Generation Consumer is powering a revolution in the way we shop and retailers need to address this head-on to survive
The latest retail sales figures for May 2016, published by the Office of National Statistics (ONS) today, show that the average weekly spend online has now reached £963.8 million, an increase of 21.5% when compared with May 2015.
But according to Tryzens, managed services and leading ecommerce providers, the growth in online retail brings both opportunities as well as challenges for both tradition retailers and born-in-the-cloud etailers.
“According to the figures released online retail accounted for 14.3% of all retail spending, up from 12.1% a year ago. The encouraging growth in online should not however be a moment for relaxation, but a chance for retailers to invest in an area that is growing year-on-year,” stated Andy Burton, CEO, Tryzens.
“As consumers become more tech savvy, technology develops and smart devices become ever more irreplaceable this is a figure likely to grow. This should act as a wakeup call for all retailers to start investing in their ecommerce capabilities in order to bring higher quality functionality to their sites, but also invaluable data capture that can help improve the overall user experience.”
Tryzens has recently launched its ecommerce focused analytics platform, TradeState, which provides essential views of trading KPI status and trends via an intuitive dashboard. The hosted service enables ecommerce retailers to monitor multiple aspects of their website traffic, customer experience, site performance, sales analysis (by traffic source, device type and product), page conversion rates and abandoned baskets. All of this data can be used to provide retailers with data that can enhance their platform and customer journeys.
“TradeState really is a unique offering to the market and one that we feel can provide ecommerce retailers with a greater grasp of their customers shopping behaviours. With a straightforward dashboard with pre-set and customisable ‘widgets’, users can review the onsite activity in near real time,” continues Burton. “The platform allows users to get a quantitative assessment of how their ecommerce site is doing, where users are coming from, how many empty baskets are left and much more. With the large investment that ecommerce is and the obvious growing trend that it has with consumers, it is vital to be able to understand as much as possible from your consumers. This helps to improve their experience and your services.”
Consumer spending has been a major driver of Britain’s economic expansion over the past three years, but household confidence has slipped to its weakest since late 2014 in the run-up to a June 23 referendum on European Union membership.
But earlier this month the British Retail Consortium reported that clothing sales strengthened in May as the weather improved after colder than usual weather in March and April, while the Confederation of British Industry also reported a small gain.