10 new consumer habits you need to know before Black Friday
August 27, 2021
10 new consumers habits you need to know:
- In 2020, mobile purchases accounted for 52% of overall cyber weekend sales. (Kooomo)
- Mobile cart abandonment increased 80% in 2020 compared to the previous year. (Ultra Commerce)
- Retailers who utilised Black Friday landing pages saw a 330% revenue increase on the monthly average and conversion rates increased by 50%. (Kooomo)
- Retailers who added Black Friday labels and standard offer category pages increased revenue by 160% on monthly average increased conversion rates by 38%. (Kooomo)
- 50% of consumers are only somewhat comfortable sharing info with brands while 39% are not comfortable. (Kooomo)
- A third of customers would ditch a brand after just one bad experience - (The Drum)
- Consumer loyalty is wavering - 36% of consumers have tried a new product brand in the past year and 73% of those intend to continue seeking out new brands in the future. (PWC)
- 61% of shoppers prefer to purchase on sites that offer AR experience (DataWatch)
- 70% of consumers are more likely to spend more money when their preferred payment method is an option. (ROI Revolution)
- 97% of online shoppers expect the ability to monitor their orders throughout every step of the shipping process - preferably by SMS or email. (Sendcloud)
Mobile optimisationMobile optimisation is one area that is majorly overlooked by online retailers in general - not just around the golden quarter. Mobile. Over last years cyber weekend, 52% of all Kooomo merchant sales were conducted on mobile. Optimising your store for mobile is essential for a successful customer journey. During this shopping period last year, mobile cart abandonment increased by 80% compared to 2019. Cart abandonment typically happens at the checkout, where, unless properly optimised, the prices can become niggly and frustrating. Replace the need to fumble around for cards and numbers with instantaneous processes. For example, encouraging the use of digital wallets can result in three times more conversion rates. You should also personalise your mobile messaging and ensure your CX is built on smart recommendations to provide a competitive customer journey.
Landing pages and bannersOver Cyber Weekend 2020, our data experts recorded a stark contrast between merchants who used promotional landing pages and tags compared to those who did not. Not only that, but retailers who went the extra mile and supplemented landing pages with product and service information (such as delivery times and return windows) saw a further 30% increase in conversion rates. This further supports the idea that transparency of information adds to your overall CX. You should always strive to do most of the work on behalf of your consumer too - the less friction, the more likely they are to complete their purchase. Lead them to your offers and communicate with them clearly. Words to live by.
Consumer loyalty and trustAs we can see from the stats above, consumer loyalty has wavered since the pandemic began. Consumers will no longer “sit tight” if an item is out of stock - they are now savvier and, therefore, more inclined to explore other options. With 36% of consumers trying new brands and 73% of them keen to continue exploring new brands, it’s a bit of a double-edged sword for retailers. You may now have the potential to gain new explorers but also risk losing them to curiosity. Loyalty schemes are a great way to build relationships with your customers ahead of Cyber Weekend as 84% of consumers are more likely to stick with a brand that offers a loyalty program. Not only that, but it will allow you to curate hyper-personalised experiences that will keep them returning in the long term.
Options and innovationWhether it’s the colour of a jumper, the method of delivery or how a shopper wants to pay, plentiful options are a key way to differentiate your brand during the sales. As we can see above, consumers are more likely to increase their spending when their preferred payment method is available. The payment methods you offer should vary (such as ApplePay, BNPL, Debit/Cards PayPal etc) and create a secure and instantaneous checkout. Coming back to the topic of transparency, it’s vital to remember that the CX doesn’t end after “Confirm Order”. Consumers become actively more involved in their order during the last mile with 97% expecting to be able to monitor its progress. Ahead of Black Friday, you should strengthen this offering and open conversions with your couriers to ensure your consumer is happy from desktop to door. Not only that but consumers are taken note of innovative new features, with 61% of shoppers opting for AR fitted eCommerce sites. Immersive technologies are proving to be extremely valuable and helped retailers overcome the challenges of coronavirus by building greater brand loyalty with isolated and disengaged customers. Therefore we expect to see many more brands prioritising investment in AR as part of their eCommerce strategy. And with cyber weekend and Christmas shopping on the horizon looming, there’s no time like the present.
To sum up…The eCommerce landscape has been accelerated by about 5 years throughout the pandemic - and consumers have certainly caught up. When it comes to Black Friday and Cyber Monday, your success will correlate directly to the CX you offer. The consumer is very much in the driving seat - with fewer inhibitions and a breadth of choice at their disposal it is the retailer who must now form new habits. Mobile optimisation, landing pages, loyalty schemes and tech innovations are good starting points. But, you can discover more about the Kooomo platform here and how we are moving in response to consumer and merchant demand over on our platform features guide. Oh, and keep an eye out for our upcoming eBook on Black Friday 2021 coming soon.
Posted by: kooomo