27 Aug 2024
How UK Merchants Can Succeed in an Uncertain Market
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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.
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