After a somewhat bumpy start that has come to characterize so many Tech IPOs. Stitch Fix experienced significant growth last week spurred on seemingly by Wall Street’s reaction to a strong holiday shopping weekend. Interestingly enough, Stitch Fix does not seem to fall into a category of retailers typically thought of to have huge bumps during holiday as the buyer is typically shopping for themselves. Never the less, Stitch Fix has long-stood as a benchmark for providing highly curated and personalized service and product to their customers – with the thousands of personal stylists and a heavy investment in data science and AI to back it up.
On Monday, the first ever ShopTalk Europe event kicks off in Copenhagen! Top retailers from not just Europe, the US, and around the world will head to the northern European city for this new version of the original, Vegas based event. Shoptalk Europe promises to be a fertile ground for innovators and disruptors looking to the future of retail and the discussions on customer experience, brick and mortar, ecommerce, mobility, logistics, and more.
There’s no way around it: Today’s brick and mortar retailer needs creative new tools to better compete in the intensifying shopping world with a savvy consumer who is browsing, searching and shopping across multiple channels. What does that mean? Stores need to become more like websites, because today’s shopper isn’t willing to compromise the personal touch found in brick and mortar or the convenience of their mobile devices.
What if the shopping experience could be like this?
Conversion rates are arguably one of the most important metrics in determining the health of your retail business. The industry average ecommerce conversion rate is in the ballpark of 2–3%, with a much lower average conversion rate seen on smartphones vs. desktop. In today’s world, where e-commerce has significantly matured, why is a conversion rate of a couple of percentage points still considered okay?