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?
An analysis by Barilliance indicates that:
1. A higher number of consumers were browsing the retailers’ websites, with sessions increasing by 5.9%.
2. More visitors were converting and making purchases, leading to a 30% increase in sales.
3. Fewer consumers were abandoning their shopping carts prior to making a purchase; cart abandonment dropped slightly by 1.3%.
In light of these findings, UK retailers should utilise specifically-targeted website personalisation tactics to entice international shoppers browsing UK retail sites, thereby increasing the conversion rates of non-UK leads.
Create a sense of urgency with prompts highlighting current low GBP rate
UK retailers can create prompts, such as banners, messages and pop-ups, highlighting the low GBP rate to non-UK website visitors.
Geo-targeting consumers, using methods such as e-mail acquisition and sending out trigger e-mails, can enable UK online retailers to promote post-Brexit currency shifts to their advantage, marketing ostensibly reduced prices to international customers accustomed to making transactions in other currencies.
Furthermore, highlighting the current low GBP rate as a “limited-time opportunity,” likely to change at any given moment, UK online retailers can create a sense of urgency among non-UK website browsers, promoting conversion even amongst the most hesitant of shoppers.
Create targeted promotions to international website visitors to enhance personalisation
Creating geographically-targeted promotions to website visitors from foreign countries enhances personalisation and increases conversion.
Retailers can create banners and popups targeted at specific countries or regions and segment these promotions by city, thus providing the consumer with a very personalised shopping experience.
For example, a retailer could offer German customers a special coupon that is exclusively available to them – or that appears to be exclusive.
Additionally, while the current GBP-foreign currency exchange rate may tempt website browsers to purchase from UK retail sites, the mere thought of international shipping and customs fees may be daunting enough to lead customers to abandon their carts and pay a heftier local product price.
UK online retailers can create personalised website prompts announcing to international customers that the company provides shipping services to international addresses. Furthermore, they can offer free or reduced-cost international shipping to non-UK customers.
Customers who do not have to worry about shipping hassles and costs are more likely to make international purchases, despite longer delivery wait times when compared to items bought locally.
If the customer abandons the cart before completing their purchase, retailers can send geo-targeted email that highlight the free or low-cost and makes the purchase worthwhile.
Issue limited-time discounts or coupons to international customers
Presenting non-UK customers with promotional offers valid for a limited time can entice consumers to act immediately and purchase desired items at the reduced price.
Internationally-geared limited-time discounts and coupons benefit the company’s overall revenues as well.
UK companies feeling the post-Brexit economic pinch can vastly increase individual sales to international customers using promotional offers, despite the company’s profit-per-item rate being lower than originally projected.
The discount offer value can be changed according to the cart value, enabling retailers to offer, for example, a 15% discount for carts up to £499 and a 20% discount for carts above £500.
UK online retailers should take advantage of the post-Brexit referendum low GBP rate and target non-UK website visitors utilising website personalisation tactics.
International customers benefit from the strengthening of foreign currencies against the GBP, while the UK retailers gain new customers, increased sales, reduced cart abandonment and a rise in overall revenues.
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