With Amazon Marketplace ‘reaching maturity’ (or creeping nearer monopoly status depending on your perspective), it is more important than ever for businesses using the ecommerce channel to establish, understand and exploit their key differentiators in order to be competing in the market place. We also need to be investing in CRO – Conversion Rate Optimisation – to ensure that we are not losing sales through providing a poor user experience.
Competing against the Monopoly
It’s not enough to develop a robust strategy to compete on price and service, we need to harness the power of the USP. This may be outstanding customer service or exceptional product knowledge and appropriate advice, however you augment your customer experience (beyond the ‘benchmark’ Amazon offering), the human element is sure to be a winning factor. The is just no substitute for an agile brain, a heartbeat and a warm smile!
Time to Check out your Checkout
Recent Stripe research indicates that millions of pounds are being lost due to digital till errors and flawed checkout flow on top UK websites with 82% having 3 or more significant errors in their checkout flow. Simple unforced errors such as real time card validation are causing customers to abandon cart. This simple to rectify issue was demonstrated on 38% of the most popular commerce sites examined with only 30% blocking the entry of expired card details. Cases of incorrect entry can be minimised through the use of simple tools such as having auto-fill correctly set up, allowing customers to breeze through checkout error free.
Mobile checkout is king/dictator!
Scarily, nearly ¾ of mobile carts are abandoned, mostly due to poorly considered checkout flows that haven’t been optimised for mobile order placement. Stripe’s UK Manager Iain McDougall calls these “conversion killers”. With mobile payment technology becoming as easy as a smile or a fingerprint it is hardly surprising that it is being adopted at a startling rate. Stripe research indicated that investment in checkout flow can significantly improve conversion rates, for some implementing Apple Pay, mobile conversion rates have doubled.
B2B Embracing Mobile
Whilst in the B2B world, expectations would be that the vast majority of orders would be placed via desktop, it’s unlikely that the trend towards mobile transactions is likely not to ultimately permeate B2B. Current predictions are that 2018 will see a rise to 70% of ecommerce traffic being credited to the mobile channel and increasingly buyers can be seen walking warehouse floors tablet in hand.
If you would like to discuss any of these and other challenges further please contact Simon Phillips on 01787 319393 or email us.