With eCommerce, marketplaces (Amazon, eBay, Google Shopping), apps (proprietary, 3rd party) and societal trade (Facebook, Instagram); online channel opportunities and threats are increasing by the second.
A frequent success factor amongst high-growth Informed Retailers is they concentrate their investment in just one or two online stations, where their target market is busy. On these stations, they work hard to create relevant, timely and trackable communications, and after they’ve mastered these channels, then they move onto another one.
The three areas we have seen retailers receive the maximum commercial gain from are;
Availability — are the products available where shoppers expect to purchase? How much is overstocking and understocking costing you?
Traffic — can shoppers easily find your products within the group?
Conversion — better websites to boost conversion.
1. Inventory Availability
Maintaining inventory for one channel only (online or shop ) is outdated and generates out-of-stock scenarios and lost sales which are easily avoidable. Today’s retailers will need to get an omni-retail inventory and supply chainmanagement system, opening up their inventory availability for all channels and outlets to access.
A array of traffic generation opportunities are covered in the advertising section later, but one special practice to call out is the value of promoting your internet channels to in-store clients. A time-limited offer on a receipt or branded security such as a special ID gift voucher can make it possible for you to track which shops are talking clients online. Rewards can then be offered to the staff at that specific shop for referral generation.
With greater cart abandonment rates in Australian in contrast to overseas markets; it is clearly an area that requires improvement. In a recent study, 57 percent of Australian respondents stated they discard their carts occasionally, or all the time, compared to 41 percent of European respondents and 47 percent of North American respondents. Fashion and Footwear are amongst the worst affected; 67 percent of Australia shoppers said they abandon their cart occasionally or all of the time. (1)
High shipping costs, delivery times, poorly designed sites and out-of-stock items are a few of the reasons as to why customers abandon shopping carts. 53% said promotions and discounts influence them to buy, yet this is a double-edged sword for retailers. (2) Whilst ignoring does reduce cart abandonment, it is not a sustainable long-term plan.
Listed below are the most common eCommerce practices Informed Retailers use. A number of them appear simple but are often not implemented well, if at all. Bear in mind that your webstore has to be user-friendly, quickly and as frictionless as possible — not just for your clients but also to ensure it is optimised for search.