As the eCommerce landscape grows increasingly competitive, it’s vital to stand out – new shoppers are won or lost in the first few online interactions. So, providing a customer experience that connects with your audience has never been more important.
Shift in Expectations
Consumers have drastically changed the way they shop, pay, save and engage with brands over the past year. Perhaps unsurprisingly, 2020 saw online retail sales soar by 32%, online transactions leapt from 20% to 30% of overall retail sales and consumers continued falling out of love with both credit cards and cash to pay for purchases. And despite being a tough year, on average, households were able to triple their savings to £300 billion from £100 billion in 2019.
Some existing trends – which have already been experienced first hand by Klarna – have accelerated, in particular when it comes to online shopping and new ways to pay, with BNPL solutions playing a key role.
New Audience Opportunities
A large cohort of the population who are only just getting used to shopping online, whether that is buying groceries, clothing or electrical goods. Whilst millennials and Gen Z have long embraced eCommerce and digital, Klarna has seen from the UK spend data that Gen X (40 to 54) is the age segment adopting Klarna faster than any other. Something for many retailers and brands to think about here is, how are you engaging with, and attracting your future consumers?
Merchants are embracing the opportunities at speed, with Internet Retailing reporting that 85,000 businesses had launched online stores by the beginning of July 2020, following the first March lockdown. At no other time in history has a behavioural shift happened at this pace? With the eCommerce landscape becoming increasingly crowded, retailers and brands need to think about how they stand out from the crowd and importantly research which partners can add the most value to your business whether it’s acquiring new customers, increasing spend or driving loyalty.
If you want to shake up your CX to attract and retain new customers, listen to our latest webinar with Rob Beattie from Klarna and our Directors David Wain-Heapy and Bachir Smahi.
Catch up on webinar below:
Plus read our exclusive interview with Klarna here on the Art of Disruption: