7 Feb 2024
Keeping Pace with the Evolving Consumer
Shopping online became the de facto route to market for consumers in 2020 driven by necessity due to store closures. The ONS reported the proportion of online retail sales peaked at 38% in January 2021 vs 20% the year previous. While the average sales split has returned to 26% since this peak, the manner that both experienced and less experienced online consumers engage with brands and retailers, across multiple channels, has rapidly evolved. With considered purchases, in particular technology but not limited to this, it has sparked a greater importance for a brand's omni-channel customer journey. This in turn has encouraged a race for retailers to enhance their operational agility in e-commerce to remain competitive and appealing. To play in the e-commerce space is not to simply offer a transactional site online but a well-considered data stack that ultimately understands the customers’ needs at each touchpoint and marries them up to the retailer's unique proposition.
Further market uncertainty in 2023 continued to drive evolving consumer behaviour. This will continue in 2024 as retailers brands adapt their strategies to convert on the now normal, lengthening online consideration phase due to squeezed budgets. Retail website traffic is increasing year on year, and mobile as a share of that is also increasing. The purchase cycle is likely to lengthen, becoming normal, as consumers sit in the consideration stage for longer across multiple touch points. This is likely to increase as we shop on mobile devices cluttered with a multitude of content at their fingertips, from social media, bloggers and reviews.
Offsite and onsite content needs to meet the demands of the consumer, wherever they are on their route to purchase. Here we have highlighted three key elements brands can focus on to drive audience engagement and discoverability on partner retail e-commerce, increasing operational agility to succeed amid uncertain market factors.
To read the published article written by Dan Todaro, Managing Director please visit PCR Magazine
Photo from PCR Magazine