday shopping bounce rates increased by 12 percent from 2017. Additionally, cart abandonment rates increased by 2.6 percent and conversion rates decreased by 9.7 percent. Black Friday shopping in the U.S. revealed mixed results compared to 2017; while traffic was up 7.7 percent and Average Order Value (AOV) increased 2.5 percent, conversation rates were down 11.3 percent. On Cyber Monday, AOV was up 3.4 percent, but conversion rates were down 16.2 percent—a continuation of the YOY trend of U.S. shoppers consolidating purchases on the biggest online shopping day of the year.
Similarly, in the U.K., 10.4 percent more shoppers abandoned their carts on Black Friday year over year, while AOV dropped by 19.3 percent in 2018. Cyber Monday 2018 was also a less successful shopping day in the U.K. compared to 2017, with AOV down 11.1 percent and conversion rates down 9.2 percent, despite page views being up a whopping 35.4 percent.
In Canada, Black Friday 2018 saw a 5 percent increase in page views and 1.3 percent increase in AOV compared to 2017. However, cart abandonment rates were also up 6.6 percent, a trend that continued into Cyber Monday 2018, when cart abandonment rates increased 10.4 percent from 2017.
“The holiday shopping period presents tremendous opportunity for retailers to win new shoppers and convert them into returning customers. Our data, however, reveals that brands are struggling to take advantage of this opportunity,” said Stephen Collins, CEO of Monetate. “Retailers must reconsider their engagement strategies to ensure they are capitalizing on increased website visits. It’s imperative that retailers leverage every data point at their disposal to create the best and most relevant experiences for shoppers.”
Monetate is committed to helping brands activate the signals hiding in their data to enhance every consumer interaction and maximize customer lifetime value—particularly during the critical holiday season. The company recently partnered with Bazaarvoice, Inc. to offer retailers combined expertise, technology and support that will enable them to create post-session product recommendations that turn first-time holiday shoppers into long-lasting, loyal customers. By embedding Bazaarvoice shopper profiles captured from billions of shopping signals from its network of over 5,700 brand and retail websites into Monetate Intelligent Recommendations, brands will be able to tailor shoppers’ experiences to reflect their individual preferences and recent online behavior, rather than their one-time gift-buying.
If you’re a member of the media interested in receiving the latest ecommerce holiday data from Monetate, contact Monetate@v2comms.com.
Contact: Version 2.0 Communications for Monetate
Monetate, the global leader in personalization software for consumer-facing brands, enables marketers to create experiences with improved relevance for every customer, increasing their engagement and boosting business outcomes. Powered by artificial intelligence, the Monetate Intelligent Personalization Engine makes it easy to test and optimize, segment and target, recommend products, and even create true 1-to-1 omnichannel experiences. The company was recognized as an industry leader by two leading analyst firms in June 2018 and August 2018. Founded in 2008, with offices in the U.S. and Europe, Monetate is used by leading brands around the world and influences billions of dollars in revenue every year for QVC, Newegg, Timberland, Carnival, The North Face, and hundreds of other market leaders. Learn more at www.monetate.com.