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The decline in the British pound since the Brexit referendum has made UK goods and services more affordable to customers in other countries.
This has resulted in a surge of international shoppers browsing UK retail websites.
So how can retailers capitalise?
Who doesn’t like a deal? Who doesn’t like to pay less than what everyone else is paying for the exact same item?
Coupons have been in existence since the dawn of the Modern Age and for good reason – they work.
This is no less true, and perhaps even more so, in the Ecommerce Age. Using coupons is an easy way to increase conversions and augment sales.
Product recommendations are responsible for an average of 10%-30% of ecommerce site revenues.
However, with so many ways to present product recommendations, I’ve decided to highlight four facts based on anonymous aggregated data collected from 50m sessions that were exposed to product recommendations.
Keeping these four facts in mind can really make a difference in generating what can be up to a third of your site’s revenue.
Online retailers are struggling to unearth the reasons why shoppers abandon their sites without converting.
Econsultancy recent Reducing Customer Struggle report reveals that a staggering 73% of the companies surveyed admit that they are unaware of the abandonment reasons
“I’m just browsing” is reported as one of the major abandonment reasons. This reason accounts for anywhere between 37% to 57% of the total online shoppers who left without buying.
Various cart abandonment surveys conclude that around 25% of online customers abandon their cart due to out-of-stock issues.
But the frequency of the stockout events is much higher than 25% as many customers encounter an out-of-stock page even before they’ve added one item to their cart, causing them to abandon the site altogether.
Furthermore, the impact of out-of-stock (OOS) extends well beyond the lost sales of the item alone. OOS have been shown to reduce the satisfaction a consumer has with a given purchase decision, leading to subsequent behaviors such as store- or brand-switching, complaints, and negative word-of-mouth.
So how can we tackle the out of stock problem online retailers are encountering today?
Like the excitement you feel when getting a phone number to set-up a date, gaining an email address from an ecommerce website visitor is the first step in building a relationship and turning that shopper into a customer.
But how can an ecommerce site gain visitor confidence in order to encourage them to provide their email address?
The following are a selection of industry best practices that help online retailers build relationships with visitors and gain email addresses: