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Top 10 keys for online retailers to build their bottom lines
Top 10 keys for online retailers to build their bottom lines
1.Develop content that addresses the nuances of product categories, customer base and distribution channels. This is especially important for product categories such as electronics, for which consumers need detailed information to make a buying decision.
2. Use interactive technology to add value to the online shopping experience and increase sales. Zoom, color change and/or multiple-dimension technologies are frequently used on sites that sell computers, sporting goods retailers, department stores, mass merchants, and apparel and accessory sites.
3. Minimize the number of clicks to checkout and improve “quick-to-shop” times to avoid cart abandonment.
4. Communicate with customers via targeted e-mails that include merchandising tactics and provide timely accurate responses to customer service inquiries.
5. Invest in search technology that allows consumers to search by multiple factors (e.g. department, keyword, price, recipient, theme, occasion) and delivers results that match the search request.
6. Encourage additional purchases by offering relevant cross-sells and up-sells throughout the site.
7. Offer timely gift services, including gift centers and comprehensive gift searches.
8. Provide real-time online information about product availability and order status.
9. Structure promotional offers without forfeiting profitability (e.g. condition free shipping on order size).
10. Consistently integrate multi-channel efficiencies for customer convenience and operational cost savings.
The study, the “Merchandising Scan,” was conducted during the fourth quarter of 2001. During that quarter, 100 e-commerce sites in 16 product categories, including apparel, books/music, computers, consumer electronics, department stores, gifts, and home/garden were reviewed. Each site was scanned to locate 102 features and functions within nine merchandising tool sets, including search, profiling, established and promotional merchandising, custom content, community, cross-channel, gifting, product enhancement, and customer service.
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