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Forrester reports that customers are willing to spend nearly five times more for excellent customer experience (CX) than they would for poor CX*.
But improving customer service comes at a cost. Besides the time and effort required, sometimes marketers need to take risks to make their company more customer-centric. Here are three examples of companies who have taken a leap in the name of CX innovation.
With the dust settled on another record-breaking trading period, what does the underlying data tell us?
This year Affiliate Window’s publishers generated £100m in revenue for 1,600 UK and US retailers across the four day Black Friday weekend bookended by Cyber Monday. That's a 46% hike in sales revenue for 2015.
Here are six underlying trends.
It’s well established that most consumers spend a huge amount of time considering an online purchase before parting with their money.
Many will consult up to 10 different sources, across a variety of devices over a period of between 20 and 30 days.
In fact, according to Google, more than 65% of its revenue comes from purchases that involve multiple touch points and 47% of revenue comes from purchases that span across several days.
I like writing about trends in digital marketing and ecommerce and the exciting thing about 2014 is I get the feeling we all have a better idea of where it’s headed.
In 2013, retail sales totalled $15.15tn. $1.2tn dollars (<8%) of this was spent online.
If online retail figures continue to rise (the most ‘virtual’ market is the UK, with 13% of sales online in 2013), it will likely be the product of a new generation of consumers and increasingly sophisticated retailers.
But how sophisticated is ecommerce today? What is achievable and will the holy grail of ‘omnichannel’ commerce ever be realised?
Rather than write pieces about smaller parts of ecommerce, such as order management or personalisation, I thought I’d try to cover all of it in one post.
These trends pick up and expand on some points discussed by Demandware COO Jeff Barnett at Xchange 2014.
Obviously, retailers are in varying stages of maturity, so feel free to let me know if I’ve overdone it some areas and not been aggressive enough in others. And practitioners, let me know what I've missed.
Online retail is rapidly expanding and is expected to become a $1.5 trillion industry this year.
Cart abandonment is cutting into profits for retailers, as 68% of carts are left behind before the purchase is complete.
While retailers can do little about some of the motives, they can ensure that the abandonment rates are kept to a minimum.
Christmas is always a busy time of year, so it comes as no surprise that consumers turn to ecommerce for a convenient way to get their shopping done.
A new Econsultancy survey found that in the UK a majority of people (61%) said that they completed more than half or all of their Christmas shopping online in 2013, while just 7% completed all of their shopping offline.
In the US the results were similarly slanted in favour of ecommerce with 50% of respondents completing more than half of their Christmas shopping online.
However US consumers were also twice as likely to solely rely on brick-and-mortar stores, as 16% said they didn’t do any shopping online.
The findings come from the second annual Econsultancy Christmas 2013 Online Shopping Survey Report, which interviewed 2,000 US and UK consumers in January using Toluna QuickSurveys.
Ordering online from Dr Martens is enjoyable. There are lots of shoes and boots that I want in my life, such as the Pendleton pictured here.
But Dr Martens doesn’t accept in-store returns.
This is something that, with the advent of multichannel retail, consumers have come to expect. I wonder how this is affecting buyers and business?
What do customers want in a multichannel experience and how will technology help deliver it in 2014?
Customers don’t always know what it is they want, but by looking at current habits, themes will undoubtedly emerge.
Walker Sands has recently surveyed 1,000 US consumers on the future of retail. The results are interesting and give some pointers to retailers hoping to stay on consumer trend for buying habits.
Here are the best bits:
I recently wrote a round-up post on the fairly new phenomenon by 'buy to give' ecommerce sites. One of the featured sites was MyGoodness.com.
I've been talking to its founders to find out more about its founding ethos and the future of the platform.
Will buy-to-give become a larger part of charities' efforts and charitable 'donations', as the consumer urge continues unabated?
Winter is here and the Christmas decorations are out in full force.
According to the BRC-KPMG Retail Sales Monitor, online sales over Christmas 2012 were up by almost 20% compared to the year before as almost 60% of people did most of their Christmas shopping online.
Now that consumers are increasingly using smartphones and tablets to shop, we will no doubt see an even greater surge in online Christmas shopping in 2013.
The feeling of leading a charitable and sustainable life is one that most of us want. For those of us that don’t straight-out donate to charity, making the right choices is essentially the best way to give back.
Sort of like that decision not to go to McDonald’s but to use the local bakery instead or buying a pair of TOMS, for example, we feel as if we’ve given something back without making any effort. Guilt-free consumption, if you will.
If you’re not familiar with TOMS, it's the shoe and eyewear brand with the ‘One for One’ philosophy. For every product bought, TOMS will help a person in need.
Of course, this reads a little like cheating on the part of the customer that wants to feel like a saint whilst getting those in vogue boating shoes. Well, actually I don’t think it is.
I think ecommerce and philanthropy are a natural fit, allowing customers to give something back simply by making the right choices.
In this post, I’ll be listing eight buy-to-give ecommerce companies and explaining why I think this movement might fundamentally change company culture.
The Middle East and North Africa edition of our Internet Statistics Compendium has seen some interesting updates over the past few months, with some fascinating insights into ecommerce across the region.
This post gives a general overview of the online retail numbers and brands which are proving significant in the Middle East. For further details of the many specific trends and developments within respective MENA markets, check out the latest edition of our ISC.