What is the cost of a poor eCommerce Customer Experience? Think of it from a personal viewpoint. How many times have you been left frustrated by a bad eCommerce customer experience? How many times have you had an online transaction cancelled, timed-out or been driven to switch to a more user-friendly rival site?
It happens to all of us at one time or another…
CMO.com reports that an average of 10.9% of online revenue is spent on marketing. IMRG that global abandonment rates are rising. And the market view is B2C conversion is 1%-4% and B2B about 10%.
From our own research “Counting the Cost of Not Knowing”, we found that:
- 85% of organizations say understanding why customers may struggle with their website is a current challenge
- 82% have difficulties maintaining a single approach to eCommerce Customer Experience Management across mobile and web
- 89% believe eCommerce Customer Experience is a significant differentiator in their sector right now
- 76% plan to increase investment in online channels over the next 12 months
Delivering a seamless, rewarding eCommerce Customer Experience is paramount. It is damaging to keep upping the spend on driving people to your site if it is not delivering a good user journey.
It’s the key differentiator that drives loyalty and improved margins. Anything that damages or diminishes that experience is a dangerous and costly aberration.
Here’s the evidence…
The 2016 Christmas Season Consumer Survey reveals that: “19% of eCommerce Christmas customers were forced to shop with alternative retailers due to stock unavailability and delivery time constraints” (source: eConsultancy Blog). But this begs a key question: how many businesses know the price they are paying for out-of-stock and delivery constraints? How many potential customers clicked-off in frustration and took their loyalties and buying power to a competitor?
Probably, it’s an unknown quantity. Most companies have no comprehensive way of tracking the customer’s onsite experience, quantifying the size of this problem or taking instant action to eliminate losses. They rely on assumptions based on limited metrics. But having this insight is a game-changer for online revenue.
It’s the online equivalent of “your call is being recorded for quality and training purposes”. Then imagine taking all this real-time data (including all the equivalent recordings and linked request and response data) and using it to remove sub-optimal experiences, while the customer is online.
For Pizza Hut, this delivered £4.7M of additional eCommerce revenue in just one year. For Direct Ferries, it equated to a 1% increase in conversion rates (just imagine what a 3%, 4%, 10% uplift could do for your bottom line).
And the secondary benefits are equally impressive. Efficiencies right across the team will enhance proof of purchase, fraud validation, customer services and internal processes that directly deliver online improvements.
Sadly, for the customer, it’s still a reality that most businesses do little more than track the basic analytics of the numbers that arrive at the online store and those that either abandon or succeed to complete their purchase.
Without having the full picture of a customer’s eCommerce experience, the cost of not knowing could be significantly damaging your online revenue potential.
To find out more about how UserReplay Customer Experience Analytics can help you know the truth about your online customer experience get in touch