Facebook releases a white-paper to help marketers understand why consumers abandon purchase journeys
The social network along with KPMG and Nielsen have released a report on how ‘friction’ affects purchase journeys and what brands can do to provide a seamless personalized experience to convert better. Brand Equity also caught up with Facebook‘s Sandeep Bhushan to provide additional perspective on the report. Read on.
Side Take with Sandeep Bhushan, Director, Facebook India and South Asia
How do purchase paths veer due to ‘friction’?
During the purchase journey, consumers are enticed with the promise of instant fulfilment of needs at that stage of the purchase funnel. However, they routinely encounter additional, incremental steps or non-essential inconveniences, deemed as ‘friction’ that can lead them to abandon their path to purchase. The resulting abandonment of the purchase journey means lost revenue for businesses.
Friction occurs during both, offline or online consumer shopping and includes activities such as unnecessary wait times, standing in queues, not getting the right information from media touchpoints, need to click, type, or fill in forms, not finding the right model etc.
Do men and women react differently to ‘friction’ in the purchase path online and off? And what can marketers do to address that?
According to the research conducted, by virtue of the report, marketers need to be more fluid in their approach and target both genders differently. Women look out for more information at all stages of the purchase journey and expect clear articulation of information, while men feel that brands do not share relevant communication.
Furthermore, women get overwhelmed by various brand advertisements, whereas for men, different models from the same brand hamper their experience. Businesses could take advantage of target marketing and build distinct communication for both men and women. Storytelling, FAQs and sequential advertisements are quick solutions that brands can leverage.
Could you shed light on the significant changes you’ve noticed in online purchase behaviour of consumers and what influences their consumption patterns, decisions and purchase journeys?
Today, mobile has revolutionized consumer purchase journeys, like never before. Mobile influence in smartphone path-to-purchase is all set to increase by 1.8X by 2022 at $15.6B (58% in 2017 at $ 8.5B to 73% in 2022 at $15.6B). It is also dominating the consumer journey at every stage of the purchase funnel, right from awareness and discovery, to building intent and also purchase.
We also found out, basis our study, that mobile heavy online purchase journeys (where mobile plays a dominant role) are shorter by 14% as compared to pure offline journeys and journeys ending in offline purchases.
Using mobile, overall, in reaching consumers can help brands experience faster and seamless conversions. In case of smartphone journeys, mobile can enable brands to target relevant audience with personalised creatives at scale, have clear call to action to help them with next steps, allow them to provide more product information to interested consumers through messaging chat bots, and devise ads with pre-filled forms for generating easy leads.
With respect to consumers, the future of consumption can also be pain-free and frictionless with mobile. At a touch of button, consumers can buy a new phone, have an insurance claim settled in seconds, pay for items by simply leaving the store or have a drink ready and waiting before entering a coffee shop.