This time of the year is significant not only because of the never-ending amount of Christmas log cakes (or puddings) that we guiltily consume without restraint at our offices, it is also when we sit together to talk about everything that has transpired in the past year. As we go into the festivities over the next few days, this is the time for us to pause and reflect on the things that have gone well, and those that haven’t quite gotten to the stage of being ideal.
For the financial services sector in particular, this means taking stock of your digital transformation journey by evaluating your progress in digital banking in the age of the customer.
At Forrester, we have done extensive research that involved speaking to incumbent banks globally and leveraging our consumer technographics data for our digital banking strategy playbook. We have recently published the digital banking strategic plan, processes, and benchmark chapters.
Europeans spend €5 in-store for every €1 spent online after researching products via digital touchpoints. Digital activities influence a significant proportion of physical store sales. Yet, many eBusiness professionals tend to evaluate their digital efforts in terms of online sales generated and struggle to measure the value of a website and digital activities in terms of the overall influence on the shopper journey.
The key for eBusiness professionals is to recognize the influence that digital has on purchase decisions across the customer lifecycle and keep consumers within their own ecosystem, no matter where the final transaction takes place (in the physical store, on their website or via their mobile app).
But how can you quantify the influence of your digital presence on physical store sales?
For several years we have published the cross channel retail sales forecasts in the US and for the first time Forrester has developed a European version focused on seven European markets: UK, France, Germany, Netherlands, Italy, Spain and Sweden. The forecast projects the growth of cross channel sales - sales that are influenced by the digital touchpoints but where the purchase is completed in a physical store.
A few key takeaways from a European perspective include: