span online shoppers to the cheapest class="cap">R ecent deals so consumers can buy statistics, published by essentials more cheaply online. analysts IMRG, show British This leaves a bit more to spend shoppers spent £26.5 billion on leisure, holidays, electronics online in the first six months of and other ‘non-essentials’.
2008. That is 17p in every pound
According to Mike Petevinos, a rise of 38 per cent from the head of consulting for retail same period in 2007. Although analysts Capgemini UK:
August 2008 saw a 10% drop in
“Whilst online retail is not sales over July internet shopping immune to the credit crunch, it transactions were still up 15.6% is showing greater resilience compared to last year and than the high street. The online shoppers spent more than £4.4 channel continues to grow its billion. share of retail spend thanks to Given the credit crunch and all the traditional drivers of that it means or may mean for convenience and choice but these business what does that drivers appear to be magnified by indicate?
the current economic environment.
Well, according to the The ability to research and make pundits, online sales are more informed sensitivity is a expected to remain strong despite key advantage of the online the slowdown in the economy. They channel. The results for August say that customers are being demonstrate the maturing of tempted into online shopping by e-retail. Online sales are rising fuel costs, falling starting to mirror more closely disposable income and because seasonal retail patterns, they believe online retailing is experiencing a dip in August for more sustainable. Additionally the second year running. We price comparison sites lead predict between 30 and 50 percent
of all retail will be online in strong links between the in-store the next 5 years. This is and online offer is now essential because, as online reaches 20% of and online will find itself all retail sales, retailers extremely well-placed to experience a tipping point which capitalise on the falling forces them to seriously rethink consumer confidence and lower the future viability of their levels of disposable income business model. We have seen this currently impacting the retail happen for books, music/DVDs and market.” electricals and as the industry
PayPal also predict similar as a whole reaches this tipping numbers. They say that by 2010, point in 2008, more categories one in five purchases will take are sure to follow."
place on the internet and that
IMRG and Capgemini are not online consumer spending will alone in their predictions. reach £39 billion by 2010. The Verdict, the retail analysts also company has warned businesses to forecast that online retail sales start trading online now or risk would reach £44.9bn by 2012.
missing out on potentially huge
Verdict say: “some of this is profits. Carl Olav Scheible, Head ‘cannibalisation’ - people buying of Merchant Services at PayPal via their computers what they said: "Over the past few years would previously have gone to we've seen the internet gradually shops for. There is still a need eating away at the high street. and place for physical locations By 2010, we expect substantial - the key is to ensure that sums previously spent on the high synergies with online retailing street to have moved online.”
are exploited to drive footfall
So, if you are involved in to stores, but having an Internet retail what do you need to do to presence is vital. Giving the capitalise on the opportunities consumer choice by establishing presented by the web?
Here are our suggestions.
and flood it too!’
Get an ecommerce website
Actually it’s pure direct
D’uh. Yes it is true. Some marketing and anyone can retailers don’t have a site and understand the principles:
many don’t have an ecommerce
- Price £100 site. Yet compared with the cost - Margin 50% = £50 of rent and rates the costs for a - Cost of sales marketing really good site are very allowance 50% = £25 small.
- Conversion rate for leads 10%
Economize and optimise
- Maximum average cost per lead
We have mentioned search £2.50
engine optimization frequently in
but it’s pulling the right our newsletters and in times of levers that make it work.
economic uncertainty it’s even
Affiliate – get people to join more important to maximize good your club
traffic. And optimization is not
As we said previously “Like just about the traffic received, all marketing programmes, page views and time on site it’s affiliate marketing is no panacea also about the funnel all the way and requires dedication and hard through the site to the checkout work from all the parties, but and payment.
there is plenty of research to
Sponsor a click
show that when it is done
Plenty of people are fearful properly it has very good ROI for of pay per click and have all parties involved.”
‘wasted’ a lot of money on it.
Affiliate marketing has one OK, if you want to be a DIY more benefit in troubled times it plumber and electrician go ahead, allows you to grow your business but remember to call in the with no upfront cost - you only professionals once the bodge is pay per sale.
likely to ‘set the house on fire
Don’t fail – use email
Your customer list is one of
Service the customer your most valuable assets and perfectly
email marketing is very cost
Online customer service can be effective. Use it not just to dire and yet service is what “sell, sell, sell” but to build a keeps customers coming back for relationship with your customers, more.
add value with interesting offers
When you are online can you and cement their loyalty.
easily find the price, terms,
Make them smile – go address and phone number or email mobile
address of the company? Are they
57 billion text messages were hidden away? Does that annoy you? sent in 2007 in the UK. In May If it annoys you the surely it’s 2008 6.5 billion were sent. the same for your customers?
That’s looking like over 70
Make it easy for them to be billion messages in 2008. As we able to communicate with you say on our texting page use text directly and quickly. That’s by marketing if:
phone, email, online chat and
- You like to be able to even the good old fashioned communicate instantly with your mail.
customers and contacts.
Even more important make sure - You think any of your customers your staff know what they’re have ever forgotten an important talking about and that you occasion. provide quick delivery, simple - You want to increase brand refund procedures and a feeling awareness and provide additional that they are special and not revenue streams for your just ££££ signs in your till.
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