Executive Briefings

Boosting Buyer Confidence Drives E-Commerce Success, Study Says

In 2015, Cyber Monday generated more than $3bn in online purchases, making it the largest e-commerce sales day in U.S. history. The massive deals and discounts offered during the annual post-Thanksgiving event were largely responsible for the day's extraordinary sales.

But another factor that proved instrumental in driving sales that day was buyer confidence. While sales soared to record-setting highs last Cyber Monday, a majority of organizations believe that they could have been even better. According to the October 2016 study, "Boosting Buyer Confidence Drives eCommerce Success," conducted by Forrester Consulting on behalf of SAP, 67 percent of companies think their buyers are making purchases at or below the minimum confidence threshold.

When they make purchases, they want to be sure that they won't be returning their items in the near future - in the event that they break or simply don't meet their expectations.

On a scale of 1 to 10, with 1 being no confidence and 10 being complete confidence, 80 percent of companies surveyed by Forrester estimate that their buyers prefer to have a confidence level of 7 or higher before making a purchase.

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But another factor that proved instrumental in driving sales that day was buyer confidence. While sales soared to record-setting highs last Cyber Monday, a majority of organizations believe that they could have been even better. According to the October 2016 study, "Boosting Buyer Confidence Drives eCommerce Success," conducted by Forrester Consulting on behalf of SAP, 67 percent of companies think their buyers are making purchases at or below the minimum confidence threshold.

When they make purchases, they want to be sure that they won't be returning their items in the near future - in the event that they break or simply don't meet their expectations.

On a scale of 1 to 10, with 1 being no confidence and 10 being complete confidence, 80 percent of companies surveyed by Forrester estimate that their buyers prefer to have a confidence level of 7 or higher before making a purchase.

Read Full Article