2018 was a turbulent year for retail with big names such as Toys R Us and Maplin closing their doors and a challenging retail environment impacting on very many others. To support both retailers and agencies in the challenges of retail and ecommerce, we decided to launch this new meetup to understand how ecommerce tech can help retailers make the step change they need to meet ever-growing customer expectations.
We started the event with an open bar and free pizza (thanks to Crazy Pedros) and welcomed everybody with a swag bag full of partner goodies. Our CEO, Darryl Adie, then introduced the event with Nosto and Woodhouse Clothing.
Delivering AI-Driven Shopping Experiences from Prospect to Purchase
Rory Gilmore of Nosto started his talk on personalisation by welcoming their client, Imran Khan of Woodhouse Clothing. After a brief intro of Nosto and the platform, with focus on their personalisation for on-site, in-store, ads, email and mobile, Rory walked the room through how Woodhouse Clothing specifically benefits from Nosto and uses the platform to grow.
Beginning with AI-powered product recommendations, Imran explained the importance of relevant on-site merchandising based on consumer behaviour. For Woodhouse Clothing, this resulted in a 44% higher conversion. Similarly, the brand also took advantage of the targeted on-site pop-ups, resulting in a 3% decrease in cart abandonment.
Email personalisation was also a strategy used by the retailer to drive sales, with a welcome series, retargeting email campaigns, and personalised transactional emails. This resulted in a 7% higher average order value.
When discussing ecommerce tech and strategy, it’s always useful to hear directly from retailers and how platforms drive sales and profit. When asked about the future of ecommerce tech for Woodhouse Clothing and Nosto, it’s clear that further segmentation and content personalisation is on the cards.
I Want It Now!: How to Cater to the Immediate Gratification Generation
Richard Blakeborough of Klarna then followed with an insightful talk on the ‘immediate gratification generation’ and how Klarna’s unique payment platform caters to the latest trends in ecommerce checkout.
Richard began the talk by explaining that the Klarna team “are in the business of making the shopping experience exceed customer expectations and improve lives even outside of the moment of purchase. Very few understand this, but payment is so much more than a facilitator of transactions.”
According to Klarna, 53% of mobile site visitors will leave a page that takes longer than three seconds to load, due to the desire of wanting things ‘now’. Similarly, 45% of shoppers say they abandon because of a complex or long checkout.
Richard then walked us through the thought process behind the Klarna platform:
- Smoooth UX – inline, no redirects, more conversions
- Remove friction – removing steps from the checkout, not increasing them
- Give your shoppers super powers – Delight, Time & Control
- Happy retailers – Increase in AOV, retention & more new customers!
- Choice – Pay later, Pay in 3, Slice it, Sofort, Rechnung and more
Klarna has very quickly become one of the leaders in the payment industry for fast-growth retailers, with ASOS, Topshop, Schuh and more using the platform.
Mobile & Multichannel: Findings from Our 2019 Retail Reports
Darryl then finished the talks by sharing our findings from our 2019 Multichannel Retail Report and 2019 Mobile Retail Report. For those unfamiliar, each of the 200 multichannel retailers in our reports is given an Ampersand Retail Matrix score and ranked based on the core tenets of multichannel or mobile retail. We define multichannel as being a retailer or brand with at least one physical store and an ecommerce platform. Retailers and brands regularly use our reports as a simple way of benchmarking their experience and technology against their peers.
A lot has changed for mobile commerce since our first mobile report in 2014. Many of the criteria we benchmarked in our inaugural report are now seen as basic features, so our reports now have a stronger focus on mobile experiences that support multichannel processes. For retailers locked into slow-moving, legacy platforms, these are the hardest to tackle but this is where our report can identify the leaders and support those falling behind.
Alongside other insights in the talk, we shared some key stats from the reports:
- 16% of retailers have intrusive pop-ups on mobile
- 68% of retailers have easy input-specific email and numerical keyboards
- Only 8% of retailers offer mobile wallet payments
- 35% of retailers have in-store stock check
Whilst retailers are investing more in mobile, there are many still locked into legacy, monolithic platforms that make it hard to compete when it comes to multichannel. Darryl explained how a flexible technology architecture is as important as a flexible organisational structure.
When’s the Next Ecommerce Tech Meetup?
Keep an eye out for our next Ecommerce Tech Meetup and make sure you’re signed up to our email newsletter to be the first to hear.