Predictions for 2020 Shopping and Beyond
As we move towards the end of 2020, many are reflecting on the year that was to see how they can identify trends to help shape their eCommerce strategy moving forward. Tim James (Partner Program Manager) from Australian based retailer and marketplace Catch.com.au recently shared their thoughts with Comestri on this subject.
This post was created in conjunction with Catch.com.au.
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Key Growth Areas
While there has been growth across all categories on Catch, consumers are heavily spending on sprucing up their home surroundings more than ever and their own wellbeing! This has resulted in increased demand in categories such as home décor, home office, gardening & outdoors, tools & hardware, and health & beauty. Retailers will need to make sure that they are adequately stocked and prepared to meet fast dispatch times in these key areas to meet consumer demand.
Trends in Spending
With Catch providing their customers with various payment options like Buy Now Pay Later (BNPL), they have identified an upward trend in the spend per transaction of their consumers. Catch’s average order value is around $130. BNPL provider Afterpay (available on Catch), note that their average order value sits around $150. Solutions like BNPL mean that your consumers could be spending on average 15% more with a BNPL solution in place.
Great Sales, even better sales information and support!
With the financial strain of the holidays, customers will be looking for the best possible deals. However, in order to truly stand out from the countless deals that will spring up at this time of year, ensuring that your content, product titles, filter attributes, imagery and pricing is as accurate and up to date as possible will go a long way in converting a prospect to a sale.
With additional strain added to couriers by the holiday season, it is important that sellers create ‘brand advocates’ to provide great after sales service and ensure that they retain customers acquired during the peak trading period.
“The most important thing sellers will need for a successful peak season will be adequate stock availability, detailed product information, varied payment options, the ability to meet appropriate dispatch times and high-quality support to back it all up.”
There are 3 main strategies that Catch are telling their retailers are key for the holidays and new year in retail.
As more and more Australians discover Catch every day and demand increases, it’s important to be equipped with stock on hand to meet that demand..
If there is a product or brand that you really believe in, be open and communicate that with the team at Catch. Your expertise is what helps them to determine the best sales strategy for both businesses.
Be willing to try new things! In the new world of retail we live in, competition is higher than ever and having more options to meet your customers where they are in their experience with online purchasing can be vital to converting a sale. Adding more payment options like BNPL, extra delivery solutions such as Catch Pick up at Target or adding more channels/marketplaces can add convenience and peace of mind factor that could edge out your competitors.
Learnings for Long Term Success
All in all, Catch believe that the growth we’ve seen in eCommerce over the last 6 months has been at a rate that was expected to materialise over the next 2-3 years. Once customers have experienced the convenience of being able to get everything they need from online marketplace channels like Catch, it becomes habit-forming for them. If retailers can execute on customer service and delivery standards, customers will continue to be delighted and, therefore, be repeat customers. Being more fluid and flexible in your decision making will be critical as well. As each month passed during the different stages of COVID-19 lockdowns, different trends in consumer buying behaviour emerged and the winners were those that could adapt quickly, and pivot business strategy accordingly. One of those strategy’s was a greater online presence and adopting a more omnichannel approach to business. Catch saw enormous growth of sellers on their marketplace that has been bolstered by both sellers and Catch’s impressive 2020 results.
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