In this event recap article, our content strategist Flora Frichou goes over some of the key takeaways from day 1 of eCommerce Expo 2017.
Welcome to eCommerce Expo
150+ eCommerce suppliers, 5 theatres, 150+ speakers. It’s a big event.
eCommerce Expo connects buyers and suppliers of eCommerce technology and services through the UK’s largest vendor marketplace.
The event covers all aspects of eCommerce: from web-platforms, to payment methods, to delivery, marketing, and customer service. After an exciting first day spent at eCommerce Expo, I’ve gathered the top 3 trends and takeaways of 2017 for those who couldn’t make the event.
Social proof is key to success
Presenters: Sugru and Trustpilot
Having led a conference at eCommerce Expo today with our customer Sugru, one of the best highlights of the day was the amazing turnout we had. With only standing room remaining, our conviction that social proof is key to any business’s success, and that reviews help you boost conversions at the bottom of the funnel, was confirmed.
Social proof has become essential in the eCommerce industry as the digital environment becomes more and more crowded with businesses. With over 92% of people reading online reviews as part of their customer buying journey, using social proof like customer feedback is one of the best ways to influence new visitors and potential customers.
As part of an upcoming Christmas report, Trustpilot researched and surveyed over 13,000 consumers, finding out that in 2017, 48.2% of people said they would check review sites like Trustpilot before making a purchase online, more than social media or even recommendations from friends or family, making reviews one of the best ways to influence a consumer’s decision.
Today, social proof not only helps convert consumers at the bottom of the funnel, it also benefits businesses by helping them understand what works, what doesn’t work, and how to improve their business and build a better brand reputation.
Trustpilot’s presence at eCommerce Expo
The first day ended with a bang as Trustpilot overcame a record number of entries to win the Best Product at eCommerce Expo award!
In addition to our successful talk and victory, we had one of the busiest stands at eCommerce Expo. We started off slowly, but were soon too busy to take a break.
We introduced a beta version of our ROI calculator tool at the event, and are currently working on developing it and making it available worldwide. Our sales team did a great job introducing it to new potential customers, and helping current ones make the most of our platform…whilst our other team members attempted to run away with the frozen cocktails cart!
Customer experience is no longer an option
Presenter - SAP Hybris
We define customer experience as how customers perceive their interactions with your company. It’s one of the hottest topics of 2017. Delivering a great customer experience is now no longer an option, it’s a requirement if a company wants to be successful. According to Forrester research, leaders in customer experience achieve a 17% revenue growth within 5 years, whereas poorer customer experience departments only experience 3% growth over the same period.
That’s why it’s become essential to invest in customer experience. Brands have to meet and exceed their customers’ expectations to retain as many customers as possible. Did you know a totally satisfied customer contributes 2.6 times as much revenue as a somewhat satisfied customer, and 14 times as much revenue as a somewhat dissatisfied customer? If you’re not investing in your customer experience, it might be costing your business more than you think.
Creating a seamless customer experience ensures that customers will keep coming back to you for future business. Acquiring a new customer costs 7 times more than maintaining an existing one. A strong customer experience strategy ensures your existing customers will continue to be your customers and quite possibly, your advocates.
Taking control of ratings and reviews is essential in order to drive brand advocacy
Presenters: IMRG and Yext
With 80% of people trusting reviews as much as personal recommendations, word of mouth is still one of the most powerful recommendation tools a company can implement today. Today, customers are surrounded by hundreds and thousands of messages, ads, marketing, and signals. Ratings and reviews have become the best place for consumers to get as much independent information as possible to decide where and what to buy.
Taking control of your own reputation and allowing your customers to share their stories and experiences with other people will help you connect with consumers quicker, and earn trust faster. Focusing on building a good reputation with the help of online reviews and customer success stories is key to driving brand advocacy.
Brand advocacy is a customer-focused strategy that can be integrated into any business’s marketing plan. It consists of leveraging your most loyal customers as ambassadors and #FireUpYourFans in order to grow awareness, trust, help drive sales, and build stronger customer relationships.
By giving your customers a channel to promote their customers’ stories, whether positive or negative, is a great way to show you’re committed to making your customers happy, and listening to what they have to say. Do not fear negative reviews. Instead, take the time to respond and convert unsatisfied customers into brand advocates. 95% of people who had a bad experience are willing to give the business another go if their issue has been dealt with. By ignoring negative feedback or a bad review, you’re already giving up on a customer who can be won back.
The clear message from eCommerce Expo - Customers are more important than you think
The clear takeaway from eCommerce Expo was how important customers are to the eCommerce industry. Of course, acquiring customers is the most important goal but customers can also be used as a marketing channel via UGC, brand advocacy, and even referral marketing. An investment in customer experience has also shown to be incredibly valuable from an ROI perspective, making the case for a customer experience strategy a must-have. Of course, reviews strike the perfect balance between giving companies insights they can use to improve their customer experience while providing UGC fuel for marketing initiatives.
Learn how to listen to your customers, and make the most of every review you receive. User-generated content and customer advocacy are transforming marketing and both businesses and customers are loving it.
Keep up or you’ll get left behind.
To learn how Trustpilot can help you collect, manage, and market your reviews, just request a demo below.