KPIs, or key performance indicators, are a way for companies to track their progress toward a specified goal. As a retailer, recognizing retail trends and the most important KPIs to measure, allows eCommerce professionals to improve current strategies and helps focus on the factors that impact their chances of reaching their intended results. Retail KPIs often include factors like conversion rate, consumer retention, and other metrics that show that a retailer is on its way to increase revenue. Here’s a look at common retail KPIs examples, retail KPIs to monitor, and retail KPI formulas to showcase the importance of monitoring
Quality product images are a key deciding factor for 93% of retail customers when considering the purchase of a product. Clearly, the way they visually represent the wares online — whether that’s through email marketing campaigns or in an online retail store — matters to customers. Dynamic images improve the online experience, allowing customers to have a complete view of products and feel more engaged in the buying process. This article takes a look at how that works, as well as some of the best dynamic image generators to use in 2022. Table of Contents > What is a dynamic
Providing an assistive customer journey and foretelling customer needs is a catalyst for exponential growth, as 89% of profitable companies say. To thrive in retail, you must continually improve customer touchpoints throughout the purchase journey to earn and keep loyal customers. Building on customer experience best practices will fortify the customer journey and refine your overall customer experience quality. Considering that 73% of customers prioritize customer experience over price and product quality when making a purchase decision, it’s clear that a successful customer experience is the lifeline of retail brands. To keep turning profits, you need to implement and maintain
The focus of retail businesses has shifted in recent years from traditional “customer service” to learning how to create memorable customer experiences. Increasingly, the emphasis is on expanding omnichannel interactions across platforms, mobile devices, online checkouts, brick-and-mortar locations, and anywhere else customers and businesses interact. eCommerce’s trajectory brought about new and improved ways of conducting business and enhancing the omnichannel experience. Statistics have a funny way of showing retailers and marketers the right way, proving what we already know. That a good customer experience is mandatory for the nurture of brand-consumer relationships; brand loyalty may be hard to come by,
In 2020, even amidst the Covid-19 pandemic, Halloween expenditure held its ground proudly with the overall spending in the United States alone reaching the amount of 8 billion USD. Statistics continue to impress even across the Atlantic, with 49% of the UK population being invested in Halloween, spending every year their hard-earned money on holiday paraphernalia. Impressively, these numbers make it abundantly clear that neither the apocalypse nor any other hardship is enough to keep customers from celebrating their favorite holidays. As a result, taking into consideration every retailer’s need for inspirational campaigns, we took the time to gather for
When 80% of sales consistently come from 20% of your existing customers, it goes without saying that keeping those buyers around and engaged is a top priority. Retail customer engagement strategies drive retention rates, and with 86% of consumers reporting they’ll pay more for a better brand experience, it’s an open opportunity to form lasting relationships with customers and increase your bottom line. Since the pandemic hit every retailer hard, changing the retail world as we know it, optimizing your business’s omnichannel strategy and finetuning your customer engagement plan can have a bold difference in your quarterly and yearly results.
Without a doubt, this summer will be different from the previous one and hopefully better. The COVID-19 vaccine brought a sense of optimism in the consumers that are eager to return to their pre-pandemic summer habits. After a tiresome winter, we all crave some summer “revenge shopping” and a much-needed holiday. Seasonal summer sales tend to be a “smoother” period for balance sheets, but there is always space for hot summer marketing campaigns to monetize. So we decided to create a list of summer marketing best practices for retail. Even in the summer, digitality is still king with the majority of travelers
Mother’s Day is a big day for mothers and the retail industry. Mother’s Day, which is celebrated on May 9th this year, is the third-largest retail holiday in the U.S. The nuance of Mother’s Day is that shoppers are buying primarily for their mothers and stepmothers. A part of that $20B Mother’s Day retail spends also includes purchases for wives, daughters, grandmothers, sisters, and even friends. Consequently, any retailer should have a marketing campaign ready to roll out for the big holiday. Below you’ll find a combination of online and physical retail best practices for your Mother’s Day marketing strategy. Impressive Mother’s Marketing
Each year, Gartner publishes a list of the top strategic technology trends for businesses to pay attention to for the upcoming year. As a world-leading research and advisory company, Gartner understands the retail business and how customers interact with it, so understanding their trends each year can have a significant impact on your business. Compared to last year’s Gartner trends, which focused on D-commerce, personalization, and privacy, among other things, the Gartner trends 2021’s retailers need to care about are driven by AI engineering, distributed cloud, and cybersecurity mesh. Let’s take a look at this year’s Gartner trends and — most importantly
Who doesn’t love Valentine’s Day? If you’re an online retailer, you already know that the international celebration of true love is a great time to boost sales and to recover from the post-holiday slump. In 2020, Valentine’s Day sales reached an all-time high, hitting $27.4 billion in the United States alone. This year, as retailers cope with the economic fallout of the COVID-19 pandemic, Valentine’s Day sales are more important than ever. The future of eCommerce in the post-pandemic era seems to be promising, with emerging retail technologies and opportunities arising. Since Valentine’s Day campaign is one the most important marketing campaigns of
Much of the world we live in today depends primarily on technology. It influences nearly every aspect of our lives, from how we communicate with one another to the way we conduct our businesses. At the same time, technology is ever-evolving, shifting to make our lives more convenient and enjoyable. As new technology trends emerge, the wisest decision for any business is to keep up and adapt. This is especially crucial for those in eCommerce and retail, as it’s those technological advancements that keep customers coming back for more due to differentiated shopping experience. 2020 put retailers in quite a
In the first quarter of 2020, the United States accounted for $160.3 billion in retail sales through e-commerce channels. In 2019 alone, eCommerce sales increased by 11.1% more than total retail sales. This stat indicates that sales online are beginning to outperform more traditional methods of purchase. The growing ratio of online retail sales isn’t a new trend, either. Digital Commerce 360’s analysis of data from the US Department of Commerce reveals that eCommerce sales have been on the rise for over a decade. The COVID pandemic has only encouraged the popularity of eCommerce through the shutdown of brick and mortar stores.
At this point, it’s no secret to anyone that 2020 has been a trying year that has thrown all standard operating procedures out the window. As we head into the holiday season, there is still a lot of uncertainty ahead. Consumers are expected to spend about $50 less per person this holiday season, increasing competition among existing retailers to secure those holiday dollars. Marketing campaigns need to adapt, along with everything else this year, and follow retail best practices for COVID-19. This year’s best practices will be clearly different (vs last year), since brands are called to take much more complex decisions,
In recent years, customer engagement has grown to be the new buzz word among customer experience advocates. The more engaged your customers are, the more emotionally invested they are in your business, and hence more likely to advocate your brand. Given that study has shown that a 5% growth in retention can lead to 25% growth in future profits, it’s no wonder organizations across all sectors have embarked on passionate pursue in growing customer engagements from the leadership and down. As an industry disproportionately affected by the recent pandemic, retail businesses have extra incentive to provide distinctive customer experience to
The COVID-19 crisis has been devastating on businesses around the world, causing major disruptions to all business functions – from operations to supply chain management to marketing and sales. One of the sectors most affected by the crisis is the retail industry, as physical retail stores are ordered to shut down in cities across the world. Yet, despite all the trauma induced by this global pandemic, there is a glimmer of a silver lining out of this crisis. COVID-19 is considered to be one of the most impactful market disruptors in recent history, opening several windows of opportunity for businesses
As red and pink hearts begin to pepper the shop windows, it’s a reminder that Valentine’s Day draws near. Despite the proximity to Black Friday and Christmas period, Valentine’s Day remains one of the top holidays for boosting retail sales. In 2019, American consumers spent a record-breaking $21B on gift-giving during this period, according to the National Retail Federation (NRF), with younger millennials (age 23-29) and Gen X leading the spending. In 2021, during the 2nd year of the pandemic, the total spend on Valentine’s Day-related products accounted for $21.8 Billion. Whether if you have already started the Valentine’s Day