Posts Tagged ‘online retail’

Black Friday Sets New Online Record

Monday, November 29th, 2010

Black Friday is the day after Thanksgiving. Historically, it’s the biggest shopping day of the year for brick and mortar retail stores. But online sales have been steadily increasing, and this year online buyers set a new record of $648 million. Does that mean online retail has come of age?

I don’t think so. I think it means we’ve got a long way to go. But it also means that we’ve come a long way. And I’m looking forward to seeing the Internet grow and grow.

There’s no doubt that buyers are spending more money online each year. I think there will come a day when online buying will rival real-world buying. That day is still far into the future, but if you understand that online retail is growing day by day, year by year, then you should be planning your online retail strategy. Some day will be too late.

What should small retailers be doing right now to take advantage of the online retail growth patterns? Here’s a basic starting list.

  • Build a website
  • Ensure your website is easy to navigate and offers a secure method of payment
  • Include your shopping cart is full of products
  • Encourage people to buy from you by offering coupons and discounts for online buyers
  • Promote your website and your products with articles, a blog, social media campaigns, and link building campaigns

Online retail is here and it’s growing. Black Friday is just the latest evidence of that. Now is the time to get started on your own online retail initiatives. Are you ready?

Online Consumers Swayed By Price, Shipping And Product Reviews

Thursday, September 2nd, 2010

Marketing Pilgrim reports on a survey by ChannelAdvisor.

MP concluded the following based on the study results:

  • Retailer value is more important than brand recognition
  • Price is the leading factor that determines whether consumers will purchase from you or your competition online
  • Free shipping is also highly influential in determining buying decisions
  • Third on the list is trusted seller status, but this only makes sense on sites like Amazon and eBay
  • Fourth – discount coupons; I consider this one related to price

In other words, if it comes down to a premium brand versus small Mom and Pop and you can offer the same or similar product for less while providing greater value, guess who wins? Yep, you do. Small business rules!

Of course, Marketing Pilgrim also points out that 83% of online consumers are influenced by product reviews.

So how do we put this all together? What’s the take away? If you can drop your price lower to beat the competition and still profit, offer free shipping and get positively reviewed on well trafficked websites while building your trust as an online retailer, you’ll sell a lot of product.

Will You Buy (Or Sell) On Facebook?

Thursday, April 1st, 2010

Now that Facebook is the most trafficked website online, will you use it for your shopping. Better yet, will you use it to sell to others?

The social networking site is no longer a destination to find friends, romance and midnight conversation. It is now also a hot spot for online shopping and several Facebook apps are gaining prominence as online retailers figure out how to tap into the Facebook user base.

One of those apps is Sortprice. These apps allow online retailers to upload their products and sell them right on Facebook, which is better than providing a link and making people go to your site then browse your catalog and go through several steps to get the item they want.

So how about you? Are you buying or selling through Facebook? Has it worked for you?