Retail Renaissance: Brands Share Outlook For 2021

Retail Renaissance: Brands Share Outlook For 2021

https://ift.tt/3uqLx3q

Email marketing is the most important tool being used by retailers to improve online conversion rates, according to The Retailer Speaks: 2021 Performance and Conversion Retail Survey results, a study by Digital Commerce 360.

Of the retailers polled, 51% cite email, while 48% specify branding and 48% list social media.

Another 36% mention free shipping and 24% cite free return shipping.

This is happening as 70% report revenue being up overall in 2020. For 53% it was up 25% or more. 

Traffic was up or 85%, website revenue for 76%, conversion rates for 75%, profitability for 67%, marketplace revenue of 65% and AOV for 50%.

At the same time, retailers report these top-five ecommerce accomplishments in 2020:

• Topline growth/increased revenues — 61%
• Online marketing growth — 52%
• More efficient marketing spend — 48%
• Significant customer acquisition — 42%
• Greater profitability — 35%
• Optimized customer experience — 35%
• Improved site performance — 31%
• Better customer service — 30%
• Mobile sales growth/penetration — 28% 
• Improved customer retention — 26%
• Faster fulfillment — 24% 
• Heightened customer satisfaction — 22%
• Improved warehouse operations — 20%
• Omnichannel offerings (BOPUS, curbside — 18%

“Both positives and negatives round out the top five with promotions like free shipping still being important to retailers,” the study notes. 

What had the biggest impact on 2020 online holiday sales performance? The respondents list:

• Overall ecommerce growth — 62% 
• Shifts in consumer spending as a result of the pandemic — 56% 
• Online marketing growth — 37%
• Promotional strategy, including free shipping — 37%
• Fulfillment challenges and related costs — 33%
• Upgraded experience including performance — 27%
• Issues with supply chain — 26%
• Expanded assortment — 26%
• Customer service improvements — 25% 
• New marketing initiatives — 24% 
• New business models — 22%
• Technology investments — 22%
• Faster delivery — 19%
• Omnichannel initiatives (BOPUS, curbside pickup) — 16%
• Alternative payment options (PayPal, Amazon Pay/Affirm, Afterpay, etc.) — 16%
• Elevated mobile experience — 14%
• Platform change — 10%

What’s next? Retailers plan to increase their investments in the following areas in 2021: 

• Digital marketing — 78%
• Customer experience — 65%
• Technology and systems — 62%
• Personalization — 59%
• Customer service — 58%
• Ecommerce platform — 53%
• Web design — 53%
• Performance marketing — 51%
• Mobile commerce — 49%
• Supply chain — 48%
• Marketplace initiatives — 47%
• Inhouse (operations, automations, etc.) — 43%
• Logistics — 41%
• Artificial intelligence — 35%
• Omnichannel (BOPUS curbside) — 26%
• Virtual reality — 14%

Digital Commerce 360 surveyed 103 retail marketers earlier this year. 

Mobile Marketing

via MediaPost.com: mobile https://ift.tt/2oB2PsH

February 22, 2021 at 04:18PM