Use reduced conversion lag to increase profit at ChristmasBy Summit | Thursday 14th November 2013
Online conversion starts to speed up as Christmas approaches and savvy retailers can tap into this behaviour to their advantage.
This week’s Retail Buzz Peak season video is all about benefiting from a festive trend towards ‘quicker’ shopping.
As time, stock and options run out – and let’s face it, we’ve all experienced that – so browsers spend less time thinking and snap up products quicker than they do at other times of the year.
Conversion Lag and the Festive Shopper
In the field of digital marketing, the time taken to make the decision to buy is called the conversion lag, in other words the time between the most significant click in the sale journey and the sale click itself.
The time a shopper takes to decide to buy an item in summer, could be days or weeks because there’s less pressure from a ‘festive imperative’, allowing the browser to mull over choices, spend time visiting other sites and so on.
But in Peak season, products start to fly off the shelves, there’s less time for leisurely browsing, and so people tend to make that sale click with less deliberation.
How should Retailers Respond
Different categories of product will experience different trends in conversion lag, so retailers need to produce and analyse their own data.
Summit has analysed its own data and in this video Insight Team data analyst Alex Blenkinsop shows how jewellery, computer games, computing and toys all vary in conversion lag as Christmas approaches.
Advice to make the most of conversion lag: