This week’s Weekly Shop has a retail focus as we take a look at retail game changers, tweaks to increase ecommerce conversions, how consumers take longer to decide what to buy thanks to technology and Pinterest’s new follow button.
Many online retailers focus on growing overall site traffic, which often comes at the expense of increasing conversion rates from existing customers. This can be counter productive as the cost of acquiring new traffic is always increasing, so it makes sense to convert the customers that already visit your site and abandon before making a purchase. To help you do this, the guys over at Econsultancy have put together their top ten tweaks smart retailers have made to successfully boost their conversions.
A new study has revealed that British online shoppers are willing to lose over £20 before taking the effort to make a complaint. Unsurprisingly, the survey also shows they are unlikely to make a repeat purchase, following bad customer service and will hold a grudge against the retailer. The research showed UK customers are losing out on over £777 million every year by not claiming on faulty/no show online purchases, showing that your customers may not be as happy with their purchases as you might think they might be.
Another study this week has found that ecommerce and related technologies mean that consumers are taking longer to decide what to buy. The report suggests that customers are now more willing to wait for good value with 70% now say they hardly ever buy at full price, and 60% say they’ll always wait for a product to be on offer. It is apparent that impulse purchasing has given way to planned purchasing as online has made it easier to save items and compare ranges and prices.
Pinterest has further enhanced its discovery capabilities by adding an animated ‘Follow’ button with a pop up window showcasing the brands most recent pins. By offering this new way of previewing pins, users will be more likely to follow a brand, as they will have a better-defined idea of the exact content they can expect to see.
To finish off this week, an article from the IMRG about the biggest retail game changers which includes Amazon, the shift in the balance of power between retailers and consumers and convenience.