Published on March 8th, 2018 | by The GC Team0
Half of UK retailers losing sales through lack of tech investment
A study by ecommerce and digital agency Visualsoft says half of UK retailers are missing out on major sales opportunities due to a lack of investment in multichannel technology.
The study, which analysed 240 of the UK’s leading retailers, revealed that while 98% of brands have a website, there is a shortfall in the number of businesses supporting this with other sales channels, and potentially losing out on millions in revenue as a result.
The research showed that, despite four in five shoppers using a retailer’s mobile app (UPS Pulse of the Online Shopper Report 2016), only 51% of brands have invested in this technology. App conversion rates are also around three to four times higher than mobile sites alone, highlighting the importance of this channel.
It was also found that 61% of retailers are neglecting to use marketplace platforms, such as Amazon or eBay, to sell their products and reach a wider customer base. Latest figures show that eBay commands an audience of 170 million shoppers, while Amazon continues to dominate online retail on a global scale. The potential for retailers to take their share of this market is therefore significant.
Chris Fletcher, Visualsoft’s head of onboarding, said: “Despite huge growth opportunities for retailers that use multichannel technology, more than half of the UK’s leading brands are failing to invest in these invaluable platforms – a worryingly large figure.
“We know that consumer behaviour is changing, with an increasing number of customers starting their purchase journey on Amazon and eBay. Our data shows that mobile devices account for over half of online transactions in the UK, so making it as easy as possible for customers to shop in this way is more important than ever. Retailers need to ensure they maximise sales by making the most of all available marketing tools. This could be particularly important with Easter just around the corner and future spending holidays in the retail calendar on the horizon throughout 2018.”