Attempting to maintain as well as manage a successful eCommerce site is becoming a vitally important part of a running thriving retail based business or an online marketing site these days.
However, as the technology and methods seems to be ever changing and a constantly moving target, pinpointing the exact e-commerce strategy can be extremely difficult.
So whats been identified are the most current and effective techniques which are effective today for offline as well as online e-commerce site owners who are wanting to increase their overall sales, enhance their customer relations support, and building a profitable business model.
Promotions On Shipping
According to recent surveys by various tracking sources, one significant statistic was that there were over 65% percent of online shoppers who will actually abandon their purchase if “Free Shipping” by the web retailer isn’t offered, so it’s that important.
This is why it’s significant for all retailers to be able to somehow provide the best shipping rates, preferably “Free” if possible, as well as working with their various vendors to adding incentives.
Additionally, providing an effective and reliable return management system will improve customer retention and satisfaction as well, while reducing costs, increasing operational efficiency, and maximizing the end value of goods which are sold. This will minimize the impact on the bottom line while retaining profits.
An effective return management system can make or break the majority of mid-sized online specialty niche retailers who are attempting to grow their e-commerce business on the web, this because of the “unseen” expense involved in product returns and refunds.
Yet, the majority of these retailers fail to evaluate what their actual return policies are, or define what the exact process is. Most online retailers usually don’t bother taking the potentially high cost of these returns into account, which can at times can completely eliminate their bottom line profit.
The actual cost for online retailers is actually a staggering $12 billion dollars per year. So it’s imperative that you develop a precise return policy plan as part of your overall shipping strategy.
Offering Multiple Web Based Storefronts
Expanding by having multiple storefronts, online retailers are then able to increase their virtual business by tailoring their site towards different market sector niches and pinpointing different consumers.
It’s also vitally important to determine what the best set up and format is for their multiple storefronts by considering various SEO and site navigation methods, usability, and payment methods.
These online storefronts offer the possibility of offering entirely separate and different products, various brands, checkout and payment option methods and shipping (preferably free) options for the consumer. However, just one back-end system is needed and should be used to handle all of the logistics of each site for more efficient and effective management.
Competitive “On The Fly” Product Repricing Options
In order for online retailers to stay as competitive as possible, e-commerce merchants should have the immediate ability to be able to reprice any or all of their items by using an automated tool.
This will then allow the retailers to instantly alter or price match any items on their site in a specific or competitive marketplace without any guesswork, integration hassles or time consuming manual importing or exporting of data. This will also usually provide retailers with the advantage as well as an increase in their sales velocity.
Precise And Effective Reporting Methods
You should be utilizing an effective data tracking and reporting method as this information is vitally important and time sensitive to track sales and product trends. This data should be immediately and readily available for merchants to consume while removing all of the guesswork.
This reporting tool should have the following components available:
• An interface which immediately displays statistics, trends, reports and graphs
• Reports and data which provides summarized item lines for a specific period of time
• Structured raw information and data which provides the ability to be able to remove verifiable or actionable information, and
• A tracking tool which offers business intelligence as well as precise data regarding relationships
An effective reporting tool will instantly be able to help online retailers to get the most out of their data and statistics which are presented, as well as allowing you more time to make intelligent business based decisions.