Yesterday I caught up with Larry Freed, CEO of Foresee Results, and we chatted about the results from Foresee’s Top 100 Online Retail Satisfaction Index report. Check out our conversation below:
Manoj: Larry, can you tell me a little bit about the study?
Larry Freed: We collect an enormous amount of data about online retailers all year. But this is our sixth year producing a report that looks at online satisfaction specifically for the Top 100 online retailers.
Manoj: How it was conducted?
Larry Freed: We used the scientific methodology of the American Customer Satisfaction Index to survey more than 23,000 visitors to the top 100 e-retail websites. Internet Retailer tells us who the top 100 are, according to sales volume, and we survey their site visitors using a panel.
What do the results show about the top e-retailers overall?
Larry Freed: Amazingly, satisfaction with e-retail is up year-over-year. It took a big dive last year but has not only rebounded, but it has exceeded previous levels. Satisfaction with the top 100 e-retailers is now at 78, up nearly 5 points from 2009.
Manoj: Any insights about specific retailers?
Larry Freed: Netflix.com takes the top spot for the fourth year in a row with a score of 87, and Amazon.com a close second with a score of 86. The other highest scorers were Avon, Apple, Keurig, LLBean, QVC, Vitacost, BassPro, Cabelas, DisneyStore, Oriental Trading, TigerDirect, and VistaPrint. The report itself also breaks the top 100 into categories of retailers so you can see who is the best mass merchant, the best online apparel retailer, the best computer and electronics online store, etc.
Manoj: What should e-retailers do if they want to improve online satisfaction?
Larry Freed: Well, the formula is going to differ greatly for each retailer, but on average, we did see that customer perceptions of price continues to play a big role.
Manoj: Why is it important to for online retailers to measure customer satisfaction?
Larry Freed: Online satisfaction drives loyalty, sales, and word-of-mouth recommendations. Those future behaviors will ultimately determine the success of your entire organization across channels. But in a very tangible sense, this study showed that a one-point increase in online customer satisfaction alone predicted an $89 million increase in online sales. Customer satisfaction is important, there are no two ways about it.
You can download the full report at: http://bit.ly/dd1InI
& Also check out Larry’s Blog post: http://bit.ly/dbVhdq
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