UK retailers are missing out on £2bn in online revenue each year due to slow websites and not having guest checkouts, according to a new report on ecommerce performance, by online retailing specialist Summit. Argos and Sainsbury’s topped the table of the UK’s 50 biggest retailers, with John Lewis, Screwfix and Tesco following closely behind.
The bottom position is jointly held by Dorothy Perkins, Superdrug, Topshop, and Evans with a score of 56%. Topshop scored only 13% for online customer service, as a result of slow response times and limited contact options for customers. To find out more and to download the full report, visit summit.co.uk/scorecard
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Millennials are overspending on toiletries every month as a result of the growing variety of products available to add to their daily personal care routines. [more…]
The IMRG Capgemini eRetail Sales Index has revealed the value of online retail sales grew +18.9% year-on-year (YoY) in October. This was building on a comparatively low rate in October 2015 (when growth was +8.7%), but it still represents the highest YoY growth rate in any month since November 2014, when Black Friday had a huge impact on pre-Christmas shopping patterns.
Interestingly, the Index also recorded its lowest conversion rate – the percentage of website visits that result in sales – since February 2013, at just 4.1%*. This may suggest that, ahead of Black Friday this year, increasing numbers of people are visiting company websites to browse and build wish-lists. Although this may initially seem to contradict the high overall Index growth, it may have been sustained by a significant increase in both the number of site visitors and the amount of impulse purchasing completed at full price whilst browsing.
|Ormsby Street analysis reveals the payment performance of some of the UK’s best-known retailersSupermarket giant Tesco has the worst payment performance amongst a list of the UK’s best-known retailers, taking an average of 105 days beyond terms to pay its suppliers. Iceland and Debenhams were the next two retailers on the list, taking an average of 75 days and 73 days beyond terms respectively to pay their suppliers.
The data analysis by fintech startup Ormsby Street, also revealed that the average time taken to pay a supplier amongst the list of 20 retailers was 45 days beyond terms. With previous Ormsby Street research revealing that the average overdue invoice to a small business was worth £6,142, small business suppliers to some UK retailers could be waiting prohibitively long to receive payment on a considerable amount of money.
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The partnership, which will have implications for all Caffè Nero stores across the UK and Ireland, is Yoyo’s first significant step in taking their mobile wallet offering onto the high street.
It also further cements Yoyo’s status as the UK’s most used mobile wallet, building on the users already transacting at over fifty per cent of UK universities, including Imperial College London, University of Birmingham, and over one hundred corporate locations including offices at PwC, JP Morgan and Visa. [more…]