Next, fashion retailers need to establish a revenue-leakage benchmark that shows them where they are in relation to the competition — competitors with similar average basket size and brand maturity.
Retailers can then identify where they are underperforming and take steps to strengthen those weaknesses. Next comes measuring the improvement. If the improvement was sufficient, it’s on to the next trouble spot.
The fear of fraudulent activity is causing retailers to put up barriers between themselves and customers. Treating innocent shoppers like criminals, can result in frustrated customers abandoning their online shopping carts. Worse, it can encourage them to take their business to retail upstarts that are already equipped with more seamless buying journeys.