Omni channel Retailing - EUROPEAN Stats & Benchmarks
In 2022, Europe had an average internet penetration rate of 89.7%. As the adoption of 5G networks has gained momentum in the region, an increasing urgency has been set in enterprises to keep up with the ever-changing preferences of the modern consumer.
Omnichannel Retailing statistics (TOP PICKS)
- Mobile sales will be 10.4% of all retail transactions by 2025
- Businesses that adopt omnichannel strategies see 91% higher year-over-year customer retention rates compared to businesses that don’t.
- More than 50% of consumers look at a product online and buy it in-store – and vice versa
- Retailers who don’t sell on multiple channels miss out on up to 30% of sales
- Using 3+ channels increases order rates by 494%
- 47% of consumers are more likely to purchase online if in-store return is an option
- 51% of shoppers make purchases on their phones while inside a store
- 80% of consumers who return a product in-store also spend their refund in-store
Sources: eMarketer, IMD, Omnisend, Shopify
How does personalization improve email performance?
|General Broadcast||With Segmentation & Personalization||Improvement|
|Delivery Rate (DR):||97.33%|
|Open Rate (OR):||25.03%||31.48%||1.26x|
|Unique click-through rate (CTR):||0.99%||3.25%||3.28x|
|Click-to-open rate (CTOR):||3.18%||7.27%||2.29x|
|Conversion rate (CVR):||3.39%||5.57%||1.64x|
How does personalization improve push notification performance?
|General Broadcast||Based on Customer Journey||Improvement|
|Delivery Rate (DR):||79,56%||86,72%||1.1x|
|Unique click-through rate (CTR):||4.81%||8,14%||1,7x|
|Conversion rate (CVR):||7.38%||11,44%||1,55x|
How does personalization improve In-app messages performance?
|General Broadcast||Based on Customer Behavior||Improvement|
|Unique click-through rate (CTR):||8,17%||48,71%||5.96x|
|Conversion rate (CVR):||7.25%||13,19%||1,82x|
How do European shoppers want to get shipping updates and alerts?
- 41.20% of Europeans rely on SMS to get shipping updates and alerts
- 18.4% of Europeans below the age of 34 prefer to get shipping updates from Push Notications
- 3.28x of European shoppers are more likely to click on emails personalised based on customer journey
- 5.96x of shoppers are more likely to click on In-app Messages and Website Banners that are personalised based on their behaviour
- 12% of Europeans claim to receive relevant updates from shopping brands frequently
- Brands witness 1.55x more conversions when Push Notications are personalised based on customer journey
Next steps for retailers in EUROPE
These are the two key concepts of to master personalization in omni channel retailing
Actions performed by your customers on and off your platform, such as browsing behaviour, time of the day when your mobile app is opened the most, email interactions, purchasing history, etc.
The complete sum of experiences, touch points, and lifecycle stages of your customer with your product and brand such as first purchase, repeat purchase, reactivation, and more.
- Gather insights into your customers’ preferences based on their browsing patterns or purchase history and create segments based on their affinity. Then, send them relevant recommendations of the latest products from your catalogue via Email to increase LTV and repeat purchases.
- Identify customers who have recently made a purchase but have not received an order yet, and show live tracking and shipping updates via SMS to this segment alone.
- Boost key email metrics such as open rates, click rates, and conversion rates by sending emails at a time when they are most likely to respond positively to your communication.
Personalisation is the way forward for retailers in Europe
Creating personalised experiences at every customer touchpoint is essential in 2023 and beyond. Personalisation directly impacts customer retention, leading to higher brand loyalty and ultimately to an increase in Lifetime Value (LTV) and revenue.
It is key that retailers can take data-driven decisions after answering questions such as:
- What communication channel does your customer prefer to interact with your brand on?
- How likely is your customer going to click through your email to go to your site?
- What role does SMS play as an emerging communication channel for businesses in the region?
- How can you best optimise Push Notications to drive repeat purchases?
As dependency on third-party data comes to a halt, first-party data has become more essential to increasing the likelihood of a purchase and driving LTV. By leveraging first-party data, brands can understand customer behaviour patterns and determine preferences to serve better recommendations at the right time and on the right communication channel.