• Latest

8bn ‘up for grabs’ in UK online retail sales, social commerce data shows

22 February, 2011
China Liberal Education Holdings Limited Starts Higher Volume Production and Expands Domestic Sales Channels of All-in-one Machine AI-Space

China Liberal Education Holdings Limited Starts Higher Volume Production and Expands Domestic Sales Channels of All-in-one Machine AI-Space

19 December, 2020
Bell connecting Canadians at home for the holidays with free TV programming and no extra usage fees on residential Internet

Bell connecting Canadians at home for the holidays with free TV programming and no extra usage fees on residential Internet

18 December, 2020
TEMSA: Bus exports to be delivered to the heart of the European Union

TEMSA: Bus exports to be delivered to the heart of the European Union

18 December, 2020
EU tries to reshape the rules of the Internet

EU tries to reshape the rules of the Internet

17 December, 2020
Matterport Brings 3D Capture to the iPhone

Matterport Brings 3D Capture to the iPhone

5 May, 2020
NASA Administrator Statement on Agency Coronavirus Status

NASA Administrator Statement on Agency Coronavirus Status

15 March, 2020
Technology Supports Social Distancing in age of Covid-19

Technology Supports Social Distancing in age of Covid-19

15 March, 2020
Second Staff Exchange Between EU CyberSecurity Organizations

Second Staff Exchange Between EU CyberSecurity Organizations

19 February, 2020
Iranian Professor on the Iran-US escalation: “Iranians expected to hear a clear and steadfast condemnation from Turkish authorities over Soleimani’s death”

Iranian Professor on the Iran-US escalation: “Iranians expected to hear a clear and steadfast condemnation from Turkish authorities over Soleimani’s death”

16 February, 2020
Badly Trained Spam – Only A Quarter of Brits Train their Spam Filter

Badly Trained Spam – Only A Quarter of Brits Train their Spam Filter

6 February, 2020
Year 2020: What is the Status of 5G Rollout Worldwide and Turkey

Year 2020: What is the Status of 5G Rollout Worldwide and Turkey

31 January, 2020
Turkish Competition Authority’s Android Decision

Turkish Competition Authority’s Android Decision

18 December, 2019
  • About Us
  • Contact Us
  • Homepage
  • Latest News
  • News Widget
  • Privacy Policy
Saturday, April 1, 2023
Social icon element need JNews Essential plugin to be activated.
  • Login
  • Register
Globaltelconews
Advertisement
  • IT
  • Telecom
  • Mobile
  • e-Commerce
  • Fintech
  • Security
  • New Tech
  • About
    • About Us
    • Contact Us
    • Privacy Policy
No Result
View All Result
  • IT
  • Telecom
  • Mobile
  • e-Commerce
  • Fintech
  • Security
  • New Tech
  • About
    • About Us
    • Contact Us
    • Privacy Policy
No Result
View All Result
Globaltelconews
No Result
View All Result

8bn ‘up for grabs’ in UK online retail sales, social commerce data shows

globaltelconews-admin by globaltelconews-admin
22 February, 2011
in English
0

London, England February 22nd 2011 Retailers and brands that embrace reviews and recommendations into their online retail strategy see a sales uplift of some 18%, new figures show. The uplift is worth a potential 8bn to UK retailers, on top of the UKs existing 44bn of online retail sales.

Of the 18% total uplift, 11% is due to conversion improvements, 5% to increased average order value and a further 2% to repeat visitor uplift. The data, from Europes leading social commerce company Reevoo, shows how, when reviews are read by consumers:

    Conversion rates increase by 177%
    Average product purchase value almost doubles
    Visitor return rates rise by 13%.

Richard Anson, CEO and co-founder of Reevoo, said: Social commerce should now be a core strategy for every retailer, one discussed right at the top of the company – or it will, eventually, have serious consequences for the bottom line. With average disposable income likely to become tighter and tighter, there is no room in anyones wallet for buyers remorse; people will increasingly adopt a buying process that minimises the likelihood of such regrets.

The magnitude of the sums involved makes it essential that retailers start to regard ratings and reviews as an essential and strategic part of their eCommerce strategy. There is an opportunity here for a step-change in the mindsets of retail marketing directors and boards, through a decision to put trusted reviews at the centre of their marketing strategy rather than bolt it on as an afterthought. Retailers who implement social commerce can enjoy up to 18% uplift in sales, while those who dont risk market share loss of up to 20%, he added.

Reevoos data is factual, observed data collected through its work with more than 100 partners who, between them, generate 1bn in online sales per year. The figures reflect the typical uplift realised by Reevoos partners during 2010 – with some partners experiencing much larger increases.

Its findings and consequent recommendations have been collated into a new white paper entitled The Six Essentials of Social Commerce. The paper analyses common mistakes and how to avoid them – for example, opening up an online retail site to invalid or fraudulent reviews; limiting review volume or confining content to too few locations; and even blocking reviews perceived as negative, irreparably damaging consumer trust in the sites brand. It looks at how and why many companies are still hanging around the bottom of the learning curve in respect of social commerce, in some cases getting only half the conversion rate uplift that they should be getting. The Six Essentials take the online marketer through the rationale, the obstacle, the lesson, and the benefits.

Previous Post

Complex Problems Need A Reassuring Voice

Next Post

Young employees social approach to email puts UK business at risk

Next Post

Young employees social approach to email puts UK business at risk

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Navigation

  • Authors
  • Author Login
  • Author Application
  • Advertisement
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Sitemap
Social icon element need JNews Essential plugin to be activated.

© 2018 Globaltelconews.com

No Result
View All Result
  • IT
  • Telecom
  • Mobile
  • e-Commerce
  • Fintech
  • Security
  • New Tech
  • About
    • About Us
    • Contact Us
    • Privacy Policy

© 2018 Globaltelconews.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In