With November just around the corner, businesses across the globe prepare for what is undeniably the busiest shopping season of the year. From the excitement of Black Friday and Cyber Monday to the global phenomenon of Singles Day and the festive spirit of holiday shopping, this period offers immense opportunities.
In recent years, the fourth quarter (Q4) has turned into a period of soaring sales volumes driven by Black Friday and the start of the Christmas shopping season – a pivotal time for consumers and merchants alike. Shoppers scour the market for a wide array of products, from electronics and fashion to beauty products and decorations, seeking the best deals. As anticipation builds, many shoppers start their buying spree early. According to Essendex, retailers need to be ready early, as 83% of consumers are happy to hear about Black Friday sales up to four weeks in advance.
In this article, we explore three key principles that merchants should prioritise in the upcoming period:
adopting a consumer-centric approach,
implementing personalised strategies,
optimising the payment experience.
Together, these strategies can lead businesses towards increased revenue over the next three months.
Consumer-centricity is not merely a buzzword; it's the foundational principle that can determine the success of an ecommerce business. According to PwC, 73% of customers rank customer experience as an important factor in their purchasing decisions. At its core, it means aligning every aspect of your business with your customers’ desires and needs.
Brands that prioritise fairness, empathy, and a tailored approach will stand out in the crowded marketplace. Remember, the customer is at the heart of your business – make them feel valued, and success will follow.
To truly put the consumer first, businesses should actively seek feedback by encouraging customers to leave reviews, conduct surveys, and monitor social media for insights into their shopping experiences. This feedback loop not only helps identify pain points, but also provides an opportunity to address them swiftly, enhancing the overall customer experience. A Deloitte study found that 62% of companies view customer experience delivered by contact centres as a competitive differentiator. This highlights the importance of customer-centricity as a requirement as it not only helps businesses attract and retain customers, but also fosters brand loyalty and drives positive word-of-mouth recommendations.
Once you've centred your strategy around the customer, the next step is personalisation. Ensuring customer satisfaction and engagement hinges on the power of personalisation. It's not just about offering products; it's about creating a unique shopping experience for each customer, based on their preferences, behaviour, and history with your brand. A recent Worldline research report titled ‘Expectations of online shoppers: today, tomorrow and beyond’ found that 70% of Europeans will be tempted to buy if they receive personalised content and discounts. This approach is about making customers feel that the products and services you provide have been meticulously designed for their individual needs, encouraging a profound sense of connection and loyalty.
Consumers and in particular millennials, the most prolific shoppers, are looking for more than just products; they want personalised experiences. Consider embracing new technologies like virtual shopping assistants, live shopping events, and augmented reality to provide a truly immersive shopping experience. Furthermore, subscription services and social commerce are on the rise, offering convenience, simplicity, and personalised product recommendations.
According to a study by Forrester Research, 77% of consumers have chosen, recommended, or paid more for a brand that provides a personalised service or experience. To achieve this, segment your customer base and personalise product recommendations, marketing messages, and discounts. Ensure exceptional customer service and adapt to evolving trends using artificial intelligence (AI) and machine learning (ML). Finally, maintain data privacy and transparency, assuring customers that their data is handled securely and transparently, and offer opt-out options if they wish to discontinue personalised services.
Implementing these strategies creates a shopping experience tailored to each customer, fostering a strong sense of connection and loyalty. A 2022 Worldline white paper found that 79% of consumers believe loyalty programmes are important. Customers recognise that your brand understands and values their individual needs and preferences, leading to repeat business, critical for success in the competitive world of ecommerce.
In today's age of cross-border online sales, providing flexible payment choices and ensuring a streamlined payment experience are pivotal for boosting conversion rates.
When it comes to reducing the most common challenge of cart abandonment, merchants should identify and address frequent reasons for abandonment, such as unexpected costs, a convoluted checkout process, or security apprehensions.
Worldline’s 2022 report discovered that 39% of consumers will not shop from a website that is difficult to use on mobile devices, 40% of consumers also said long and confusing checkouts are a barrier to online purchases, 24% weren’t interested in creating an account just for a single purchase, 18% didn’t trust the website with their credit card information, and 17% didn’t finalise their purchase due to a complicated checkout process.
Overcoming these challenges and delivering optimal results necessitates a blend of technical expertise, thoughtful user experience design, and data-driven analysis. This holistic approach is the key to enhancing the online shopping experience and driving greater conversion rates.
The checkout, being the final stage in the customer journey, requires a seamless and efficient process. To achieve this, businesses can minimise the number of purchase steps, alleviate friction points, and simplify data entry. Techniques like one-click checkout, guest checkout options, and auto-fill for customer information can be used to streamline the process.
To optimise the checkout process, it’s essential to assess the range of payment methods available and ensure that customers from multiple geographic locations can pay using their preferred payment method and currency. This includes integrating various payment methods such as credit/debit card, digital wallets like PayPal, Apple Pay, or Google Pay, as well as alternative methods like Buy Now, Pay Later (BNPL) and bank transfers.
Optimising these offerings will significantly contribute to an enhanced user experience. Customers should feel secure, confident, and at ease during the payment process. Besides implementing must-have security measures like SSL certificates to safeguard sensitive information, customers also expect to be provided with clear and concise instructions at each checkout step.
In conclusion, by embracing consumer-centricity, personalisation, and optimising the payment experience, ecommerce businesses can thrive during peak sales seasons and beyond. In an ever-evolving industry, staying ahead of trends and delivering exceptional customer experiences will be vital for long-term success. So, gear up, and be ready to make the most of the bustling shopping season ahead. Should you need advice, our experts are just a click away, ready to assist.
Habib is the UK Country Head at Worldline, leading the Merchant Services – Regional Businesses unit. His mission is to drive commercial growth for a wide range of clients in the UK. Recently, he has been supporting tech-forward companies to achieve a seamless checkout process with his consultative approach on innovative online payments solutions. Habib is passionate about business development, with over 13 years of experience in card payment processing solutions across various industries.
Worldline helps businesses of all shapes and sizes to accelerate their growth journey – quickly, simply, and securely. With advanced payments technology, local expertise and solutions customised for hundreds of markets and industries, Worldline powers the growth of over one million businesses around the world. Worldline generated EUR 4.4 billion in revenue in 2022.
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