Why Experience-Driven Commerce Matters: 2018 Study
July 16, 2018
Using the 5 W’s to provide memorable experiences for shoppers
Global e-commerce sales are expected to eclipse $2.8 trillion. While this statistic confirms online shopping is on the rise worldwide, this growth is dependent upon a new finding from a recent Episerver report: Reimaging Commerce: Global Findings. Only 17% of people say shopping is their primary purpose when they visit a brand’s website for the first time. So, online shoppers log on to do more than purchase. The finding reveals a new modern definition of “commerce”, which no longer means making a purchase, but rather encompasses the entire journey from research to final sale. This suggests business should look beyond transactions and focus their efforts on other powerful engagement opportunities that are present throughout the entire online customer journey. Investing in all aspects of the online shopping experience and providing memorable experiences sets businesses up for long-term success.
Brands that focus on optimizing for experience over conversions win sales by knowing:
When a brand personalized experiences, a quarter of shoppers are more likely to purchase from the brand again, 20% are more loyal and 20% trust the brand more.
Fifty percent look at the product they came for first when visiting a brand’s website or mobile app. Consumers mirror in-store behaviors online and are loggings on to find information regarding deals, shipping information, payment options, returns, and more.
Businesses can identify future investments opportunities within their e-commerce experiences by determining where online shopping has disappointed consumers in the past.
The top 10 reasons for site abandonment:
1. Shipping was too expensive
2. Couldn’t find what they were looking for
3. Price concerns
4. Just browsing
5. Not enough info
6. Found a better product
7. Looking for store or brand info only
8. Shown irrelevant products/services
9. Checkout too long
10. Digital content wasn’t personalized
Most important content:
Images of Products in Use
Images of Products Not in Use
The increasing popularity of smartphone browsing indicates that brands must offer mobile-responsive websites and should start exploring location-based marketing strategies. Brands that can best satisfy shoppers’ diverse device desires position themselves to earn sales when shoppers are ready to purchase.
Adding new tech functions to activities like browsing and research can help shoppers see new technology as helpful partners along the path to purchase.