27 Aug 2024
How UK Merchants Can Succeed in an Uncertain Market
)
In the ever-evolving world of eCommerce, UK merchants must adopt strategic approaches to ensure sustainable growth both at home and abroad. In our recent webinar featuring Emily McMorran, CX Lead at women’s fashion retailer Oh Polly; Timothy Richardson, Founder at the eCommerce agency Your Basket Is Empty; and Tom Mucklow, Founder at the eCommerce agency SuperCo. highlighted four key trends from Loop’s “Future of Commerce” report: rethinking post-purchase retention, minimising operational costs, expanding internationally, and combating return fraud.
1. Rethinking Post-Purchase Retention
With customer acquisition costs rising, retaining existing customers is crucial. Currently, 65% of revenue comes from returning shoppers. To enhance retention:
- Implement Loyalty Programs: Oh Polly’s loyalty program encourages repeat purchases by offering incentives for customers to climb through different tiers. This approach helps reduce comparison shopping.
- Personalise Customer Interaction: Brands like Sons UK call customers post-purchase to gather feedback and enhance engagement. Tailoring interactions based on customer needs and feedback fosters loyalty.
2. Minimising Operational Costs
Inflation has squeezed profit margins, making cost management essential:
- Conduct a Total Cost of Ownership (TCO) Analysis: Regularly review and analyse technology costs to identify unnecessary expenses. Focus on apps that offer multiple functionalities to streamline operations.
- Consolidate Technology: Opt for versatile technology solutions that serve multiple functions, reducing the need for multiple applications.
- Leverage AI and Development Agencies: Use AI to streamline operations and reduce costs. Agencies can integrate AI to enhance efficiency and deliver greater value.
3. Expanding Internationally
Outsourcing fulfillment to third-party logistics (3PL) providers can facilitate cost-effective international and domestic shipping. 3PLs often offer better shipping rates and help manage delivery and return fees. Oh Polly, for instance, aims to cut costs and improve service levels by using 3PLs for expanded market reach.
4. Combating Return Fraud
Return fraud is increasing, with merchants losing significant amounts due to fraudulent returns. Effective strategies include:
- Implement Safeguards: Oh Polly has established parameters like purchase thresholds and monitoring systems to detect and prevent fraudulent returns. These measures balance ease of returns with fraud prevention.
- Find a Balance: Ensure fraud prevention policies do not alienate legitimate customers. A fair approach maintains positive customer relationships while protecting profit margins.
By focusing on these areas, UK merchants can better navigate the challenging eCommerce landscape and build strategies for enduring success. For more insights into managing these dynamics effectively, consider exploring additional resources tailored to the current economic climate.
Latest News
-
)
The ever-evolving world of eCommerce and marketing has seen transformative shifts this year. Here's what stood out in 2024.... -
)
Black Friday 2024 showed positive revenue growth, marking the first uplift since 2020, but traffic remained subdued, dampening the overall success. Year-on-year comparisons were skewed due to the timi ... -
)
Bite-size updates on what happened in marketing and eCommerce this month, to keep you ahead of the curve and inform your campaigns. -
)
In this exclusive interview, we sit down with Ramona Gohil, founder of the feminist jewellery brand Rani & Co. From humble beginnings to TikTok-fuelled success, Ramona shares her journey, insights int ... -
)
Retailers are gearing up for the biggest sales event of the year, but with shifting dates and unpredictable shopping habits, it’s a rollercoaster ride. Andy Mulcahy, Strategy and Insight Director at I ... -
)
ECommerce has been in the doldrums for a few years now, with negative revenue growth, lower conversion and dips in site traffic becoming an accepted part of market conditions; that has been the post-p ... -
)
Mark Adams, senior vice president and general manager of EMEA at eCommerce platform BigCommerce talks to us about the industry trends he was excited to see during the show and the exciting development ... -
)
Rosie Bailey, Founder & CEO at AI negotiation platform Nibble, talks about what she found most insightful from the show and the hottest trends driving developments in eCommerce and marketing. -
)
Craig Smith, Country Manager UK & Ireland at enterprise commerce platform SCAYLE, shares his insights on the hottest trends in eCommerce and marketing and offers advice for newcomers entering the indu ... -
)
Anna Sutton, Co-founder & CEO of data and analytics platform The Data Refinery talks about the challenges eCommerce retailers are facing ahead of peak season and the importance of industry events in b ... -
)
Harshal Shah, CEO and Founder of virtual assistant service ECOMVA talks about the trends he found most interesting during the show and his best pieces of advice as we head on into peak season. -
)
Hugo Borensztein, Co-founder & CEO of 3D visualisation tool Omi, talks about what he’s most looking forward to from this year’s eCommerce Expo and Technology for Marketing and the advice he’d give for ... -
)
Sam Theakston, Director at B2 Agency, discusses what he’s most looking forward to at the events and the critical challenges facing eCommerce retailers ahead of peak season. -
)
Eva Palatinsky, Founder and CEO of Globalfy, shares what excites her most in the current eCommerce and marketing landscape and the top advice for newcomers to the fields. -
)
Meet Zaria Parvez, the mastermind behind Duolingo's viral social media success, who grew their TikTok from 50K to over 11M followers. Discover how she transformed Duolingo into a social-first brand, c ... -
)
Lucas van der Schalk, CEO at circular plastics solution provider Corplex highlights the biggest trends and challenges within eCommerce and marketing and what’s exciting him the most in those industrie ... -
)
We spoke to Dorota Wróbel, Chief R&D at digital marketplace G2A on what she’s looking forward to most about the show and the importance of bringing the community together at the event. -
)
If you are a regular reader of this column, you’ve probably gotten used to the updates often containing news that don’t paint a great picture of eCommerce performance. But I’m just the messenger! I ca ... -
)
Gavin Warwick, European Partnership Manager at supply chain software provider SmartFreight explains what’s exciting him about the industries today as well as the trends helping shape the future. -
)
Jack Barmby, CEO of communication tech provider Gnatta, discusses the industry trends he’s most looking forward to seeing at eCommerce Expo and Technology for Marketing this year as well as the bigges ... -
)
Beth Chapman, Managing Director at global delivery solution provider Starlinks Global talks to us about what she’s most looking forward to at the show and her advice for newcomers entering the industr ... -
)
Georgia Leybourne, CMO at eCommerce inventory and order management software business Linnworks discusses the things she’s most looking forward to at the show and the importance of the event in bringin ... -
)
Moshe Winegarten, Chief Revenue Officer at payment service provider Ecommpay talks about the biggest challenges facing eCommerce retailers ahead of peak season. -
)
Chris White, EMEA Chief Revenue Officer at warehouse management system SnapFulfil to discuss the key challenges he’s seeing in his sector and why events like eCommerce Expo and Technology for Marketin ... -
)
Gev Balyan, Founder of eCommerce website builder Ucraft tells us what he’s looking forward to most from eCommerce Expo and Technology for Marketing this year and why the shows are so important in brin ... -
)
Pratik Padhiar, Director of New Business at digital marketing communications agency h2o Creative talks to us about the biggest challenges online retailers are facing right now and what’s exciting them ... -
)
Meet Adam Ull, Global Product Information Lead at H&M, who is transforming commerce by using data and AI to enhance customer experiences across digital channels. He discusses building agile systems an ... -
)
As we approach this year’s eCommerce Expo and Technology for Marketing events, Na’ama Sheba, Chief Marketing Officer at B2B payments provider Mondu discusses the hottest trends in eCommerce payments r ... -
)
In the ever-evolving world of eCommerce, UK merchants must adopt strategic approaches to ensure sustainable growth both at home and abroad. In our recent webinar featuring Emily McMorran, CX Lead at w ... -
)
Some essential tips to help you deliver an impactful presentation with Alyssia Smith, Senior Content Manager at eCommerce Expo and Technology for Marketing
)
){kind=logo}
)
)
)
)
){kind=logo}
)
)
)
){kind=logo}
)
){kind=logo}
){kind=logo}
.png/fit-in/500x500/filters:no_upscale())
){kind=logo}
)
)
){kind=logo}
){kind=logo}
)
){kind=logo}
)
){kind=logo}
){kind=logo}
){kind=logo}
){kind=logo}
)
)
)
)
){kind=logo}
){kind=logo}
){kind=logo}
