Uncover the secret to boosting ecommerce performance and customer loyalty
The ecommerce segment of the hardware industry has seen meteoric growth in recent years, but for now, it seems these numbers are coming back down to Earth. Brands are now adjusting to slowing ecommerce growth and cautious customer spending due to budget-hitting economic concerns like inflation and fears of a recession. As customers spend and shop less, sales become harder and harder to convert.
That said, even with success in the ecommerce space over the last few years, the hardware industry can still count on local in-store sales to move the needle. Why? Many customers now go online looking for information and reviews of products they might be interested in, and then head to a physical location to actually complete their purchase.
There are a couple of reasons for this:
- Many hardware brands don’t have sophisticated online shopping experiences that make purchases simple on the customer side or are in the process of implementing them.
- A large number of shoppers say there isn’t enough educational information or guidance in the DIY industry. An in-store experience may be the easiest way to address any issues they may have.
One factor highlighting this “reverse showrooming” trend is the industry’s average online cart abandonment and return rates. As of 2022, 79% of shopping carts in the hardware and DIY sector are abandoned, and 11% of orders are returned. Of course, abandoned online carts and product returns are costly to brands and retailers—especially considering price erosion and product margin pressure caused by competitor pricing and promotion activity. How can hardware brands and retailers fight back? Perfect product pages.
Why your product pages may be the reason customers never make it to checkout
Brands often leave themselves vulnerable to abandoned carts due to poorly described, mislabeled or vaguely illustrated product pages. When considering online purchases of hardware and home improvement goods, consumers expect clear and comprehensive information about the product, including accurate descriptions, detailed images, installation specifications and helpful resources like how-to videos. They want clear, concise product page experiences that match the standards set by other categories, such as consumer packaged goods and electronics, removing any barriers to purchase.
So what can hardware brands do to secure a larger share of customer baskets and foster deeper shopper loyalty?
The Digital Shelf Solution
PriceSpider’s Brand Monitor lets brands optimize their product placement, representation and pricing, and monitor and refine product content across the web using insights from over 30,000+ retailers worldwide. These insights ultimately maximize sales, reinforce brand integrity and help brands make more informed decisions in real time.
Over 2,000 of the world’s leading consumer brands use Brand Monitor to track and optimize crucial product detail page metrics, gain real-time, actionable insights and enhance product discoverability, shopper confidence and satisfaction.