Do you have a Chief Conversion Officer?
Conversion rates are arguably one of the most important metrics in determining the health of your retail business. The industry average ecommerce conversion rate is in the ballpark of 2–3%, with a much lower average conversion rate seen on smartphones vs. desktop. In today’s world, where e-commerce has significantly matured, why is a conversion rate of a couple of percentage points still considered okay?
There are many variables that impact conversion, including site navigation, image quality and product availability to name a few. However, for many retailers there has been an immense amount of time and money spent to optimize the fulfillment process. While this allows for a more convenient customer experience, does this really help to convert more customers?
The problem is that over the past few years, Amazon has effectively commoditized fulfillment by creating a new standard around convenience. Rapid and reliable fulfillment is really the bare minimum that customers expect, not something that can be used as a carrot to lure customers into completing a purchase.
With highly optimized fulfillment as a base expectation, retailers need to rethink ways to increase conversion rates. At Radius8, we believe that increased conversion rates can be achieved by providing customers with a highly relevant shopping experience that influences customers at product discovery.
In our opinion, nothing is more relevant to retailers than their stores. Stores are where customers build valuable relationships with brands and it’s where the majority of customers still prefer to shop. Additionally, retailers have invested so much in their stores and store associates and for good reason, they are the best brand ambassadors.
However, these stores and the valuable inventory within these stores are disconnected from the online discovery process. In fact, to locate an item online with the intent of purchasing in-store is an arduous and time consuming process, made even worse when using a smartphone.
In the fast paced and hyper-competitive world of retail, if you have stores you need to adopt a plan that integrates them as an advantage to your customer conversion strategy.
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Originally published at www.linkedin.com.