Beth Thompson

Future of eCommerce: 4 key insights from Nosto’s “Staying Agile: Optimising Conversion and AOV in 2020”

We launched our webinar series back in May, to explore with our key partners what the Future of eCommerce is starting to look like, and how we expect things to evolve over the next number of months. While eCommerce is soaring, retailers far and wide are eager to ensure that they are able to make up for the loss of revenue from brick and mortar stores to pick up the shortfall.

Nosto’s Ellie Docherty sat down with us virtually to discuss how to stay agile and optimise conversion and average order value, with an eye to some 2020 trends.

Did you miss the session? We’ve rounded up some key takeaways for you:

The initial loyalty shock

One of the most difficult things for merchants to deal with, and one of the most frustrating things for consumers, is managing delays and stock levels. Retailers may be struggling to keep up with the increases in demand. It is incredibly important to communicate with your consumers effectively, to manage expectations and minimise frustration and to avoid bad reviews and loss of loyalty. The addition of personalised messages regarding shipping and inventory on pop ups, banners and your cart page can be vital in effectively communicating with your customers.

It’s incredibly important throughout this uncertain time period to “forge community around your brand”. The inclusion of user generated content on site helps to reinforce the sense of community that your loyal customers create amongst each other. This is also especially important, as 87% of consumers trust recommendations and content generated by people they know and 71% of consumers trust recommendations and content generated by celebrities or influencers they follow.

Comfort first

Despite being more physically distant, we’ve been brought into people’s home life. It’s predicted that there will be relaxing of the corporate workplace once we come out of lockdown. From this, we have seen a huge boom in loungewear. Drapers stated “Fashion is a form of escapism, and comfort will continue to be a key factor of emotional recovery following the coronavirus”.

By keeping an eye on key trends, and utilising merchandising, you can ensure to bring the most sought after pieces to the top of your category pages and for your consumer, this makes their shopping experience as seamless and comfortable as possible.

Focus on health, safety and local

Consumers are increasing their trust in locally sourced and locally produced products in all markets. Especially with borders having been closed, many consumers now are leaning towards the mindset of: if they can see it, and identify it, they can trust it. For this reason, it’s beneficial to ensure that these topics are highlighted in your messaging.

Shift to a ‘value for money’ focus

Many retailers will be promoting messages of flash sales, huge discounts or great deals, however, they will be lost amongst a sea of similar messaging. While these do drive conversion, it will become expensive for retailers given the surge in online traffic.

Additionally, as we enter into a post-Coronavirus recession, many consumers will be re-evaluating the products they do purchase. Offering multiple, flexible payment options will support consumers with an uncertain financial future and encourage them to keep coming back to you.

In terms of discounting, personalising offers to different types of customers will help to spread the expense across your audience, in the most cost-effective way. For example, discounting based on lifetime value will encourage customers to return to purchase.

If you missed the session and want to access the webinar, fear not! We’ve recorded the session, and have made it available for anyone who missed out.

You can access the webinar here.

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