Blog
Dec 2, 2024
What’s driving the returns boom?
The festive season is here, and so is the surge in returns. Uncover the key trends driving the rise in returns and what they mean for your business.
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Make technology work for you:
How to boost your online sales
In just a decade, online sales have gone from contributing to just 10% of total UK retail sales to 25%. While the growth of online sales has fallen from a peak of 37% during the 2020 pandemic, it’s clear that consumer behaviour is heading in one direction, online.
Not only are businesses having to adapt their sales models to keep up with these changes, manufacturers and wholesalers are being impacted too. Consumers are always looking for the next big thing with demand for rapid access to products – so retailers need to make sure they’re planning even further ahead than this.
This is where it’s important for brands to understand where their strengths lie and what areas they can boost to enhance sales online.
Multi, Cross or Omni-channel?
Another way of looking at this is, how do your customers prefer to shop and which channels work best for them? Beyond buzz-words, these ‘channels’ deliver a better customer experience – and in turn, boost sales.
Since the pandemic, and over the past decade, consumer’s purchasing trends have become less clear, with some sticking to physical stores, others only buying online and those who like a mix of both. The choice for consumers has meant most retailers, certainly in the mid and upper market, now sell through an omnichannel strategy.
Omnichannel means you can offer a virtually seamless customer experience, reaching your customer’s personal preferences easily and, ultimately, encourage customers to return and repeat sales. Omni-channel is arguably the best way to keep a customer’s loyalty and provide that extra level of personalisation, something that is craved more by consumers in recent years.
So, why isn’t every retailer using it? 62% of UK retailers stated that the main issue they face with introducing an omni-channel approach is finding the right way to connect all departments and gathering data.
Half of UK organisations are currently in the process of selecting which technology will help with this, such as having one central system, and 33% are planning to invest in having this technology by 2024, proving it is a priority.
Investing in ecommerce-centric systems is taking precedence with retailers, especially when it comes to reaching their customers easily. However, making sure all data and information is easily accessible and secure across the business is a challenge many will face.
With the growing popularity of even more platforms like social commerce where customers can make purchases through social media channels, retailers are having to find yet another way to gather customer information and make sure everything is integrated.
Utilising effective ERP software solutions like personalised central systems can allow the business to grow and create a clear and consistent experience for not only customers, but everyone working within the company. It allows everyone within the business, from store employees to sales forecasters to identify their individual customer’s needs and personalise their shopping experience. By doing so, customers are more likely to return and ultimately boost the business’ sales.
How to achieve the ultimate sales boost
- By utilising web and mobile analytics, retailers can effectively suggest products to customers based on their browsing and purchasing patterns, ensuring that their recommendations align with the customer’s specific interests and requirements.
- Marketers can leverage data from CRM systems and customer feedback to categorise their email lists and execute tailored campaigns to different customer segments. This personalised messaging has proven to result in increased open rates, click-through rates, and conversions.
- Insights gained from social media and third-party data provide valuable information on customers’ interests and preferences. This information enables us to develop campaigns that are highly relevant to each customer’s unique context, such as their location or the time of day.
By having a secure area to store customer details such as order history, delivery information, wishlist items and product reviews, there is more time for retailers to focus more on what they do best – running a business and boosting sales.
Discover more about driving online excellence with our dedicated Wise Talk:
