Consumers are increasingly connected through a wide array of Internet-connected devices.
Customers no longer interact with companies from a pure “channel” perspective. They interact through different touchpoints opening up to many new possible journeys as they engage with brands and shop.
The Web is the most commonly employed touchpoint when shopping today (see the purchase lifecyle below), be it to search products online, read reviews, compare pricing or find store location. 83% of customers research products online before buying (66% in the Middle East). Customers are becoming savvier and they expect accurate and relevant information to be available in support of their purchase decision making.
Revenue growth of SMEs making extensive of the web (also referred to as “High-web”) is on average 22% higher than Low or No-web SMEs. In the UK, the e-commerce leading country, the difference can be as high as 500%.
Ralph Lauren, who jumped on the sales opportunity that the internet offered as early as 2000 – before many of its closest competitors – recorded a twenty-three percent increase over the same period.
Such difference can be explained by external and internal reasons, regardless of whether a business sells online or not:
Market & product exposure
The web is a cost-effective marketing channel as it enables mass visibility and laser targeting. SEO/SEM strategies drive traffic towards brands and CRM programs can significantly boost sales and build loyalty through online campaigns and personalization.