Tag Archives: Commerce

GDPR, News

More than half of businesses at risk of facing hefty fines for breaching GDPR requirements, warn researchers

Confusion over Consent Management Platforms (CMPs) is leaving businesses at risk of receiving hefty fines from the Information Commissioners’ Office for breaching GDPR requirements, running to 10s of 1000s of pounds, according to new research commissioned by data company fifty-five.

The survey of over 500 marketers revealed the majority (54%) haven’t set up a Consent Management Platform (CMP), which is critical for managing consent in line with legal requirements. 47 per cent say they do not need one, potentially putting their business at risk if they are not otherwise meeting the complex needs.

CMPs ensure consumers give consent for brands to store and use their data for tracking and marketing purposes. Brands cannot store data or market to customers if they haven’t provided a correctly administered pop up (or privacy notice), which requires active consent. However, the study highlights widespread confusion about this mainstay of the increasingly privacy-first internet. Of those surveyed who have a CMP in place, 37 per cent agreed the complexity of regulations and policies is confusing.

More than a quarter of all marketing managers surveyed (27%) admit they are not sure who was responsible for its implementation. 31 per cent think senior leadership are responsible and only 16 per cent thought it fell to the marketing department, despite marketers having most use for the information collected. Six per cent said the legal team is responsible, focusing on the compliance elements of a CMP.

For those who hadn’t implemented a consent management platform (CMP) there seemed to be a degree of potentially misplaced confidence about their reasons for not doing so. Nearly half (47%) said their business didn’t think it was necessary and 29 per cent were confident their business was compliant as it was.

According to Richard Wheaton, Managing Director at fifty-five: “We are in a new era for digital marketing and it is imperative that marketers act to fully ensure compliance with the law. Our study shows a majority of businesses have failed to implement one and this is concerning. A large part of the confusion stems from not understanding who has primary responsibility. However, confusion about complexity is not an excuse. Marketers as the brand communication owners must ensure they comply.”

Alongside widespread confusion, marketers are concerned about the impact implementing an CMP could have on their results and reporting. Of those who have implemented CMP, nearly three in 10 (28%) said it had impacted marketing’s ability to win customers, increasing to 35 per cent of large businesses. Meanwhile 17 per cent admitted they were confused about what to do in respect to data collection for website visitors.

With 43 per cent reporting that their customers were happy they had implemented a CMP, in comparison to only 15 per cent said they were unhappy with the inconvenience of pop-ups and privacy notices. Brands that provide a better privacy experience will benefit from increased trust and enhanced customer loyalty, which is crucial in a deteriorating economy, while a recent study* found that 43% of consumers said they would switch from their preferred brand to a second-choice brand if the latter provided a good privacy experience.

On the back of these findings fifty-five is warning brands that they must adapt to the new era to remain relevant for privacy-concerned consumers. Those that don’t risk going out of business in a tougher economic climate.

Richard Wheaton continued: “A CMP correctly installed need not be overly onerous and it is crucial to work with the right experts to ensure continued consumer trust and compliant data gathering. Implementing a CMP effectively can minimise the impact on marketing and build more content-driven and profitable relationships with more privacy-focused consumers.”

News, Retail & E-commerce

AR Shopping revolution: Over half of UK consumers choose shopping as their top reason to engage with augmented reality

New research from Snap reveals that as consumer expectations of the possibilities of augmented reality grow, a major gulf remains when it comes to brands’ perception of how consumers want to use it – with retail leading the way as the main reason people engage with augmented reality.

The study of more than 25,000 people across 11 markets, in partnership with Ipsos, highlights mainstream adoption of AR amongst consumers and reveals massive opportunities for brands to use AR to engage, inform, entertain and build customer loyalty.

The UK survey reveals 94% of brands still perceive ‘fun’ as the main draw for people to use AR. In fact, only 54% of people think of it this way, with over half (55%) of UK consumers listing shopping as their top reason for engaging with AR, revealing a huge opportunity for brands to provide shoppers with more relevant AR ecommerce experiences.

AR powers a new shopping experiencePeople said AR makes their shopping experience better, easier and quicker. 6 in 10 said it helps them shop in new and exciting ways; while 82% of brands that use AR said it allows them to provide a seamless customer experience, helping to drive conversion.

People see AR as a tool to experience a product before making a purchase. More than three quarters (79%) of respondents said they were interested in using AR to ‘place products’ in their environment to visualise how they’ll look. Meanwhile 57% revealed they’re more likely to buy from a brand that allows them to try on an item using AR.

Virtual try-on represents an untapped opportunity for retailersWhile 77% of people are interested in using AR to interact with a product before buying it, only 48% of brands have implemented virtual try on experiences. 

  • People want to learn more about products before they purchase: 73% of people are interested in using AR scanning codes to find more product information. Currently only 30% of brands who use AR have implemented these.

  • AR makes fashion more immersive: 64% of people say AR makes it easier to experience the work of their favourite designers.

  • AR has potential to make shopping more sustainable: 80% of people and 82% of brands believe AR has the potential to help the environment by reducing returns.

AR boosts loyalty for brandsBrands already using AR report its significant positive impact on loyalty. 64% said it improves loyalty and customer experience. 82% of brands said it helps to drive sales, acquire new customers and drive performance metrics, while 88% said it improves engagement and appeal to young audiences. It helps their customers to explore the world, connect with others and improve themselves.

Fintan Gillespie, Head of UK Business Solutions Snap Inc. said, “250 million Snapchatters engage with AR everyday and this report highlights the huge untapped potential of AR for retailers. This technology is transforming the way we shop and it isn’t an opportunity way off in the future – it’s happening right now. We’re excited to see the scale of opportunity for brands to showcase products, push creative boundaries, drive value and most critically – improve conversions to drive real business results.”

News

Join the Q – 22 units snapped up at business park thanks to expert help

A leading financial services group has revealed how it has helped businesses secure deals for more than 20 units on a thriving Shropshire business park.

Q Financial Services say it has secured commercial mortgages for 22 separate units on the Tern Valley Business Park on the edge of Market Drayton, in deals totalling £2.5 million.

The park will be home to around 300 new jobs when fully occupied – with Q helping source finance for nearly a quarter of all units on the site.

Josh Timbrell, partner at Q Commercial Finance, said the company had helped a wide variety of businesses on the park access the money they needed to make their business dreams come true over the last four years.

“The Tern Valley Business Park is a huge success story helping create jobs, growth and expansion and we are delighted to have been able to play our part in helping so many businesses move onto the site.

“In total, we have secured competitive commercial mortgages for 22 units on the site – all with a sale price of more than £100,000.

“We’ve been able to broker our clients the best deal based on their business circumstances and have helped see the deals all the way through to completion in every case.

“There have certainly been challenges over the four years – including getting lenders to work towards strict completion deadlines once the units were constructed – but the overall result has been absolutely fantastic and the park is a real credit to all those behind it.”

Q Financial Services group, which has offices in Wellington and Shrewsbury, is one of the leading and fastest-growing companies in the sector across the Midlands.

For more information about Q visit  https://www.qfinancialservices.co.uk/

News

Two thirds of consumers cutting back spending on considered purchases

The cost of living crisis has had a dramatic impact on consumer spending with brands needing to focus on value and the longevity of their products to win customer loyalty. These were some of the key findings from a new research report by marketing agency Gekko.

The survey of 2,165 British respondents carried out by YouGov and commissioned by Gekko, revealed that two thirds, 66% have cut back spending on ‘considered purchases’. These are defined as non-essential purchases that have a degree of financial or emotional investment.

Meanwhile more than 4 in 10 (43%) of people have cut back on spending on ‘essential household items’ due to the increased cost of living.

The re-considered purchase

For considered purchases, 52% of 18-24 year olds have cut back on spending, compared to 68% of 25-34 year olds and three quarters (75%) of 35-44 year olds. The categories hit hardest by a cut back in spending of consumers of these goods are: Consumer electronics and homeware and home furnishings with 61% of consumers of these goods reducing spending. Next was Clothing & apparel 60%, DIY and garden, 50% and Baby and child, 41%.

In today’s environment the number one factor making people consider a purchase in the consumer technology space is that something is within budget, 69%, durability/ being fit for purpose was next, 52%. Third in the list was sustainability, still favoured by 23% of respondents. Brand awareness was considered by just 13% of respondents. For Gen Z (18-24 year olds), the result for sustainability was far higher at 38%, suggesting the need for a tailored approach for brands to remain relevant in the current environment.

Consumers cutting spending on essential items

For essential household items, more than 2 in 5 respondents revealed they had reduced their spending (43%). Of these, 1 in 3 (32%) have cut spending on essential household items by more than 15%. 3% have cut spending on essential items by more than 50%. There are some significant variations, based on gender, location, age and financial situation. 48% of women have reduced spending on household items, vs 38% of men. Of those who have reduced their essential household spending, home owners (of any type) are the most affected, with 63% saying they had cut spending by up to 15%, compared to 51% of renters.

Londoners are least likely to cut spending significantly. Of those who have reduced their spend on household essentials, just 2% of Londoners are cutting spending by more than 50%. Meanwhile in the East of England this rises to 6%, and 7% in the North West.

Millions of consumers looking to switch brands

Brand loyalty has plummeted in the current climate. 60% of people would switch brands for essential items and 48% of people revealed they are more likely to switch non-essential considered purchase brands. Men are less likely to consider switching their considered purchase brand choices, 43% versus 52% of women.

Commenting on the findings Daniel Todaro, Managing Director of Gekko said: “The results highlight the dramatic but also the uneven impact of this cost of living crisis. There is certainly no generic strategy for brands wanting to remain relevant in the current economic climate. These huge variations in choice are clearly based on income level, age, gender and location. No longer is desire beating need when making choices.”

He continued: “While large numbers of people are being seen to be cutting spending on considered purchases, it is now implied that brands should focus on price and durability as the two key factors driving buying decisions. Ephemeral qualities like brand values seem less important in today’s climate. However it is important for brands to have expertly crafted messages for different audiences with sustainability still crucial, in particular for younger audiences. Having the right tone and audience-centric approach may assist brands in weathering the turbulent times predicted ahead.”

ECommerce, News

Commerce Experience Platform, Nosto, launches integration with Hydrogen, Shopify’s headless commerce stack, available today

As a Shopify Plus Certified App Partner, Nosto has been selected as a preferred recommended solution for Shopify’s headless commerce stack, Hydrogen, enabling merchants to build custom storefronts without compromising their ability to deliver personalized commerce experiences

New York & London – June 23, 2022 – Leading Commerce Experience Platform (CXP), Nosto, is selected as a preferred recommended solution for the launch of Shopify’s headless commerce solution, Hydrogen. Nosto’s data-fueled personalization and merchandising solutions for ecommerce will integrate with Hydrogen immediately and be available for merchants globally.

Launched publicly yesterday, June 22, Hydrogen promises to revolutionize how brands build and deploy custom storefronts on the Shopify platform, marking the next step for retailers looking to gain more freedom in how they deliver dynamic shopping experiences at scale.

Already a Shopify Plus Certified App Partner and key technology vendor in the Shopify ecosystem, Nosto is a preferred recommended solution for Hydrogen integration. The integration is crucial so merchants are equipped to deliver compelling, personalized online shopping experiences from the get-go on a Hydrogen stack.

This means merchants building completely custom, or headless, storefronts on Shopify can do so with confidence that they don’t have to sacrifice on-site personalization, a crucial aspect of delivering authentic and relevant commerce experiences.

Alongside the launch, Nosto has publicly released supporting code and documentation for developers to leverage the various CXP modules.

“As the demand for headless keeps gaining momentum, driven by needs from merchants to deliver flexible yet incredibly fast experiences, we’re excited about Shopify Hydrogen and the structure it provides for building storefronts using composable frameworks,” says Tuukkaa Häkkinen, Global Head of Product at Nosto.

Nosto’s CXP makes it easy to quickly deploy fully personalized and integrated commerce experiences across the entire onsite experience, including product recommendations, category merchandising, content personalization, on-site pop-ups, personalized emails and more. Delivering relevant and authentic shopping experiences through Nosto’s CXP helps merchants improve key performance metrics such as conversion rate, AOV, engagement, and LTV.

Integrating the CXP capabilities with Shopify’s new Hydrogen framework will benefit both larger merchants looking to have more control over their tech stack and creative merchants who want to connect to consumers through memorable, authentic, and relevant brand experiences.

“We’re excited to launch Hydrogen and Oxygen with Nosto integrating with the framework,” said Ben Sehl, Senior Product Lead, Shopify.

“Nosto, a Shopify Plus Certified App Partner, is a highly performant, consistently reliable, and popular commerce experience platform among many of our merchants. Using Nosto with a Hydrogen-powered custom storefront on Shopify will empower merchants to build engaging, personalized customer experiences with bleeding-edge performance.”

For brands building custom storefronts on Shopify, Hydrogen lets them get to market faster with pre-built components, a fully built-out starter store, and hooks that map directly to Shopify’s APIs. When the storefront is ready to get in front of customers, hosting globally on Oxygen is as simple as one-click from within the Shopify admin. The Hydrogen and Oxygen stack ensures storefronts are fast, high-performing, and available wherever customers shop.

“At Nosto, we continue our approach to offer the most advanced technology for Shopify retailers. We were the first certified Commerce Experience Platform for Shopify and this strengthens our technology leadership within the ecosystem further,” says Jim Lofgren, CEO of Nosto.

“We’re pleased to launch with Hydrogen to provide the best experience and support for our customers looking to migrate to a headless solution powered by Shopify and the Hydrogen stack. We’re here to help merchants build authentic and relevant online commerce experiences at scale.”

For more information on the Nosto and Shopify Hydrogen integration, including the supporting code and documentation, visit www.nosto.com/shopify-hydrogen

E-Commerce, News

Platform.sh Renews Partnership with Adobe to Power the Future of Commerce

Paris/San Francisco – Wednesday 6th April 2022 – Platform.sh, a unified, secure, enterprise-grade platform for building, running and scaling web applications, and Adobe, today announced a renewed 5-year agreement for Adobe Commerce to leverage the Platform.sh Platform as a Service (PaaS). Adobe Commerce helps brands build and deliver personalized, multichannel commerce experiences from a single platform. As part of the agreement, Platform.sh has become a Premier Partner in the Adobe Exchange Partner Program. Platform.sh’s new Premier Partner status builds on a long-standing relationship with Adobe.

With consumers changing the way they shop, brands need solutions that make it easy to deliver real-time personalized shopping experiences to meet customer demands. The extension of the partnership continues the evolution of Commerce at Adobe, enabling customers to easily build, run, and scale an end-to-end commerce experience in the cloud. The Platform.sh infrastructure management for Adobe Commerce Managed Services and Cloud Pro streamlines the developer experience and deployment velocity while optimising cloud performance and infrastructure efficiency. By focusing on efficiencies Platform.sh is helping Adobe reduce its carbon footprint across the eCommerce platform.

“It’s an honour to extend our partnership with Adobe for another five years,” said Fred Plais, CEO and Co-founder at Platform.sh. “We are committed in supporting Adobe Commerce to have an even brighter future, with a reinforced focus on making the management of the eCommerce product effortless, with an enhanced developer experience and a lower carbon footprint.”

“We’re pleased to renew our partnership with Platform.sh and view them as a key partner to enabling the success of our customers with more agility and faster deployment of commerce experiences,” added Loni Stark, VP of Strategy and Product at Adobe. “We look forward to the next phase of our partnership, where together we will make continuous improvements to our platform and help merchants and brands grow their businesses and better serve their clients.”