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Self-Service vs Speed to Checkout
This was definitely a game of two halves. Dwell time drives dividends instore, where customers like to browse and ‘be sold to’. However website behavior tends to be more focused, with customers moving swiftly between sites using search to find what they want. Our survey results were completely split by these KPIs.
But wait, the ref has asked to see a replay.
Referee: ‘I’m not entirely happy with this goal, given that 83% of Omnichannel sales come from instore purchases vs online. What’s more, 70% of businesses surveyed in a recent report claimed that customers will wait 5 minutes or less before being served, before abandoning their purchase and leaving the store. I’ll let this one go just this one time – however retailers must do more to minimise queue fatigue instore’.
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Dwell Time vs Click Through Rate
Back of the net for Speed to Checkout according to our Survey results, with the Away team recording a comfortable win.
Interestingly, some marketers are proposing that Dwell Time could be a more important metric in the long term:
• Retailers increasingly investing in instore experience, and platforms such as Booking Bug are booming
• Click and Collect takes advantage of both KPIs
• Attribution of Click Through Rates as a digital KPI being challenged, as well as influence of click bait algorithms
Referee: ‘I don’t think we’ve seen the last of Dwell Time. With Retailers focusing on short-term conversions at the expense of developing longer term relationships with their Customers, could Dwell Time become the more meaningful conversion KPI in future? I’m awarding a penalty’.
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Contactless vs One Tap Payment
Comfortable win for the Away team.
We would view patronage of the Away KPI as being equally supportive of the Home KPI.
‘Frictionless payment’ is therefore a genuine Omnichannel KPI. However improvements can still be made to this experience.
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Average Basket Size vs Customer Lifetime Value
Here our survey results were neck and neck for each KPI, despite Customer Lifetime Value enjoying more media airtime.
Hang on, looks like our Ref is stepping in again.
Referee: ‘In the short term, it is wise that average basket size is an important KPI to measure instore, whilst it is difficult to identify and track customers compared to digital. However innovations in privacy and consent management, instore technology that can subsequently recognise customers, and the appeal of radically reduced marketing costs afforded by personalised marketing, will lead to an increase in importance for Customer Lifetime Value. I’m therefore giving this game to the Away team’.
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Returns vs Cancellations
Whilst Cancellations were chosen in our Survey, we would argue that Returns mustn’t be ignored, as this represents a potentially poorer customer experience, so getting this right is important.
But as Returns become smoother, and retailers continue to remove contradictory Ts & Cs in each channel (eg. Proliferation of credit notes in-store, etc), and POS technology becomes more innovative, instore Cancellations may also become a reality which testifies to their ongoing importance as a KPI.