Satisfaction Holds Steady, But Still Disappoints
| ForeSee Results - Wednesday, December 09, 2009 0 Comments |
Satisfaction held steady from last week, meaning shoppers are similarly satisfied with the online shopping experience this week when compared to Cyber Monday. What’s troubling is that satisfaction is still down 3% since last year, and even last year (amidst the recession), it wasn’t anything to write home about. Comscore is reporting sales increases of 4% year-over-year, and we’ve been wondering how sales can be up at all (even a disappointing 4%) when satisfaction is down. After all, satisfaction as measured by the ACSI is a proven predictor of sales, financial success, and even stock prices.
However, when we look deeper at the Comscore data, we see that the Top 25 retailers are growing 13% while "Small and Mid Tail" retailers are declining 10%. As Larry Freed predicted based on the Cyber Monday data, only a small percentage of retailers who have really focused on customer experience over the last year are going to see sales increases, while the vast majority are actually going to lose revenue YOY. So while overall, sales numbers are increasing (a disappointing 4%), the overall increase doesn’t tell the whole story because it’s a few HUGE increases averaged with a lot of decreases. It’s becoming apparent that a lot of individual etailers will still be hurting January 1.
In short, retailers that are focusing on the customer experience despite the recession will increase online satisfaction and will therefore increase revenues.
Kevin Ertell has some ideas on what it looks like to improve customer experience in a way that could have a meaningful impact on revenue.
Follow Kevin and Larry on Twitter http://twitter.com/larryfreed and @kevinertell) for more thoughts on how the holiday season is shaping up.
Labels: voice of customer
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