Imagine a person planning to buy their favourite headphones with their first salary. As soon as that hard earned cash lands into their bank account they jump online, visit your website and they’re excited to see the product in stock. But wait, when they actually click on the option to buy from their preferred retailer the item is out of stock. Imagine the disappointed in their face.
Brands only get one chance to make that first impression, and this needs to be one of enjoyment rather than disappointment. Brands invest millions to capture consumer attention, and losing that customer once they finally decide to purchase your products can have a huge impact on sales and the customer mindset, all because the wrong stock information was shown.
The rise of eCommerce and customer experience has changed the face of retail. In its very early days, retail was built on a barter system. Now, retail is a relationship instead of a series of transactions.
Technology is the great equaliser and the consumer is at the centre of the new retail ecosystem. ChannelSight’s CCO and co-founder, Niall O’Gorman, talks through some of the biggest trends we can expect in retail for 2018.
Melanie Fitzgerald2018 Future Forward: Predicting the Top 9 Retail Trends for 2018
We all know, that to differentiate ourselves from our competitors we need to deliver a superior customer experience that helps our audience proceed to a purchase as quickly and easily as possible. And thankfully today, there’s a whole host of innovative eCommerce technologies making it possible for us to sell even the most complex products and services across the globe quickly, easily and intelligently.
So, while everyone is in the spirit of giving thanks this week, we thought we’d celebrate the technologies we’re most thankful for this Thanksgiving:
Melanie Fitzgerald5 Ecommerce Technologies To Be Thankful For This Thanksgiving
In the five days between Thanksgiving and Cyber Monday, online shopping records are made and broken – with the ante upping every year.
In 2016, millions more shoppers took to eCommerce retailers in favour of ‘bricks and mortar’ stores. According to the US National Retail Federation, 44 percent of Americans said they shopped online during Thanksgiving weekend compared with the 40 percent who visited a physical store.
Kate ButlereCommerce wins Black Friday and Cyber Monday: 4 tips to take from Walmart, Amazon and Alibaba’s online success
Brands invest millions of euro on marketing, and advertising to generate consumer awareness and spark shopper interest. However, more traffic only means more sales if your products are properly represented and ready for sale in key online retailers. Carefully planned effort is all to easily squandered through inadequate online retailer readiness.
Kate Butler[Webinar] Online Retailer Readiness For Brands: Ensure A Positive ROI On Digital Marketing Spend
As the marketplace continues to evolve, retailers are on a constant voyage to differentiate and win market share. And, with consumers becoming more open to purchasing private labels and in-house brands, retailers are becoming relentless in pursuit of growth opportunities.
For years’ major retail chains have offered their consumers exclusive in-house brands which directly compete with global brands in the same category at cheaper prices. Reduced product launch turnaround times, easy access to product stocks, and the elimination of the need for big spend on traditional marketing and inventory in getting products in front of the shoppers, all contribute to their power to offer such great discounts. But, the game changes when the likes of Amazon foray into the same space.
Aditya LabheHow Brands Can Compete with Amazon Private Label Products
Bringing together over 500 companies, groundbreaking startups and world-class speakers, the Web Summit has become “Europe’s largest and most important technology marketplace”. Taking place from 6-9 November in Lisbon, this is a must attend global meeting place for the world’s most disruptive technology companies and those interested in how that disruption can transform their businesses and their lives. Over the 3 days world leaders, CEO’s, students and enthusiasts will come together to encourage tech innovation, find answers to the worlds pressing issues, as well as allow the magic of serendipity to take place.
Melanie FitzgeraldChannelSight’s CEO To Speak At The Web Summit In Lisbon
In ecommerce, the term “Conversion Rate” usually refers to the ratio between the number of visits to an online store and the number of purchases made in a given period of time. At the end of the day, ecommerce success comes down to your ability to turn passive shoppers into paying customers. Which is why conversion metrics is the metric of all metrics.
Yet, 80% of online retailers do not use their analytics sufficiently. Many don’t even track important actions like conversion rates and purchases. If you use analytics only to measure your daily traffic, you’re doing yourself and your customers a disservice.
Melanie Fitzgerald5 Scarily Good Conversion Metrics ‘Buy Now’ Technology Can Achieve
A scary statistic: the failure rate for eCommerce businesses is between 80 and 97 percent. In India, with its population of 1.3 billion people, eCommerce is struggling: Amazon, Flipkart, and Snapdeal made a loss of over 100 million Rupees in 2016.
Globally, eCommerce sales are estimated to top $27 trillion in 2020– with 37 percent of online spend in the US and Europe currently being made through Amazon.
While it seems easy in theory, eCommerce is a tricky business. Businesses fail all the time, for many different reasons, sometimes cosmetic, and sometimes not.
Even beautifully designed, well-executed, or well-known eCommerce sites can fail too. In 2015, UK retailer Poundland launched an eCommerce trial, which was later pulled due to a failure to convert core customers.
Poundland’s conversion strategy just didn’t resonate, so here are three ways you can you tell if your conversion strategy is broken and crucially, what you can do to fix it.
Kate Butler3 Signs That Your eCommerce Conversion Strategy Is Broken (And How To Fix It)
The ChannelSight team are delighted to be attending the Social Media Strategies Summit 2017 taking place on 17-19 October in New York at the Bohemian Benevolent and Literary Association. This must-attend event for marketers will feature numerous hands-on intensive workshops, breakout sessions and how-to tutorials. With sessions moving far beyond the basics of social media; attendees will leave with a fresh perspective on the digital marketing landscape, and key strategic insights on how social fits in with corporate objectives.
Kate ButlerChannelSight’s John Beckett To Speak at the Social Media Strategies Summit in New York