Most retailers expecting online revenue growth
Ninety-one per cent of retailers expect online revenue growth this year, and are focusing on personalisation, mobile and customer experience, according to a new report by SLI Systems.
The 2018 E-commerce Performance Indicators and Confidence (EPIC) report highlights focus areas for the year, areas of investment and analyses how mobile initiatives have been used since the year prior.
“This report echoes many of the themes we’re seeing in our customer base,” SLI Systems chief executive Chris Brennan said.
“Online revenues are increasing, but it takes a focus on the shoppers experience and the myriad ways people find your brand and connect with your products to make it happen.”
According to the report, one third of retailers globally believe they already provide customers a personalised online experience, with a further 49 per cent aiming to implement it in the year to come.
Offers that are triggered based on a customers online behaviour is the top way of personalising content for consumers, with 42 per cent of retailers providing this function, while 35 per cent send emails or categorise page results based on online behaviour.
Retailers in the homewares and home furnishings space are the most aggressive in their plans to personalise content, with 71 per cent looking to leverage it within the next year.
41 per cent of surveyed retailers increased their monetary investment into mobile e-commerce, while half said they would maintain their current levels.
Overall, 80 per cent of retailers expect revenue from mobile sites and apps to increase, with 95 per cent in the Food and Beverage industry, 94 per cent in Homewares/Home Furnishings and 93 per cent in Apparel expecting an increase.
A quarter of survey respondents claimed customer experience was the most important initiative, while 16 per cent cited advertising or paid search, and 15 per cent saw replatforming as vital.
Last quarter, the results saw replatforming as the most important initiative according to 17 per cent of respondents, with customer experience trailing behind at 16 per cent, followed closely by inventory, logistics and fulfillment at 15 per cent.
The report was compiled in April 2018, and received qualified responses from 276 retail industry professionals worldwide, though primarily located in the US, Europe, Australia and New Zealand, with all those involved selling goods or services online, with 65 per cent selling in stores and 44 per cent selling on Amazon.