Sorted by Tag: Customer Experience Management
Shopping cart abandonment is a big problem for retailers; a problem to the tune of $18 billion/year. If customers are selecting products in your webstore, then deciding they don’t want to buy, you are leaving money on the table.
Many of the cited offenders are outcomes of mismanaged multichannel strategy.
Not meeting your customers’ demands can mean the end of your company’s growth. Your competition sells through multiple channels. They offer fast delivery and different options for returns. If you aren’t doing the same, you are losing business to your competition.
This is true in virtually every market, but we’ll dive into some specifics in the outdoor industry to make it more tangible. If you’re not an outdoor retailer, think about how your industry faces similar challenges. They likely apply to you, too.
In retail, your job is to sell products. When you sell products, you generate revenue (and hopefully profit). If you sell more products, you increase revenue. Therefore, the more you sell, the more profitable you are, right?
It may seem counterintuitive, but there are reasons increasing sales can actually lead to a reduction in profitability. Reverse logistics (item returns, specifically) is one of the stickiest parts of your retail business. And, it can cause this profitability paradox.
The cheapest way to deliver is to not deliver at all, yet in a recent survey conducted by RIS News, only 26% of senior executives of mid-sized and large retail chains said they have up-to-date technology for Buy Online/Pickup In Store. This means only a quarter of stores are providing the seamless transition from online to in store that’s become the new retail holy grail.
The way customers shop is evolving, and so should the way we sell. This blog post will talk about the importance of Buy Online/Pickup In Store (BOPIS) and how you can use your store to your advantage against online only retailers.
With the steady increase in online shopping, it’s crucial to start selling your products online to grow your business. However, it’s harder than you may expect to make your website capable of handling online transactions. Connecting your site with a payment processing provider often requires advanced technical knowledge.
Luckily, third-party payment service providers give you this capability without the complexity. These type of providers deliver the solutions to process transactions and create a better shopping experience for your customers.
But, there are multiple types of payment service providers available. They have different features, capabilities and rates. How do you figure out which one is best for you? (more…)