3. Subscription – offering customers convenience: This will be a key trend in 2021/22 as businesses prioritise customer retention over acquisition. The cost of acquisition can be up to 5 x the cost of keeping an existing customer loyal. Subscription offers customers convenience and the retailer lower marketing costs. Through a subscription purchase, retailers become less reliant on retargeting and discounting to lure customers back. Additionally, modern technology means subscription is comparatively quick and easy to switch on.
4. Delivery – giving consumers more choice: Solving the problem of providing cost-effective, sustainable and convenient delivery is probably one of eCommerce’s biggest challenges. Leading retailers and logistics companies are driving innovation with drone delivery and electric fleets. However, these solutions are still some way off for most consumers. Research by the IMRG shows a growing trend for the number of delivery options is increasing, with the average being at least three delivery options, but some companies offering up to 8.
5. Live Streaming, Virtual Reality (VR) & Augmented Reality (AR): One drawback of online sales is the lack of tactile interaction with products. In the absence of consumers visiting physical retail spaces, technologies such as AR and VR can offer the next best thing. For a long time, China has blazed a trail in using technologies such as “live streaming” content to drive online sales. Forward-thinking retailers in the beauty and fashion industry have successfully adopted technology to close the high street and digital experiences gap.
The PHL Group is unique in offering our customers a fully flexible fulfilment solution that can adapt to emerging retail trends ever-changing business priorities. Talk to one of our fulfilment experts about how we can help your business flourish in the eCommerce boom.
Tel: 01938 551919