How can retailers boost conversion in the post-COVID retail world?5 min read
In today’s post-COVID world, online shopping is the new normal for cost-savvy consumers, meaning that conversion optimization is more important than ever for businesses.
How has Covid-19 affected consumer behaviour?
Self-isolation at home and sanitation concerns in physical stores have led more consumers to shop online than ever before. Even when coronavirus was in its early stages, online retail was already up 1.5 billion1 compared to January 2019 – a surge in interest typically linked to holiday promotions like Cyber Weekend2.
In the United States, total e-commerce sales are up by almost 80% in 20193, while online searches are also higher. Searches for home electronics, for instance (one of the most sought-after product categories), have risen by 40%, with an optimal 80% rise in year-on-year sales of those same products4.
Most consumers – 56% – say they are shopping on the internet more often during the pandemic and 14% say that they have bought online items for the first time5.
This trend is set to continue, with 31% of American 16-64 year-olds saying that their online retail habit will endure after the pandemic ends, and 30% expecting to visit physical stores less often. Among internet users across the world, almost half expect to continue shopping online, post-COVID-196. Many consumers – one in four – believe it is inevitable that at least some of their future employment will be done from home7.
Even as brick-and-mortar stores start to reopen their doors, online conversion rates have continued to increase. As the weekly number of online transactions has dipped, e-stores are continuing to see a rise in sales8. As normal life starts to resume, consumers have continued to find that internet shopping suits their lifestyle.
But with a struggling world economy and unemployment at peak levels – two in three American families are on lower earnings9 – consumers are also looking for the best prices when shopping online. Nearly 60% of shoppers look at multiple websites before buying a product, and over 40% search for the lowest prices10.
What do consumers expect from retailers?
Home-bound consumers turn to online shopping for their lower prices and practicality. Yet, at the same time as searching for better deals, most internet shoppers would like a faster, more streamlined shopping experience – perhaps to reduce the total amount of time spent at a screen.
Nearly 85% of internet shoppers would like to see a shorter list of buying options including fewer sites to visit11, indicating that today’s web searches yield too many results and sites for most consumers. It is clear that customers are looking for efficiency and price transparency from retailers.
Retail analysts predict that as businesses adapt to a post-COVID future, optimization of price information will be one of several upcoming trends.
Consumers have greater expectations from online experiences in terms of unlimited selections, instant delivery, transparent pricing and more flexible payments, … We are therefore going to see a greater focus and investment dollars on those e-commerce platforms.13Anson Bailey, Head of Consumer and Retail at KPMG
Among the obstacles faced by retailers, in meeting this new consumer demand for personalization, are limited functionality of tools – 36%, a lack of knowledge – 37%, and a lack of resources to measure ROI – 24%14.
What solution can businesses adopt?
In this post-COVID environment, businesses which provide convenience and transparency – saving the shopper time and money – will increase sales and customer satisfaction.
Shopbrain’s Conversion Optimizer is an intelligent tool that delivers Controlled Price Transparency – without sacrificing margins. The consumer is presented with the advantageous price of your product, alongside alternative price offerings from other retailers.
The self-operating tool works by searching the internet and your product catalog. A widget is displayed next to the item, with the resulting data gathered by the smart solution. The appearance of this data is optimized to each shopper, according to their online interactions.
Conversion is easy to track – allowing a clear understanding of ROI. While the Conversion Optimizer helps to boost sales – which should continue to increase, the longer the self-learning system operates – the results are displayed in a clear analytical dashboard.
Do you need to increase conversion in today’s post-COVID market? Our advice team will demonstrate how our solution can boost sales for your website. For more information, and to enquire about our 3-month, no-risk trial, email us today: firstname.lastname@example.org.
- SEMrush & Statista Survey – https://www.statista.com/statistics/1112595/covid-19-impact-retail-e-commerce-site- traffic-global/
- QuantumMetric – https://www.quantummetric.com/covid-19-online-sales-impact/
- Adobe Digital Economy Index – https://www.adobe.com/content/dam/www/us/en/experience-cloud/digital- insights/pdfs/adobe_analytics-digital-economy-index-2020.pdf
- Rakuten Intelligence (March 4 2019 – April 14 2019 & March 2 2020 – April 12 2020) – https://www. rakutenintelligence.com/insights/whitepapers
- Zoovu – https://resources.digitaldoughnut.com/partner/zoovu/What-COVID-19-Means-for-Ecommerce-511
- GlobalWebIndex April 2020 – https://www.globalwebindex.com/coronavirus
- GlobalWebIndex Coronavirus Multimarket Study – https://www.globalwebindex.com/coronavirus
- Contentsquare 2020 – https://contentsquare.com/blog/impact-of-coronavirus-on-ecommerce-online- engagement-still-high-as-many-sectors-record-small-decline-of-traffic-and-transactions-update-15/
- Nerdwallet – https://www.nerdwallet.com/article/finance/covid-19-study
- The CMO Survey – https://cmosurvey.org/wp-content/uploads/2020/06/The_CMO_Survey-Highlights-and_In- sights_Report-June-2020.pdf
- The CMO Survey – https://cmosurvey.org/wp-content/uploads/2020/06/The_CMO_Survey-Highlights- and_In- sights_Report-June-2020.pdf
- Zoovu – https://resources.digitaldoughnut.com/partner/zoovu/What-COVID-19-Means-for- Ecommerce-511
- KPMG – https://home.kpmg/cn/en/home/news-media/press-releases/2020/05/covid-19-accelerating- four-key-fundamental-retail-trends.html
- Yieldify, Personalization After COVID-19 – https://www.yieldify.com/ebooks/personalization-after-covid-19/