Small Business News: 24 February 2023

There’s nothing more frustrating than a customer abandoning their shopping cart at the last moment. That’s where CartFox¹ has you covered.

The startup offers an automated SMS messaging service for online retailers to remind their customers of their abandoned carts. And for customers who have completed a sale, CartFox’s new post-purchase campaign solutions allow retailers to message customers with discounts to tempt them back to the store, as well as the option to ask customers to review their order or track their purchase.

“These type of reminders can help increase customer satisfaction and loyalty. [They] can also drive repeat purchases”, a statement from the company said².

The software – which integrates with leading e-commerce platforms such as Shopify and WooCommerce – boasts an impressive open rate of 99% amongst recipients; 95% within the first five minutes of delivery.  

Watch out Amazon…Gen Z favorite TikTok has been onboarding more brands onto its “Shop” program, which allows them to sell directly to customers on the app.

The shopping experience – which is still in the testing phase in the US – lets users view brands’ catalogs and make a purchase within the app. This is a progression from the previous version, where customers wishing to buy products through ads were taken to an in-app browser to complete the transaction.

The move to a more seamless experience combined with the video app’s ability to drive impulse sales makes it an attractive channel for e-commerce businesses. In fact, the hashtag “TikTok made me buy it” has 7.4 billion views on the platform³. Time to join in the fun?

Are ‘super apps’ on your radar? They should be. As consumers’ purchasing journeys become increasingly omnichannel – combining commerce, payments and messaging – super apps enable a convenient place to access these experiences via a single interface.  

A new report by Juniper Research⁴ found global spend via conversational commerce channels will reach US$135 billion by 2027 – up from US$39 billion in 2023. Furthermore, 47% of spend will be on Over-the-Top (OTT)-based channels, such as WhatsApp and WeChat, by 2027.

“As the development of super apps will create a new ecosystem for business messaging, communication service providers must ensure that they have strong, proactive partnerships with the most popular super apps to maximize their role in the conversational commerce value chain,” said research author, Elisha Sudlow-Poole⁵. 

Amidst rising inflation, it’s perhaps unsurprising that more consumers are turning to Buy Now Pay Later solutions. According to research by Adobe Analytics, nearly £1 in every £8 spent last month by British shoppers was via a BNPL provider⁶.

“The increased use of Buy Now Pay Later services to spread the cost of January purchases, shows that consumers are still keeping a close eye on their finances in the short term,” said Suzanne Steele, Adobe UK’s VP and managing director⁷.

Globally, the BNPL market was valued at US$141.8 billion in 2021, and is forecast to grow by 33.3% annually through 2026⁸. But is it the right fit for your business? Discover which payment solutions you should be offering at checkout to boost your conversions with our exclusive guide.

Don’t forget Mother’s Day – March 19th in the UK – is fast approaching!

If you’re looking for a little inspiration to tempt gift buyers through your online doors, take note of Etsy’s hot tips for Mother’s Day 2023. The online marketplace has forecast customizable gifts will be a popular choice this year, following a 56% YoY increase in searches on the site containing the words “personalize gift mum”⁹.

Personalization is big business in the gifting sector: 85% of consumers say it is the leading factor that determines the perfect gift¹⁰. So, check out our dedicated gifting guide for tips to help your customers make their purchases extra special. Happy selling!