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In the world of retail, the importance of customerretention cannot be overstated. As businesses focus on attracting new customers, it’s equally crucial to invest in keeping existing ones. Retaining customers not only ensures consistent revenue but also fosters brand loyalty and advocacy.
Online shopping is arguably the most convenient purchasing experience. A person can be anywhere at any time, search your online shop, press a button, and magically a shipment arrives at their door. What happens next, by way of return experience, most certainly impacts whether they will purchase from your business again.
If your customers have to deal with an annoying login process at the end of their shopping journey, they’ll just abandon their cart. By implementing these approaches, you can help shape customer behavior and reduce the risk of breaches, while also improving customerretention and overall experience.
Ecommerce has revolutionized retail shopping, with consumers trading in the poorly lit dressing room experience for the comfort of our own bedrooms. For some, however, this trade-off comes at the price of navigating frustrating and, at times, confusing return policies.
Long viewed as a necessary evil, the retail returns process is emerging as an unexpected avenue for growth and customer engagement. In the rapidly expanding ecommerce market, projected to reach $3 billion in 2023, a significant 20% to 30% of online purchases end up being returned. Speed-to-restock is key in the returns cycle.
In today’s competitive online retail market, customerretention is just as important as customer acquisition. By optimizing your website to meet the needs of your customers and search engines, an eCommerce SEO agency can help you boost customerretention and grow your retail business.
The customer journey starts off linear, but it should end in a cycle of repurchasing. Getting the returns experience right is one of the most critical parts of that cycle — 95% of shoppers say that how returns are handled affects their decision of whether to purchase again. Return Rate and Negative Reviews.
Online marketplace Redbubble says its sales fell by 16 per cent in the third quarter, despite a high level of returningcustomers who first engaged with the brand during Covid lockdowns. The post Redbubble sales fall despite Covid boosting online shopping appeared first on Inside Retail. Operating EBITDA was $4.5
From decisions to discovery: Adapting to shifting consumer behaviour Consumer behaviour has changed forever, Scott, Googles manager of consumer shopping, warned during Shoptalks first keynote of the day. Today, four key shopping behaviours define a harmonic shopping journey, which include streaming, scrolling, searching and reading.
It’s is more than just making a simple purchase; it’s about providing an effortless, engaging experience that keeps customersreturning to your business. Focusing on the online customer journey is more important now than it has ever been, with more and more consumers preferring digital stores to physical ones.
Tara Daly, senior director of product marketing at Loop Returns , shares with Inside Retail advice on getting started in the US market, some tips on cross-border shipping and logistics – including managing returns in a way that builds customer loyalty – and how to drive repeat business. Begin with baby steps, she advocates.
With delivery reliability significantly impacting customerretention and lifetime value, this must be a key focus for retailers. Likewise, omni-optimisation is a key focus in its mission to provide a seamless customer experience regardless of the channel used to shop, according to Celine Sommacal, e-commerce operations manager.
With the onset of the COVID-19 pandemic in 2020, paired with renewed restrictions and stay-at-home orders approaching the holidays, that steady pace of online shopping growth has gone out the window. Ecommerce has grown exponentially over the last two decades, albeit at a fairly steady pace.
For most retailers selling online, returns generate their greatest customer service challenges and inevitably drain profitability. The average rate of customerretention in e-commerce is around 38 per cent. That means that just three out of 10 customers stick with one single brand for more than one year.
For most retailers selling online, returns generate their greatest customer service challenges and inevitably drain profitability. The average rate of customerretention in e-commerce is around 38 per cent. That means that just three out of 10 customers stick with one single brand for more than one year.
In fact, it’s evolved from a futuristic sci-fi concept to a safe option for shoppers to do their daily grocery shopping. As a result, retailers had to move quickly to implement social distancing mandates in stores to make their customers feel as safe as possible while shopping.
Customerretention is one of the most valuable and important strategies for building a successful mid-size retail business. It places the focus on customer lifetime value (CLTV) – the total that a customer spends with the retailer over a relationship that usually spans years, and even generations.
ecommerce sales this holiday season are forecasted to reach $273 billion , a 1% year-over-year growth rate, according to the Salesforce Shopping Index , which tracks online data and preferences of 1.5 One popular way to throttle back return rates is to shorten return windows, but during the holidays this can result in a zero-sum game.
Given current economic conditions impacting both shoppers and retailers, focusing increasingly on customerretention over acquisition is key to driving better outcomes and returns. Many loyalty programs are ineffective and their returns are unknown at best, and margin erosive at worst.
Four in five Australian consumers are cutting down on something to save money as the cost of living crisis bites – and more than half of consumers in the country are looking for the best value when they shop. During the past year, Shopify has observed marked changes in consumer shopping behaviours, which are driving a shift for retailers.
The retailer plans to leverage its recently introduced cross-banner Welcome Rewards loyalty program to drive traffic, sales and customerretention. The company reported that since the program’s national launch it has increased membership 20% to a total of 5 million members. “We
Retailers frequently ask customers to enroll in a loyalty program at point of sale — especially during the holiday shopping season. In fact, 61% of consumers have joined a loyalty program to get discounts for holiday shopping. 3 Steps for Inspiring Customers to Stay Engaged.
Returns present a complex challenge for retailers of all sizes, not only contributing to their carbon footprint, but also eroding their profit due to the cost of managing and paying for reverse logistics and, in some cases, leading to fraud. Meanwhile, the use of returns by customers continues to grow in popularity.
Consumers do not simply want to view ads, as traditional static shopping experiences are no longer the most captivating way to advertise to someone; rather, they want to engage with ads and develop a relationship with brands as they discover and purchase new products. Focus on customerretention. Make it fun.
The expo will delve into key industry topics such as streamlining operations, enhancing digital experiences with artificial intelligence (AI) and virtual reality, and improving customerretention and loyalty. Notable participants include TikTok Shop , Google , Worldpay , and John Lewis , among others.
For instance, many restaurants might try and compete with traditional grocery shopping by adopting delivery services in order to appeal to consumers who lack the time, space or inclination to cook. Transform shopping in-store. Innovating the in-store experience can give stores a great return on investment.
Consumers are returning more purchases than ever, especially with the growing convenience of online orders, but it is becoming an increasingly expensive problem for retailers. Last year alone, retailers lost $218 billion to ecommerce returns. Shoppers Already Expecting to Return Gifts. Shoppers Already Expecting to Return Gifts.
To drive customerretention and loyalty, most brands and retailers continue to rely on purchase discounts ( 77% ) and loyalty program points ( 61% ), according to Retail TouchPoints research. Do I get upgraded or enhanced service [compared to] someone who shops with you just one or twice?”
A data-driven approach ensures resources are allocated to the tactics that deliver the greatest return. Turning insights into retention strategies Holiday shoppers often include a mix of first-time buyers and regular customers. For first-time buyers, the goal is to create a positive impression that encourages them to return.
Last year, the average family with K-12 students spent $848 on return to school items, while families of college students spent an average of $1,200, according to the National Retail Federation. Among older shoppers, security may be more of a factor, because 44% say the possibility of online scams deters them from shopping online more often.
Customers can try products for seven days and return what they don’t like at no charge. Goodlife’s returns are already low — around 8% online (where returns are typically closer to 20% to 30% , especially in apparel) and 2% in stores. “[Try Try Now] allowed us to be arrogant,” said Codispoti. “
A crucial part of that positive CX is providing service in a customer’s native language. Even Amazon, the paragon of online shopping, only offers customer service in 16 languages. Research shows that nearly 30% of businesses lacking appropriate multilingual support have lost customers.
In fact, experts and practitioners across the retail spectrum largely agree that the store is a crucial vehicle for customerretention, engagement and loyalty. Even once-digital only brands like Warby Parker have doubled down on their store investments.
Today, customers aren’t choosing between shopping online or in-store; 75 per cent of consumers rely on both physical and digital touchpoints throughout their buying journey. Shoppers expect both in-person and online options, faster delivery, real-time tracking notifications, and simpler returns. Key takeaways 1. US: 42 per cent.
While AI presents vast possibilities to enrich this journey, it also ushers in significant challenges that could negatively impact customerretention and a brand’s bottom line. This is the post-purchase realm, a universe of interactions that determine whether you’ll shop with the same brand again.
Using ecommerce platforms like Shopify , Wix or SnapBlooms is a no-brainer for small shops, but before signing on to one, you must know your niche industry and the available ecommerce solutions. A successful ecommerce website exceeds customer expectations when purchasing online, making the experience trustworthy, seamless and easy overall.
Customer acquisition costs online have reached unprecedented levels, which means marketing leaders are trying to diversify their toolkits. Even fewer respondents have access to social media activity related to the company (33%), customer referrals (23%) and customer lifetime value (22%).
Consumers demanded the ability to purchase online and return in-store, and retailers responded by putting processes in place that offered those options. Retail is seeing a resurgence of experiential and in-store shopping experiences and the industry has been forced to make the effort to move to a true “multi-channel” model.
AI: Revolutionising the shopping experience The rise of artificial intelligence (AI) promises to revolutionise the shopping experience, with 31 per cent of surveyed Australians recognising its value in streamlining order and delivery updates. Returns – once viewed as a friction point – now emerge as a loyalty catalyst.
Hyper personalization: Merchants’ critical necessity to increase conversion and customer repeat rate, combined with higher customer expectations, and improvements in AI will lead to shopping experiences that are tailored specifically to each customer, exposing them to the right product at the right time.
As shoppers return to brick and mortar stores in their drovers, they crave the in-store experience. Retailers who want to set themselves apart are integrating more human and personal touchpoints into the shopping experience, increasing engagement, loyalty and sales. iVend Mobile POS Mobile POS in retail engages and delights shoppers.
More shops have shut down in the last five years (according to the Centre of Retail Research which found 17,145 shops in the UK closed for good in 2022), but stores are still fundamental to the omnichannel experience. As consumer spending is squeezed, acquiring new customers will be costly and more difficult.
We are embracing a straightforward, back-to-basics philosophy that focuses on better serving our customers, driving growth and delivering business returns,” said Gove in a statement when the turnaround plan was unveiled. “In
Unfortunately, when it comes to eCommerce, it’s not uncommon for potential customers to leave a retailer’s site without actually making a purchase. The product may be in their shopping cart, on their wish list, or viewed multiple times, yet the sale doesn’t reach completion.
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