Growth mindset merchants: outmanoeuvring, outcompeting and outperforming, produced in partnership with Coleman Parkes, reveals that European merchants adopting a growth mindset generate an average of 17% more annual revenue from e-commerce than fixed mindset merchants. In the UK, the difference was found to be even greater, with British growth mindset merchants generating nearly a quarter (24%) more revenue from e-commerce than their fixed mindset counterparts.
The study also found that growth mindset merchants are more optimistic and ambitious about revenue growth. 93% of growth mindset merchants expect to grow online revenues in the next 12 months, compared to 83% of fixed mindset merchants. Growth mindset merchants also experience lower cart abandonment rates because they are more likely to track cart abandonment and develop their abilities to address the root causes.
Roughly three in ten (28%) growth mindset merchants reported an increase in monthly sales during the pandemic versus two in ten (21%) of fixed mindset merchants, when compared with the same months in 2019. According to the company press release, the terms “growth mindset” and “fixed mindset” were coined more than 30 years ago by Dr. Carol Dweck. Individuals with a growth mindset understand that abilities and intelligence can be developed. They are more likely to take on challenges, learning from the process and furthering their capabilities. As a result, they tend to be more successful than people with a fixed mindset.
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