According to econsultancy, the UK retail industry could see a loss of approximately £12bn in 2020, due to the coronavirus pandemic. Prior to COVID-19, a Go Inspire Group study showed that retailers already missed out on approximately £18bn in revenue every year, through online basket abandonment.
The research breaks down the opportunity for possible revenue across 13 key retail verticals and identified:
- how bridging the offline and online worlds presents a huge opportunity for recouping ‘lost’ revenue
- that combining digitally printed direct mail that is personalised and reflects the online experience, with email abandoned basket reactivation campaigns, more than doubled conversions +(113%).
- the best time to send physical, mail reminders was within a week of the customer abandoning their basket.
- how the technology to combine many, small, daily volumes into one, high-volume mailing is allowing retailers to quickly send a handful of letters each day, so they reach the customer promptly, but at an affordable cost.