In honor of Spring, Loqate hosted a floral arranging roundtable for retailers. Co-hosted with our partner CommerceNext, this panel brought together eight executives from some of the most innovative retailers in the U.S. to discuss the ever-changing challenges of building a great online customer experience.
What we learned:
- Checkout conversion rates are still a mystery. For one popular retailer, checkout conversion is the primary KPI. However, with the recent incline in online and mobile shopping and the ever-present worry of cart abandonment, many retailers are still uncertain they are tracking the right metrics.
- It's time to conduct checkout A/B testing. One retailer saw significant gains by simplifying their mobile checkout, especially considering that almost 80% of their traffic is mobile. The new motto is, "don't upsell when a transaction is happening." Keep it clean, clear, and concise. Retailers see greater gains from progress bars in checkout as well as "you are X far away from free shipping" messages.
- Retailers are finding that faster is not always better. Some people zoom through checkout too fast – a practice that lends itself to more mistakes and less successful transactions. Most attendees agreed that a mobile checkout needs to be super frictionless. But, for desktop, there is more of an appetite or tolerance for upsells that won't get in the way of checkout. Keep in mind two questions: "How much can we get out of the way before customers check out?" and "How do we give customers fewer reasons to abandon their carts?"
- Will the older generation continue to shop online following the pandemic? The overall consensus was yes. Since the offset of the vaccine distribution, many U.S. retailers are seeing more seniors coming back to shop in-store. Still, services like curbside pickup, BOPIS, and online grocery delivery will not go away after this as many people have gotten used to and genuinely like these features.
- What's the word on Alexa/voice shopping? Few retailers have expressed interest in voice control shopping as many still don't exactly know how to measure/report this.
Check out our team's final floral masterpiece below! Special thanks to our virtual host, Scott Silverman, and Kelsie Hayes from Popup Florist. Stay tuned for more insights from our "Overheard" blog series.
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