The "Reimagining Commerce" report found that 98% of consumers have been dissuaded from completing a purchase because of incomplete or incorrect content, with 32% of consumers being dissuaded every time. Further, 35% feel brands do a poor or very poor job of customizing the online shopping experience, with just 7% believing that brands do this very well.
The Episerver report also found many consumers expect personalized content as part of their online experience, with 59% reporting interest in personalization. According to Ed Kennedy, senior director of commerce at Episerver, while some brands are meeting online shoppers' expectations, many fail to personalize the experience in the way customers want.
This is news financial institutions should watch closely, given that more than 70% of millennials would rather go to the dentist than listen to anything traditional financial institutions have to say, according to the Millennial Disruption Index. If the banking industry wants a bigger slice of the ecommerce pie, other than processing payments, they must understand the market, particularly with the 80 million millennials in the U.S. alone.
Courtesy of CUTimes