Series Three – What Do Customers Expect from Retailers?
Our latest blog series pulls together valuable retail statistics with series 3 focusing on customer’s expectations from today’s retailers. It’s important to highlight that one size does not necessary fit all and a fundamental understanding of your customer base is essential.
Security
Getting the basics right is non-negotiable. On a retailer’s website, security for your customer is a crucial element with 84%1 of consumers will abandoning a cart if they believe a website is not secure.
Speed of Purchase
Speed of purchase is also high on a customer’s requirements list, a significant 87%1 reported to abandon carts when the purchasing process is deemed to be too convoluted. Sending your frustrated customer straight into the arms of your competition. A responsive website is also fundamental to a retailer’s success and expectations are high. 53%1 of customers will leave a mobile site if it takes more than three seconds to load a page. Furthermore, for every second delay, conversion can fall by up to 20%1.
The Right Information
Providing the customer with all the information they need to make an informed purchase is also a key driver. 51%1 of smartphone users moved away from their original retailer to an alternative because their second option presented the right information when they needed it.
Delivery Options
Delivery options has always been a hot retail discussion topic. It’s essential to know your customer base, their expectations and understand your direct competition and the service they provide. Without doubt customers are expecting faster and cheaper delivery options. The latest research from PWC states 88%2 would pay more for same-day or faster delivery. BRP further supports this with statistics that highlight how quickly same day delivery options are developing. In 2018, 51%3 of e-commerce brands now offer same day delivery, this figure has increased dramatically from the previous year. In 2017 only 16% of e-commerce brands offered same day delivery as an option. Experts predict that within the next two year, 65% of retailers will offer same day delivery.
Returns Policy
A retailer’s returns policy is also a contentious area for debate and one which could win or lose customers. 68%4 of consumers said they would be more likely to shop on sites that offered automated returns.
2. https://www.pwc.com/gx/en/industries/consumer-markets/consumer-insights-survey.html
3. https://brpconsulting.com/same-day-delivery-triples-in-past-year/