According to the Capgemini IMRG eRetail Sales Index, the online retail business sector has enjoyed a +16.8% (YoY) growth during the first half of 2018. This is great news for the online retail industry which faced extreme weather conditions in the early part of the year that stretched resources much further than anticipated.
With more than 51% of shoppers now preferring to buy online rather than shopping in-store, it is the 25 – 34year olds who are ordering on average up to 6 times a month and therefore recognised as the most active group of online shoppers – according to research by e-commerce search and navigation specialists EmpathyBroker. Similarities can also be seen between the sexes, with 25% of women and 27% of men shopping online once a week. The research also highlighted that Londoners are the most active online shoppers in England as they demonstrate an average interest of seven days per month in eCommerce retail therapy
Multi-channel businesses also seem to be doing better than online retail-only businesses. This is great news for the high streets stores who have sought to sustain their high street presence. “Basket value growth was also stronger for multichannel retailers, with a +4% (YoY) increase in average basket value to £100.77, compared to only +2% (YoY) for online only retailers at £87.77”.
So, what is multi-channel and how could it benefit your online retail business?
The benefits of running a multi-channel business is that it can meet individual customer needs more directly but cover many more requirements. It offers quality as well as efficiency and with many options, there is a method available which is sure to suit the buyer.
These can cover:
- Order Online and Deliver to the door
- Order Online and Collect in Store
- View in Store and then Order Online
- Order in Store and Deliver to the Door
- Deliver same day, next day or collect in store for free
By giving a variety of options and making it easy for the customer, multi-channel businesses can be easily locked in to place an order. It assures the customer that the order is covered and deters from having to look elsewhere for goods.
Are you operating an online retail business and looking to cover stock or protect the export of goods through transportation? Here at Crendon Insurance Ltd we support online retailers across the UK with online retail insurance. All our online retail business insurance packages are scale-able and can cover the supply chain from manufacture to the dispatch of goods. For further information please see our online retail business insurance page.
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