There’s no doubt the retail sector has been through a massive transformation in the last 12 months and with Australian consumers shopping online more than ever there’s a wealth of data to be learned, that will benefit retailers and marketers.
The BigCommerce 2021 State of Ecommerce ANZ Report leverages the data of the Top 100 Australian Retailers as well as over 3,500 Australian online consumers allowing marketers to more effectively tailor their path to purchase for their target market.
The rise in popularity of Buy Now, Pay Later options like AfterPay, Klarna and ZipPay have become a value-add and marketing tool. The average retailer now offers on average 6 payment options for consumers, although even now with so many emerging payment options PayPal still dominates as the most popular with consumers.
The popularity of Buy Now, Pay Later options peaked in the 25-34-year-old age bracket with 17 per cent of this bracket using BNPL payment methods. Interestingly, it is most commonly used for impulse and discretionary purchases, over indexing in the Fashion segment. Whereas credit cards continue to be the most popular payment option amongst affluent consumers, with loyalty points being a massive drawcard for consumers, particularly on large purchases.
Creating a customer first UX continues to be an essential area of focus for growth as cart abandonment continues to rise. Frustration at the check out led to 79 per cent of customers abandoning their cart. Other essential growth levers include product reviews and multiple delivery options. High shipping costs also lead to 63 per cent of consumers abandoning their cart.
There is a great deal of pressure for retailers to invest in the latest technology to transform their business but what customers want is personalised responses to their queries and the ability to resolve issues promptly. Live chat bots and text message delivery updates continue to rise in popularity. While virtual reality is dropping in popularity rather than becoming part of consumer expectation. The report suggests that retailers would be better to focus on the basics such as fast page load times, live chat to resolve queries or personalised customer service.
Data continues to be a concern across all customer segments with 74 per cent of consumers aged 18 to 24 stating they would be deterred from sign-up, rising to 92 percent for those aged 65+. BigCommerce recommends retailers should offer a guest check-out that limits personal data sharing to ease the concerns of consumers and have clear communication on how customer data is used and stored.
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