This June, hundreds of retail professionals came together in London to discuss the latest industry trends, developments and challenges at eTail Europe 2018. NetComm Suisse was at the event, sharing insights, meeting business leaders, and learning from brilliant presentations and panel discussions from e-Commerce leaders such as Amazon, Keros Digital, Argos, Vivienne Westwood, Lidl and River Island. For anyone who wasn’t able to make it, here are five of our favorite takeaways from the conference.
1. GDPR IS A GREAT OPPORTUNITY FOR RETAILERS TO CREATE CUSTOMER VALUE
One month after the arrival of the General Data Protection Regulation, there is a general consensus that it represents an opportunity for retails to integrate transparency into their day-to-day operations and build trust with their customers.
As Alex Rutter from IBM Watson highlighted, GDPR is the perfect occasion for retailers to rethink how to convert data into actionable insights and improve the customer experience. In the long term, businesses that embrace the change will have a competitive advantage that sets them apart from the competition. What’s more, retailers with a strong reputation in the market are more likely to gather real-time data from their customers, as they will choose to share their behaviors and preferences, knowing that their personal data is in safe hands.
2. MOBILE COMMERCE IS ON THE RISE
In the past, many online shoppers tended to browse on mobile and make a purchase later on desktop. That trend seems to be shifting.
In fact, “in most world regions, mobile now accounts for more than 50% of online transactions, and in-app sales dominate”, says Tal Ofer from Keros Digital.
But is being mobile-friendly enough for retailers? Apparently not.
According to a recent report by Google, 53% of mobile shoppers will give up if content doesn’t load within 3 seconds. This puts pressure on retailers to offer a better and quicker mobile shopping experience than ever before. If your site is not responsive and doesn’t have a mobile check-out, you’re out of the game.
3. BUY NOW-PAY LATER DRIVES CONVERSION RATES
Driven by the aim to bring more customers to their portals, an increasing number of retailers offer customers the option to "buy now, pay later".
Indeed, for consumers this is a good option to not abandon cart due to transaction issues.
As Laurel Wolfe from Klarna said:
4. DIGITAL NATIVE BRANDS INVEST IN BRICK & MORTAR
“Good internet retailers should have a brick & mortar showroom to let customers experience the product”, said Julien Callede, founder of made.com, during his talk. He added, “the idea of digital-only or physical-only doesn’t matter and it’s quite old-fashioned. It’s about what experience you want to offer. Retailers should create different touchpoints for customers, and the online and offline shopping experience should be seamless and consistent”.
5. PERSONALIZATION IS THE KEY TO CUSTOMER SATISFACTION AND LOYALTY
As Karen Pepper from Amazon Pay stated, last year alone lack of customization and consumer trust cost businesses 756 billion dollars, while 73% of customers are likely to switch brands if the experience is poor. Customized shopping experiences will go a long way in building customer trust, amplifying customer satisfaction, boosting brand persuasiveness and increasing conversions and overall revenue.
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