Better Understanding Returns of Online Purchases

13 Jun

Online retailers need to better deal with two key aspects of the customer purchase process: abandoning the shopping cart just before checking out and handling the returns of online purchases. This post focuses on the second factor — returns.

Navar surveyed almost 700 U.S. consumers who returned at least one online purchase over the preceding 12 months to understand people’s attitudes towards returns when shopping online. As summarized in a press release about the study:

“‘An online return is a critical moment in the customer journey. Retailers have an opportunity to impress and delight customers, especially high-value segments like millennials and affluent shoppers. They treat returns as a natural part of the buying process and have come to expect convenience and transparent communication,’ says Amit Sharma, CEO of Narvar. ‘If retailers can meet these high expectations, they can use returns to improve customer satisfaction, inspire loyalty and fuel new revenue streams.'”

“U.S. millennials make 54 percent of their purchases online. As they buy more online, they return more too. Yet, retailers are not meeting expectations, with 48 percent of millennials saying returns are a hassle. As many as 60 percent of millennials admit to keeping purchases they dislike because they don’t want to deal with the hassle of returning them, which is 18 percent higher than shoppers over the age of 30. High-income shoppers have similar perceptions and behaviors as millennials when it comes to returns. They are also 1.5 times more likely than the average consumer to return an online purchase. This signals a new opportunity for retailers to differentiate themselves by addressing consumers’ desire for convenience, communication and flexibility in the post-purchase experience.”

 

Click the image to read more of the highlights from the Narvar study.


 

The Unique Back Story of Warby Parker

12 Jun

Warby Parker is a highly successful online — and now store-based — marketer of eyeglasses and sunglasses (“Prescription eyeglasses, starting at $95, with free shipping and free returns.”). As it notes on its Web site:

“Warby Parker was founded with a rebellious spirit and a lofty goal: to offer designer eyewear at a revolutionary price, while leading the way for socially conscious businesses. Every idea starts with a problem. Ours was simple: glasses are too expensive. We were students when one of us lost his glasses. The cost of replacing them was so high that he spent the first semester of grad school without them, squinting and complaining. The rest of us had similar experiences, and we were amazed at how hard it was to find a pair of great frames that didn’t leave our wallets bare. Where were the options?”

“There was a simple explanation. The eyewear industry is dominated by a company that has been able to keep prices artificially high while reaping huge profits from consumers who have no options. We started Warby Parker to create an alternative. By circumventing traditional channels, designing glasses in-house, and engaging with customers directly, we’re able to provide higher-quality, better-looking prescription eyewear at a fraction of the going price. We believe that buying glasses should be easy and fun. It should leave you happy and good-looking, with money in your pocket.”

“We also believe that everyone has the right to see. Almost one billion people worldwide lack access to glasses, which means that 15% of the world’s population cannot effectively learn or work. To help address this problem, Warby Parker partners with non-profits like VisionSpring to ensure that for every pair of glasses sold, a pair is distributed to someone in need.”

 
Take a look at this Inc. video featuring Warby Parker founder Neil Blumenthal.

 

Coming Up Short with Customer Loyalty Programs

9 Jun

As we have reported before (click here, for example): “The quest for customer loyalty continues to be both a critical goal and a major challenge for companies of all types and sizes.” Given the importance of customer loyalty, why don’t more firms do a better job with their loyalty programs?

According to eMarketer:

“Firms invest heavily in loyalty programs — a key part of their growth strategy to hook today’s fickle and disloyal consumers. More than four-fifths of consumers said such programs make them more likely to continue business with brands; two-thirds said they modify spending to maximize loyalty benefits; and nearly three-quarters said they would recommend brands with good programs, according to a recent Bond Brand Loyalty study, in partnership with Visa. (The annual study covered 400+ loyalty programs across industries and surveyed over 28,000 North American consumers who participate in at least one program, most in the U.S.)”

“However, the study also suggested that many marketers may not have gotten their loyalty programs right. While the number of loyalty memberships each American consumer belongs to has risen each year to 14+ from under 11 in 2014, the number of programs that consumers remain active in has declined to under 7 from about 8 in 2014. Only 22% of loyalty members feel their brand experience is better than that of non-member. With personalization being a big buzzword, only a quarter of loyalty members said they are happy with the level of personalization experience, the study found.”
 
 
Click the image to learn more.


 

Have YOU Thought About an Infographic Résumé?

6 Jun

It is a very cluttered job marketplace now. Hundreds — if not thousands — of job applicants apply for attractive jobs. So, how you stand out better in a crowd? Think of devising a highly visual infographic résumé.

According to Margaret Magnarelli, writing for Monster.com:

“There’s no question: You’re far more interesting than your résumé lets on. You have an A+ work ethic, an impressive portfolio of skills, and an epic list of accomplishments to your name. You make scintillating water cooler conversation, to boot. Everyone who knows you knows that you’re at the cutting edge of your field. So why are you still sending out résumés that look not so different from the ones your mom and dad sent out 30 years ago?”

“Text-only résumés are yesterday’s news. The infographic or visual résumé — which uses charts, icons, and other graphic design elements to show vs. tell a person’s professional story — is the new darling of the recruiting world. A picture is, after all, worth 1,000 words.”

Click on the image to see several infographic résumé examples from Monster.com.

Click here for the source of this chart.

 

There are many sites that offer FREE infographic résumé templates. Here are a few of them (in no particular order!):

 

Important New Report on 2017 Internet Trends

5 Jun

For more than two decades, Kleiner Perkins Caufield & Byers (KPCB) has produced a comprehensive annual Internet Trends Report.

The latest report was introduced at the Code Conference in Rancho Palos Verdes, California, on May 31, 2017: “The annual report compiles and analyzes data from a wide range of sources, providing insights on the state of the Internet Economy. The slideshow deck covers a broad array of topics, including global Internet user trends, advertising and E-commerce, gaming, online media, digital health, and much, much more. This guide is intended to highlight some of the key topics of discussion in this year’s edition – and to help media navigate the report.”

Thanks to KPCB for making this 355-page slideshow available through Slide Share.
 

 

Seniors More Active on the Net

3 Jun

For years, there has been a pretty direct correlation between age and Internet use — with those 65+ and older having relatively interest. But times are changing!!

As just reported by Felix Richter for Statista:

“While young people in the United States have grown up using technology and spend a substantial part of their lives online, people from older generations are not what we often refer to as ‘digital natives.’ A record 46 million seniors live in the United States and many of them are still disconnected from the digital world.”

“However, according to Pew Research Center, technology adoption of Americans aged 65 and older is on the rise. 67 percent of U.S. seniors now use the Internet, up from just 12 percent in 2000. As our chart illustrates, older Americans still trail the overall adult population in terms of tech usage, but the digital gap is no longer as pronounced as it used to be.”

 

Infographic: U.S. Seniors No Longer Disconnected From the Digital World | Statista You will find more statistics at Statista

 

The Most Popular Athletes in the World

2 Jun

A number of athletes are celebrities and well-known around the globe. Why does matter from a marketing perspective? Companies pay huge endorsement fees to have these athletes promote their products — from sports equipment to sports apparel to energy drinks and to a whole lot more.

There are many interesting questions in terms of the top celebrity athletes, such as: Which sports do they represent? Which countries are their home bases?

Recently, ESPN produced its second annual “ESPN World Fame 100 rankings.” ESPN’s director of analytics, Ben Alamar, came up with a formula that combines endorsement income with social media following and Internet search popularity:

  • Of the top 100 athletes in the world fame ratings, 38 play soccer (known as football outside the U.S.), 13 play basketball, 11 play golf, 10 play tennis, and 8 play American football. Twenty other sports are also represented; but NONE of the top 100 is a baseball player.
  • Thirty-five athletes are from the U.S., 9 from Brazil, 7 from Germany, 5 from England, 4 from India, and 4 from Spain. Thirty-six other countries are also represented in the list.
  • Among the top 100 athletes, 92 are male and 8 are female.
  • The top 5 endorsers each earned at least $36 million in the most recent year studied.

  • Ronaldo, the Portuguese soccer superstar, has more than 260 million followers on social media.

 
Click the image below to see the ESPN top 100 and a lot more interesting data.


 

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