Part 3: 3Cs for a holistic online buying experience

In the previous two blogs we spoke about the emergence of the changing face of the retail industry and changing DNA of the new age consumer. Let’s now focus on the 3Cs of holistic buying experience.

The mantra for success for retailers of today and future will all be about introducing customers to a Holistic Experience across entire gamut of touch points.  The classical word-of-mouth approach of brand building and product selling still has its place in the modern age but would ride on new age technology and communication. This fundamental aspect will propel retailers to be market leaders.  To achieve this, retailers need to first understand the 3Cs that drive this trend – Channel, Choice and Convenience. The optimal combination of the 3Cs will ensure retailers a sure shot way of winning more business from the new age consumers.

A recent study carried out by Comscore & UPS, Canada throws some interesting insights into customer online shopping experience.

Channels

1. The single most important factor, cited by 65% of respondents, was the ability to buy online and make returns in-store
2. Nearly 30% of shoppers want to be able to purchase in-store with their mobile device and want a mobile application for their smartphones.
3. Nearly 50% of consumers using a retailer’s mobile app are less likely to ‘comparison shop’ when using an app versus a browser.

Choices

Nearly 90% of online shoppers indicated they have placed items in their shopping carts and left the site without making a purchase.
 

Convenience 

1. Nearly 50% have returned a product purchased online.
2. 65% of consumers will shop more with a retailer if they offer a hassle-free returns policy.

These insights offer valuable direction to retailers to formulate their strategies. Forward thinking organizations understand that in order to maximize their online sales opportunity an integrated and value-added experience across all channels, including in-store, online and via mobile devices will be the need of the hour. Retailers need to keep a check on the following aspects to ensure success:

• It is common for a customer to require answers to specific questions in order for them to feel comfortable that they are making an informed purchasing decision. Retailers should ensure real time query resolution systems across shopping platforms.

• The brand identity, credibility and past user experience plays a major role in bringing potential customers to a website. Sustained investment needs to be made in building the brand.

• Many abandon transactions because they encounter errors. It may be that they are uncomfortable about providing personal information and the security of it, once supplied online. Frequently, online businesses have found that customers simply derive more comfort from human assistance when attempting to complete complex transactions especially for higher value purchases. A right technology partner can help build multi-level secured payment gateways that can assure consumers about the safety of the transaction.

• E-commerce businesses and digital marketers are now exploring new ways in which they can enhance their customers’ web journey and make it easier for them to place orders online at their moment of interest. To this end there is a growing realization that online consumers often need proactive assistance to complete transactions.

All in all, retailers should not only enhance and personalize customer shopping experiences but also align their marketing strategies based on buying patterns, different devices and platforms used in order to build brand loyalty that eventually drive sales!