Openpay report flags importance of online retailer cart arts
Clever online retailer tactics, like flash sales and selling fast tags, are driving £3.4 billion in impulse purchases by British consumers, according to a new report from Openpay.
These so called ‘cart arts’ have continued to fuel additional spending throughout the coronavirus pandemic.
Openpay’s research, involving 2,000 shoppers, revealed the most effective tactic in driving conversion appears to be flash sales, with four in ten consumers more likely to make a purchase if the goods were discounted for a limited period of time.
Somewhat unsurprisingly, of the age groups surveyed, 18-34 years olds are the most susceptive to these sorts of tactics, with 47% admitting low-stock notifications encouraged them to make absent-minded purchases - compared with 31% of the nation.
Meanwhile, in terms of frictionless payments, while half of Brits opt to save their card details for the primary reason that it speeds up purchases (27% agreed), 11% have made accidental purchases because of one-click payments.
That said, there are a great number of e-commerce features which make consumer lives easier and have a direct influence on purchasing preference. Of those aged 55+, 81% said search and filter functions were vital to their shopping experience.
Exactly half of those aged 18-34 said wishlists were helpful, allowing them to collate products in the weeks prior to payday.
The report also analysed the off-site tactics used, and how retailers harness the power of data to craft targeted CRM campaigns and targeted advertising – with polarising results.
While 69% of consumers reacted positively to ‘back in stock’ notifications, allowing them to purchase desired goods at the first opportunity, the same cannot be said for being chased around the internet by so-called data-driven, tailored adverts. In fact, 70% of Brits found targeted ads ‘creepy’.
Andy Harding, UK MD at Openpay, says: “We have experienced a year like no other, and the speed in which retailers have adapted to meet the changing needs of consumers deserves an enormous amount of credit.”
“Across all sectors, brands have stepped up to the mark – from the moment a consumer enters their site until their package is at their door – which has allowed consumers to enjoy some normality in difficult times.”
He adds: “However, it is important that responsible consumerism is still at the heart of all brand action and it’s a philosophy which is at the centre of Openpay itself.”
“Whilst there is a clear appreciation for flash sales, some CRM and one-click payments, we believe all of us in the industry have a responsibility to revaluate and reconsider how these tactics are used and ensure the customer always comes first.”
“Transparency throughout all elements of e-commerce is key to a healthy relationship between consumer and brand.”