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Billions in online revenues are being lost by British and American businesses, all because of a poor understanding of the online customer experience. That’s the conclusions drawn from recent research conducted by Tealeaf and Econsultancy.
The research conducted saw more than 500 businesses surveyed, for a report titled Reducing Customer Struggle, and the findings make very interesting reading for all companies with online revenue streams.
Starting with the companies understanding of the overall online customer experience, an overwhelming 16% of respondents rated their knowledge as ‘poor’ with only 4% of respondents believing they have an ‘excellent’ understanding. The majority (79%) say they have either a ‘good’ (36%) or an ‘okay’ (43%) understanding.
This lack of understanding is being blamed for a loss in online revenues, and it is estimated this figure reaches into the billions, with the bulk of the problem coming from site abandonment. Of the companies who could quantify site abandonment, it was estimated that 24% of a business’s annual online revenue is lost because of a poor website experience.
What the research has found is that companies are struggling to understand consumer behaviour when they reach the checkout. They don’t know why customers are abandoning the shopping checkout instead of converting on websites.
When it comes to understanding what the customers want, the research has pointed out that companies are failing. More time has been spent on collecting data about what has happened, rather than qualitative information regarding why it is happening. The conclusions drawn from the research point to companies – they must use a blend of quantitative and qualitative methods to gauge and understand more about the user experience.
For example it is believed that the most effective methods at understanding the online customer experience are session replay technology and user testing. However the survey revealed that of the companies used in the survey, only 44% were utilising online testing, whilst a meagre 11% used session replay technology.
Chief Marketing Officer for Tealeaf, Geoff Galat explains, “This research demonstrates a clear link between online customer experience and revenue generation. A poor online user experience, coupled with a lack of visibility and understanding, translates into a significant amount of lost revenue as well as added costs due to increased inbound enquiries.”
With empirical evidence gained from insightful research, we are further emphasising the need for a better online experience – as mentioned, it’s costing businesses billions in lost revenue.
Therefore, for those who are responsible for the online customer experience, E-commerce/digital teams, web development teams, or the marketing department, it is essential to augment their web knowledge with an understanding of the customer experience.
We have regular blog posts on tips and advice to improve customer experience, for example [See: Why Are Visitors Leaving My Landing Page?]. Simply subscribe to our RSS feed for advice on improving your customers’ online experience and much more!
Stressed About Money via BigStock
Last month, we tuned in to listen to our very own Samantha Noble become a radio star. As a guest on Xan Phillips’ The Business on Voice FM, a programme dedicated to promoting the good news stories about business from the Southampton area and beyond, Sam shared her insights into paid media.
The Drum Network has launched a new initiative called ‘Create Britain’ which aims to show the world that Great Britain is still an awesomely creative marketplace, despite Brexit.
Create Britain is an online interactive map that invites businesses from the creative industry to contribute a short video to claim their own pin on the map that links to their video clip. The video clips need to answer one question: ‘What makes British creativity so great?’.