Fanplayr, a leader in e-commerce intelligence, released figures that give clear insights into the adjustment consumers are making in light of significant lifestyle changes forced by the COVID-19 pandemic.
Fanplayr, a leader in e-commerce intelligence, released figures that give clear insights into the adjustment consumers are making in light of significant lifestyle changes forced by the COVID-19 pandemic.
Tracking aggregate behavior across clients' sites, the data prove a shift from retail to online purchasing. The results are particularly dramatic in large clothing, sports and kids fashion retailers.
According to analyses of sites with over 20 million visitors per month, key indicators of e-commerce success have risen consistently and simultaneously during the period of time a particular market has been dealing with COVID-19. Visitor traffic, conversion rates and AOV (average order value) have all increased. Simultaneous increases in key indicators is rare, even during peak holiday seasons. Simon Yencken, Founder and CEO of Fanplayr states, "It demonstrates our clients are recapturing some lost revenues, namely 30- 40%, caused by limited or no store traffic."
For example, the Japanese market has been dealing with COVID-19 longer than the U.S. because of their proximity to the epicenter. Over the period of time from first reports of infection to today, online key indicators have all risen.
This information is critical for retailers scrambling to make up lost profits. It demonstrates that lost revenue from shelter-in-place and school closures can be recovered from increased online sales, and the overall impact can be mitigated even more with strategies to increase closure rates of shoppers.
As transactions move increasingly online, revenue attributable to AI and behavioral personalization is also increasing. Yencken says Fanplayr's behavioral intelligence responds to anonymous online visitors by understanding their intent, based on their online behavior, and then responding appropriately. This removes the need for third-party tracking to increase conversion rates.
"Companies must focus online to capture every potential sale," says Yencken. "Without segmentation strategies, companies are losing potential sales, something no one can afford to do in this business landscape."
About Fanplayr
Fanplayr is a leader e-commerce behavioral data, using machine learning and AI to enable businesses to increase conversion rates and revenue, collect more leads, and retarget visitors with personalized recommendations during and after the shopping experience. Fanplayr is headquartered in Menlo Park, California.
Learn more at: https://www.fanplayr.com/
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E-commerce intelligence experts release data proving a significant shift for retailers and consumers
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