£Millions lost at the checkout: the value of behavioural analytics

Queue abandonment
Queuing causes shoppers frustration and increases abandonment rates

 

 

 

Queuing may be quintessentially British but it’s indisputably bad for customer satisfaction. Which ultimately means it’s bad for sales. The-doom mongers may constantly predict the Armageddon of bricks and mortar shopping, but the reality is that there are still a wealth of shoppers that prefer to purchase instore rather than online. Ensuring that shoppers complete their shop is clearly a fundamental requirement for retailers.

2018 intelligence suggests that UK brands and retailers are losing over £14bn per year  because of queue abandonment.  SRI has worked on several projects, in both the UK and Internationally, that corroborate these findings.

One UK retailer we worked recently saw average queue abandonment rates of 6% and similarly a South African retailer we analysed saw figures of 8%.  In both cases, these abandonment rates were even worse during the lunchtime period. Busy office workers didn’t want to spend their precious lunch breaks queuing and would abort their mission rather than waste time.

Thankfully, such unwitting self-sabotage is relatively easy to measure and fix.  But as the old adage goes, you don’t know what you don’t know. The key to success therefore lies in identifying problems you don’t necessarily know you have, by getting ever closer to your customers’ behaviour. Behavioural analytics help you monitor what your customers are actually doing, enabling you to offer an improved experience that enables them to complete their shop!