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Britain’s online retail business has a leading position compared with other major European economies. The growth is set to continue with the number of online purchasers reaching over 46 million by 2021. Our research investigated the potential for retailers to secure additional value by exploiting new technology and identifying existing best practice approaches.
More robust investments into online channels from British retailers could boost the annual value of online purchases by £3.74bn. In addition, it can provide cumulative time saving of 614.4 million hours over the next 5 years from consumers browsing online.
To achieve these, retailers need to continuously watch and truly understand consumers’ behaviour and the change of their preferences. Investment into ecommerce doesn’t always require a large amount of capital, simple actions such as sending a reminder email of the items in the shopping cart could effectively increase the conversation rate.
Infographic frame details:
1 – Adding value by investing more in online channels, retails could unlock an extra £3.74bn for the sector and annual revenue per customer by £1,883 by 2021
2 – Slipping through the net : the average basket conversion rate is 9% and 27% of retailers find no barrier to investing more in e-commerce
3 – The happy factor; how satisfied are retailers with online conversion? 73% of all retailers are happy with conversion, 85% of medium and large businesses are happy with conversion and 68% of small businesses are least satisfied
4 – Omnichannel investment : Priorities for the year ahead are search commerce, personalised ads and social commerce
5 – Converting customers; retailers believe the most effective ways to convert customers are free delivery (27%), customer reviews (19%) and simple user experience (17%)
6 – Find out more about how to maximise conversion rates in our ‘From browse to buy’ report.
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