Shopper-First Mandate #1: Make It Fresh
Customers interacting with a retailer or brand expect to have a fresh experience, regardless of their point of interaction. For example, 69% of store customers expect to see new merchandise. This point also holds true for marketplaces and ecommerce organizations. Data shows that 59% of bestselling products change each month, creating a sweeping product catalog churn of 32%. In addition, 75% of site search queries are new each month.
These findings imply that that all merchants must focus on freshness. There are many ways organizations are creating fresh products and experiences. The research found an increase in brand partnerships and customized products. Think of American Girl’s full-scale personalization of its dolls or Puma’s cross-brand collaborations with influencers like Rihanna and likeminded brands such as M*A*C Cosmetics.
Unfortunately for traditional brands and retailers, marketplaces are gaining ground from organizations not meeting customer expectations. Our data shows retailers are losing the repeat purchase: while half of first-time purchases are conducted through retailers (vs. 31% for marketplaces), 47% of consumers prefer to make a repeat purchase through a marketplace. To reverse this trend and win back shopper loyalty, brands and retailers must hone in on customer service and convenient purchase models, evaluating tactics like cashier-less stores and 24-hour return kiosks