Cyber Monday Fails to Satisfy Consumers Looking for Online Deals, According to Study by ForeSee Results.Online Carts Become Offline Lists for Some, While Others Turned Off by Shipping Costs Abandon Their Carts ANN ARBOR Ann Arbor, city (1990 pop. 109,592), seat of Washtenaw co., S Mich., on the Huron River; inc. 1851. It is a research and educational center, with a large number of government and industrial research and development firms, many in high-technology fields such as , Mich. -- Cyber Monday The name given by online retailers and e-commerce experts to the Monday following the Thanksgiving holiday. With its Black Friday counterpart in actual store-based traffic, analysts have pointed to significant spikes in online shopping on Cyber Monday. shoppers looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. online-only deals were often disappointed when they got to the checkout counter. According to a survey of over 36,000 retail website visitors between Thanksgiving and Cyber Monday, customer satisfaction was highest over the holiday weekend and dropped on Cyber Monday. "Consumers bought into the hype of Cyber Monday that was advertised and publicized in the media. They were looking for deals, but retail websites didn't always deliver," said online customer satisfaction expert Larry Freed, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ForeSee Results. "Consumers came to expect discounts and free shipping and many were disappointed when they got to the checkout." Analysis of the data shows that those that abandoned their shopping carts on Cyber Monday were significantly more likely to purchase online than shoppers who abandoned carts over the holiday weekend. Also, Cyber Monday shoppers were slightly less likely to purchase offline. Lower satisfaction with transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). supports the theory that Cyber Monday shoppers were looking to make a purchase and abandoned their carts when stuck with footing the delivery bill, or when anticipated discounts didn't apply to their purchases Consumers abandon online shopping carts for any number of reasons. Some may use the website as a research tool in their multi-channel shopping strategy, making the cart a shopping list of sorts. Others may go into the checkout process fully expecting to complete a purchase until they discover their items do not qualify for advertised discounts or free shipping. "Holiday weekend consumers were slightly more satisfied than those that shopped on Cyber Monday. Prices didn't go up, but the savings they expected on Cyber Monday just weren't there," said Freed. "It's a classic example of how expectations drive satisfaction, and Cyber Monday shoppers had different expectations." When satisfaction with transaction costs for checkout abandoners and for purchasers was measured on Cyber Monday, it had dropped from the holiday weekend, which includes Friday. But for browsers it remained constant, in part because browsers are using the web to research purchases and may plan to make the purchase in a store, where they won't face shipping charges. Freed suggests it is about time multi-channel retailers offer free shipping to their online customers to get in line with their expectations. The question then becomes how to establish a profit margin enough to absorb the extra cost of shipping, given that overhead is lower for online retail. About ForeSee Results ForeSee Results is the market leader in online customer satisfaction management and converting satisfaction data into user-driven web development strategies. Using the methodology of the University of Michigan's American Customer Satisfaction Index The American Customer Satisfaction Index (ACSI) is a leading indicator of consumer behavior, measuring the satisfaction of consumers across the U.S. economy. The ACSI interviews approximately 80,000 Americans annually and asks about their satisfaction with the goods and (ACSI ACSI Association of Christian Schools International ACSI American Customer Satisfaction Index ACSI Association Canadienne des Sciences de l'Information (French) ACSI American Communications Services, Inc. ), ForeSee Results scientifically quantifies the elements that drive online customer satisfaction and predicts future behaviors such as purchase, return site visits or referrals. ForeSee Results, a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. , is located in Ann Arbor, Michigan  “Ann Arbor” redirects here. For other uses, see Ann Arbor (disambiguation). Ann Arbor is a city in the U.S. state of Michigan and the county seat of Washtenaw County. and on the web at www.ForeSeeResults.com. |
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