This week we’ve launched the Sage Pay e-business benchmark report 2011. Now in it’s second year, the report provides dynamic insight into the latest trends, techniques and behaviours that are delivering success for e-commerce businesses.
We’ve been busy compiling statistics from 1000 UK and Ireland based businesses, focusing on every part of their online process, from enticing customers to their website, to encouraging them into buyers. We’ve also delved into some key growth areas such as mobile commerce and overseas expansion to provide a fully rounded insight into what makes an e-business tick.
The report is peppered with stories and advice from some of our customer who each offer their e-commerce ‘pearls of wisdom’ to bring the report to life.
So what’s the news?
Well what’s really interesting is that, as in our 2010 report, the average e-commerce success rate (completed sales compared to website visitors) is still 7%. Yet despite this remaining the same, the overall ecommerce landscape has shifted and so have the tactics used by successful businesses.
Ecommerce is still growing
Across the board, online businesses are booming. We’ve seen a steady rise in ecommerce transactions over the last five years and this is backed up by our respondents reporting an average growth of 49% in sales over the past year.
‘Like’ for likes
It’s no secret that more and more businesses are using social media as a way to engage with customers and build a loyal customer base but even we were surprised to note that 76% of top performing businesses are using Facebook and Twitter to create a dynamic, two-way relationship with customers.
From a security point of view the right PSP will provide the latest fraud screening tools and measures to give business owners peace of mind and help keep customers safe online. We were really pleased to note that 69% of e-tailers haven’t lost any money to fraud in the last 12 months, so the majority of e-tailers are doing a good job at spotting and stopping would-be fraudsters. But nearly a third (31%) still reported losing money to fraud in the past 12 months.
To App or not to App?
There’s been plenty of discussion over the last 12 months around Apps and mobile commerce. We found that even though just 5% of our respondants currently have a mobile app, a massive 30% are planning to develop one. So whats stopping everyone else? Well 27% believe App’s aren’t relevant to their business and 45% claim ‘time’ and ‘cost’ as the main barriers.
If you’d like to download the full e-business benchmark report, you can do so here www.benchmarkyourebusiness.com
Amy Monro, Sage Pay