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How Can Online Retailers Push Themselves Further?

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By Published On: July 22, 20190 Comments

As we enter the next quarter, it's important to reflect on how online retailers adapt and change with the transformative customer habits. Looking back on Q4, what trends have come through that are changing the customer's experience with online shopping, and how does this affect the Top Online Retailer Awards?

From trending technology to a focus on customer engagement, there’s a myriad of techniques and innovative ways that an online retailer can stand out from the rest and truly shine. That’s why Power Retail hosts the Top Online Retailer Awards.

In February 2019 at the Power Retail All Star Bash, the Top Online Retailer Awards were announced, celebrating the best of the best in the e-commerce sector. Out of thousands of entrants, the Top 100 offer innovative and outstanding online retailer strategies. It isn’t easy to determine, but Power Retail’s Head of Analytics, Dave Fear, has created a robust and data-driven model to calculate the ranking.

“We’ve worked with the Melbourne Business School of Analytics to build the foundation for our model. This includes using Principal Component Analysis to identify important, related metrics – combined with some basic regression models to assist in identifying appropriate weightings for the various metrics we collect information on,” Mr Fear explained.

Every quarter, there’s an influx of the ‘next big thing’, some of which is incorporated into retail strategies. “Live chat has been an interesting trend to watch, adoption of Live chat on retailer sites has been widespread. However, I haven’t necessarily seen a clear trend between success and adoption of Live chat. I think one trend that has a stronger impact on success is product reviews, online retailers that have put in real effort to encourage their customers to build a catalogue of product reviews are succeeding in driving conversion and engagement on their sites,” Mr Fear continued.

For further insights in the previous quarter, the biggest stories and in-depth data and insights from Q4, be sure to check out the Quarterly Review. This is an insightful and well-rounded collection of the best things to come out fo the e-commerce sector, so don’t miss out.

To hear more about the process behind the most coveted online retailer ranking, tune in to the Power Retail Podcast, where we discuss the upcoming trends, the data behind the ranking and some brands that are sparking our interest. Take a listen below for the full interview:

 

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About the Author: Power Retail

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