Meeting Consumer Expectations - How Prepared Are You?
What consumers want [and don’t want] and how prepared are you to meet their demands?
Contrary to reports of retail’s eventual death, the National Retail Federation’s “The State of Retailing Online 2018” study reveals that:
- More and more stores open than close
- Investments in omnichannel optimization remain high
- Mobile retail success continues to climb
In terms of value chain innovation, Deloitte’s “2018 Retail, Wholesale and Distribution Industry Trends Outlook” gives retailers ideas on which technology trends to invest on:
- Internet of Things (IoT) to provide consumers with online access to their store inventories and reserve orders for purchase or pickup.
- Digital supply and demand networks for time frame reduction and cost-efficient deliveries.
- Augmented, virtual, and mixed realities (AR, VR, and MR) for the creation and provision of highly immersive and engaging experiences.
A lot of doors are opening in the retail industry and it could only mean more new products in the market and much tougher competition ahead for businesses. But no one is complaining; not even the consumers. In fact, with eCommerce sales projected to reach $4 trillion USD by 2020, it’s as if consumers are telling businesses that they’re willing to spend… on one condition: give them what they want.
But before giving them what they want, it’s best to first identify their pain points.
What consumers don’t want
Branding expert, Helen Edwards, shares that there are seven distinct emotions visible in the human face and five of those are negative: anger, fear, sadness, disgust, and contempt. And you definitely don’t want any of those to be associated with your brand when they visit your site.
According to Corra, consumers’ biggest pet peeves on eCommerce sites are:
- 41.2% Poorly designed menu; lack of subcategories for key merchandise
- 29.8% Too-basic search; no filters for advanced searches
- 26.4% of Products are buried behind too much branding
So, if you can eliminate these pain points, you’re on track to excellent customer experience provision.
What consumers want
According to MineWhat, consumers today perform the following online before making a purchase:
- 81% research
- 61% read product reviews
- Check at least three eCommerce sites
What are they looking for? Information, information, information!
But of what sort? A National Retail Federation (NRF) study reveals that consumers don’t just aimlessly browse online; they actually look for something specific to buy and they want to find it quickly. That means before they type anything on the search bar, they already have an item in mind.
The same study also found out that 79% of consumers also factor in overall experience in determining whether or not they’ll buy from a brand or retailer - and how often. Central to that desired or expected experience are a painless return policy, free shipping, and credit card security.
So, how to cater to today’s consumers? The Nielsen Norman Group recommends designing for 5 types of e-commerce shoppers:
- Product-focused. This group knows what they want and is ready to buy once they locate the product. Speed is this group’s primary focus.
- Browsers. They have time to kill and they’re spending it on your site. The key to this group is to be presented with what’s hot and what’s new.
- Researchers. These guys have been to at least two sites before yours or even if you’re their first visit, they will definitely go elsewhere to gather more information. The key to this group is trust.
- Bargain hunters. Definitely price-conscious, this group are on the lookout for sale, promos and best buys. So, if you have such offerings, display them prominently on your site.
- One-time shoppers. More often holding gift cards, these guys have no intention of coming back to your site after the purchase. Ensure a good experience by not requiring account creation before purchase.
Quiz: How ready are you to give your consumers what they want?
Giving consumers what they want starts from within. The following are some questions you can ask yourself to determine your readiness in providing your consumers with the information they need:
- Do you struggle with maintaining your products when your product data requirements increase (e.g. rapid and constant product description updates, price and document version edits, etc.)?
- Is it difficult to localize your product information for different markets?
- Do people in and out of your organization have a tough time sharing or accessing up-to-date product information?
- Are you using multiple spreadsheets to manage your product information?
Did you nod to many of these questions? Then it’s high time for you to consider using a product information management solution (PIM). A PIM is foundational to building great product experiences.