Larry Freed
Larry Freed
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Customers' standards for e-commerce sites continue to rise as the industry matures, and online companies have struggled to keep up with industry leaders and high customer expectations.
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On the bright side, we see satisfaction with Transaction Costs increasing slightly, which is a departure from last year. This shows that retailers are exceeding customer expectations with their pricing strategies for both products and shipping. If online retailers can manage expectations and maintain overall satisfaction during this last week, they should continue to gain value from the holiday shopping season.
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During this critical stage in the holiday shopping season, online retailers face huge challenges to maintaining high satisfaction. Those who aren't able to meet customer expectations online during the last week or two of the holiday shopping season risk the long-term impact of lessened customer loyalty during the weeks and quarters to come.
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E-Retailers used to be at a disadvantage because customers can't touch and feel their products, but they've figured out that there's a whole lot more they can offer to make up for that. Today's online stores have evolved significantly, offering advances such as 360 degree views of products, customer reviews, side by side product comparisons, and extensive product information and specifications that often exceed what is available in a store or catalogue.
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Quite frankly, we did not expect to see such consistent drops almost across the board for all the biggest online retailers. These are the guys that are supposed to be doing it right.
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Consumers spend more time researching sweaters online than they do researching stocks. Your average consumer will buy stocks on recommendation rather than through research, even though there are lots of tools and analysis at their disposal via the Internet.
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We saw the same trends in lowered satisfaction and key behaviors tied to loyalty last year. However, last year's drops were far more significant. This year, online retailers did a better job managing customer expectations as the holiday shopping deadlines approached. In return, retailers will be rewarded with higher loyalty long after the holiday season comes to a close.
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We're already seeing that shoppers are more likely to return to the site than they were last week and more likely to purchase offline. This is a positive sign for retailers.
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Some companies have really figured out how to take customer satisfaction to the next level, and the stakes just keep getting higher.
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Online retail is figuring out ways to compensate for being a virtual experience by providing a lot more information than you'd be able to find in-store. Many online stores offer extensive product information, side by side specification comparisons, customer reviews and 360 degree views, all from the convenience of your computer.
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We saw a similar dip in overall satisfaction, search and ordering process last year, so this isn't a surprise. As we approach the holiday shipping deadline, pressured online shoppers are having a tougher time of finding the products they want and ordering the merchandise in time.
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E-commerce has greatly evolved over the past few years, leading to clear differentiation between the leaders and laggards in most industries. While there's no one formula for success, customer satisfaction is always a focus for any company that is successful over the long term.
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Amazon (is) selling everything from garden appliances and apparel to electronics and used books. But bigger isn't always better from a customer's viewpoint.
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As we approach the holiday shipping deadline, pressured online shoppers are having a tougher time finding the products they want and ordering the merchandise in time.