According to the International Trade Administration, Australia is the 11th largest e-commerce market in the world with its revenue expected to reach US$32.3 billion by 2023. With such potential for growth, it is no wonder that businesses want to retain customers. As such they are striving more than ever to improve customer satisfaction by soliciting feedback and adjusting accordingly. In this article, we will analyse how companies can use e-commerce tracking to enhance their customers’ experience.
A report by the United Nations Conference on Trade and Development shows that contributing to e-commerce’s exceptional growth is the ongoing COVID-19 pandemic. For Australia, just like the rest of the world, its online shopping industry has also grown at an exponential rate, with a 20.8% increase in the 12 months leading up to September 2021 as reported by Australia Post. Quoted by Mordor Intelligence, revenue from e-commerce is further projected to have an annual growth rate (CAGR) of 13.27% during the period 2022-2027. The success of this growing trend is largely attributed to rising internet penetration, the accessibility of safe and secure payment systems, as well as an increase in the number of online shoppers due to the pandemic, proving that e-commerce is steadily gaining momentum here in Australia.
All things considered, businesses worldwide have begun implementing their own e-commerce initiatives to ride the online shopping wave. It is thus essential for companies to ensure a high level of customer satisfaction from their customers to keep up with the intense competition. Having customer satisfaction ensures long-term patronage and loyalty.
Despite the fact that consumer spending increased by 37% during the pandemic, four of the five challenges consumers encountered when buying from shops were online related. According to a Wharton University study, consumers who had shopping problems were also shown to be 35% less loyal to brands. So it is important to note that customers no longer base their loyalty solely on price or product. Instead, they stay loyal to brands that provide them with the best experience.
Therefore, it is essential for your business to know more about the habits and lifestyles of your customers through e-commerce tracking. Doing so will further promote brand loyalty and grow your e-commerce business arm and its profits.
