Incomplete content deters almost all online shoppers from completing a purchase according to the Irvine, Calif.-based Episerver's "Reimagining Commerce," a report that shows online shoppers with high expectations for e-commerce listings.
The Episerver's survey of more than 1,100 consumers emphasizes the necessity of delivering complete and accurate content in the e-commerce landscape. The findings also show that brands are lagging when it comes to their digital experiences.
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.
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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 consumers 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.
"Just as a poorly designed storefront or cluttered displays can deter shoppers from a physical store, a website or mobile app with lackluster content can turn off consumers and in many cases, discourage them from making a purchase," Kennedy said.
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