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E-Commerce Statistics That Are More Relevant Now Than Ever Before

With physical retail set to open again this coming week, the way we shop in 'bricks and mortar' stores is changing forever. Data from the Bazaarvoice Network and analysed by MarketingWeek shows that whilst in lockdown "customers started to really embrace online shopping and began setting themselves up for what looked to be a long period spent at home."

There was a 21% increase in online orders in March 2020 vs March 2019, and in a survey they conducted with over 3,000 members of the Influenster community, 41% of respondents answered that they were "currently shopping online for things they would normally shop for in-store." New data from Signifyd also found that buying online to pick up in store, where it was available, saw purchases surge 248% at the end of May compared with before the pandemic.

eCommerce is booming. It is becoming the first port of call for shoppers and the need to be doing it right is vital. Even with stores opening up again, the trend to purchase and collect in store is expected to continue to rise.

The team at smartminded read through a series of articles published across a number of B2B blogs and searched for the most important stats. They looked for the ones that would help companies to take action and grow their business as fast as possible. They created an amazing infographic with what they saw as the six most important points, that they thought you should keep in mind. It's attached to this article for you to take a look at.

We looked through what they found and pulled out our favourites to help you drive your business toward growth. You can take a look at their full list and download a handy pdf checklist to keep on hand whilst you're planning your next steps.

 

Here are our picks.

93% of the millennials compare online offers with a mobile device. (Statista)

32% of shoppers changed their decision to purchase items after viewing the product information on their mobile devices in a physical store. (Invesp)

Aborted shopping cart emails have an average opening rate of 45%. (Moosend)

Last year, companies lost $756 billion due to poor personalization of e-commerce. (OptinMonster)

73% of consumers will switch from a badly designed website to one that makes shopping easier. (Google)

46.5% of small to mid-sized businesses say that offering free shipping increases their profits. (MCM)

If it is necessary to create an account during the checkout process, 23% of people will immediately abandon the shopping cart. (Baymard Institute)

eCommerce sites can gain a 35% increase in conversion rates with an optimized checkout design. (Baymard Institute)

The biggest reason for shopping cart abandonment is extra costs that are too high. (Baymard Institute)

 

e-commerce statistics

 

If you're looking for advice on how to take advantage of these stats we’re here to help. Both our Experience team and Magento team can help you out. The Experience team can start with a quick audit which within 2 weeks will have delivered a report outlining your users’ frustrations, your website performance and have the first solution live. Our Magento team can talk to you about accelerating your business growth. We’ve tailored a solution for everyone, no matter where the start point in the market is. Take a look at what we have on offer and reach out so we can help you launch your new digital shop front.


The Department Store Decline: Is a Misplaced Sense of Brand Loyalty to Blame?

2019 has been the worst performing year on record for retail. We’ve seen the collapse and near-collapse of household names on an unprecedented scale. This leads us to the question, why? Surely these mega stores have enough clout to survive a tough trading climate? Surely, if they can’t noone can?

For those of you that follow our analyses of each case in the retail breaking news, we usually dive deep into the eCommerce blunders that likely prevented success for these brands. In this article however, we wanted to focus on a different issue altogether. We wanted to look specifically into the misguided sense of brand loyalty that ties these failures together.

In previous decades, our most historic high street retailers have seen great success in leveraging their legacies as part of their brand stories.  Customers and employees alike loved feeling connected to the bigger sense of belonging. But in more recent years, and as a result of the onset of the digital shopping age, declines would suggest that the likes of Beales, John Lewis, Debenhams and House of Fraser are now suffering on this front.

It’s time for a new approach. In the new age of digital consumers, people are far less likely to show brand loyalty just for legacy’s sake. Customers shop around. They are connected enough to price-compare online, they are open to trying new brands and they expect seamless experiences such as home delivery and returns, if the items aren’t quite right.

So for our oldest brands to assume that their customers will continue to go through the motions, often with antiquated processes, is either stemming from ignorance or arrogance. Is this misplaced reliance on using their heritage to draw customers finally hitting (or hit) its saturation point? It certainly seems that these department stores are presuming a level of customer loyalty that no longer exists, or certainly not to the degree it used to. So then, how is it possible for similar companies to start making steps to future-proofing against this trap?

A piece of advice would be for businesses in a similar stalemate, to rediscover their sense of your story and its value and appeal to the end customer. Just because it sounds nice to you, the business, doesn’t mean it actually resonates in any way with the target audience. It’s about getting a fresh sense of this from the customers perspective. It should be firmly understood from the outset that internal perspectives are often somewhat clouded when the topics are close to home.

Happy shopping everyone!

#Retail #RetailDecline #CommerceTips