This week we attended the Google Retail Summit in London to discuss all the main trends & best practice solutions for one of the most competitive verticals, retail. Below is a roundup of the event, with all the key takeaways from the day.
Change in consumer behaviour
We have seen the current economic climate affect the way consumers’ search, with significant increases in search terms containing “best” and “sale” (50% & 35% respectively), as we place more importance on value and quality, rather than store affinity.
Furthermore, consumers are increasingly turning to YouTube as the first step in their path to purchase, with 90% of users saying that they had discovered new brands on the platform, and a further 40% going on to eventually purchase products from these brands.
Lastly, consumer expectations have evolved, with 45% of consumers admitting that they would choose to research products on their mobile in-store, rather than talk to a salesperson! This means that retailers need to ensure they are combining their offline & online advertising for a seamless experience.
Black Friday / Christmas Planning
It’s never too early to start planning ahead for the festive season, especially with increasing numbers of users choosing to shop online, rather than brave the stores. Last year, the UK saw a 14% growth in overall sales, with 58% of all conversions being made through mobile devices.
Personalisation is the key to standing out from the crowd as 58% of users want retailers to show them personalised promotions based on their interests & shopping history, with 59% also saying that they would expect their billing & shipping details to be remembered.
Given the recent influx of product releases in this area, it is unsurprising to hear that the adoption of smart solutions was seen as the best way to improve your paid search performance & efficiency. The main recommendations were to make the most of your marketing budget by utilising automated bidding strategies (specifically those focused on customer acquisition and/or conversion efficiencies), and ensure you have full visibility using dynamic search ads campaigns.
Grow my store
In order to help retailers improve their digital offering, Google has recently launched a new product called Grow My Store, which will evaluate a retailer’s website, whether you sell online or in-store.
This feature allows you to see how your website fares overall, with results broken down into the following areas:
- Product Information
- Store Details
- Frictionless Shopping
- Flexible Fulfilment
- Customer Service
It also provides market benchmarks and consumer insights, with links to training materials & solutions to help implement any of the recommendations.
To find out more about how we can help your retail business to grow, contact us today!