Comparing like for like category online sales to in-store for a couple of online businesses I have that are in the same space as retail shops I own, the average online basket depth is deeper than in-store.
While both in-store and online have seen basket value increase, online is still 40% and more up on in-store. This could be because an online shopper is chasing a free shipping trigger, or because they want everything to come at once whereas a local in-store shopper knows they can return.
We have certainly been thoughtful in our online store settings and our licence product ranging with an eye to achieving a deeper basket.
If have spoken with retailers from several other retail channels and they experience the same – a deeper basket for online sales than in-store.
I mention it today to reflect on another difference online versus in-store – the deeper basket.
A deeper basket is a more efficient sale. Add this to the icing on the cake value of online and you see terrific value for the business from online.
This basket information, coupled with other analytics such as shopper source, returning shopper value, conversion rate and more and you have a dataset that is tremendously useful in considering business development.
At the time of writing, online sales are at 2,642 transactions, which I am very happy about.