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10 amazing e-commerce infographics
| July 26, 2018
Specialist provider of senior executives to the fashion and retail sector. Specialising in Director, Vice President, Executive & Board Directors roles, UK and globally.
Article | February 11, 2020
As we come off another holiday season, it's worth taking a look at how the customer journey has changed, the role retail plays in the journey and what 2020 holds for innovative brands and retailers alike. Only a small minority of consumers these days are brand loyal according to a recent McKinsey report. Most consumers prefer to be in "shopping around" mode instead. Add to that the waning influence of TV advertising. Against this backdrop, it's clear that brand and retail marketers are challenged and need to change up their game. In a world in which TV advertising has lost much of its power, innovative retailers and brands have an opportunity to command consumers' attention through integrated marketing initiatives that include digital experiences and product sampling.
Consumer attention is shifting. Brick-and-mortar stores must now compete with e-retailers as customers spend more time online, thanks to targeted ads and personalized deals. As noted by Digital eCommerce, online sales rose almost 18 percent last year to $3.46 trillion worldwide and are on track to top $892 billion across the U.S. in less than two years. This shift has alerted most brands to the need for a retail evolution to ensure ongoing success. With e-commerce sales still accounting for just under 10 percent of retail revenues, businesses have an opportunity to boost sales and raise their brand profile — if they can reliably capture consumer interest. One solution: effective and engaging digital signage. Retailers Can Capture Crucial In-Store Moments To capture attention and drive conversion, businesses must capitalize on what Google calls micro-moments, when customers leverage their mobile devices to discover more information, find a price or pinpoint a vendor online.
If you can blink twice before a retail website or app loads, it’s likely that brand is losing potential customers in those seemingly fleeting moments. According to Google data, mobile page speeds take an average of 15 seconds to load. That number could have serious consequences when you consider that Akamai’s The State of Online Retail Performance study found 53 percent of mobile site visitors leave a page if it takes longer than three seconds to load. For retailers, a one-second delay in mobile load times can impact conversion rates by up to 20 percent. The longer the load time, the higher the bounce rate, and the less time a shopper will spend on a retailer’s website and/or app. This means retailers are losing the opportunity to expose shoppers to more merchandise and ultimately convert those visitors into buyers.
When you think of field research, you might think of an archeologist bent over a dig site investigating civilizations from the past, excavating the terrain and sifting out important artifacts. In marketing, field research is also about the study of the human experience and uncovering those important pieces of knowledge — but as they pertain to your business. Field research can give you insights into your customers' pain points, what they need to solve their problems, their thoughts on how your product helps or even what where they feel your services might be improved.
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