The Digital Business Kit for Retailers
Retailers will understand the different technology and strategies that can assist their retail businesses to begin or improve selling their products and/or services online. [printfriendly]
In 2014/2015 mobile continues to be a force with over one third of e-commerce orders coming from mobile devices. Social media is driving an increasing number of these online sales with orders growing 202% in 2013/14. The leader in this area is Facebook with sales also growing strongly in the space of YouTube, Pinterest and Twitter. Again, these trends are also contributing to the growth in omni-channel retail, with more shoppers buying through multiple channels such as in-store, desktop, mobile and social media.
Having a website is essential. If you do not have a website or need a website that works on mobile devices please watch our tutorial.
- Shoppers today are spending more time reading reviews before making purchasing decisions. 64 percent take ten minutes or more (compared to 50 percent in 2007) and 33 percent take one half hour or more (compared to 18 percent in 2007).
- Consumers today are also reading more customer reviews in order to be confident in judging a product. 39 percent read eight or more reviews (compared with 22 percent in 2007) and 12 percent read 16 or more reviews (compared with 5 percent in 2007).
- The top factors that degrade trust in product reviews are not enough reviews (50 percent), doubt that they are written by real customers (39 percent) and no or limited availability of negative reviews (38 percent).
- Following poor product content (72 percent), and a lack of customer reviews (49 percent) were ranked as two main reasons a consumer would leave a site when conducting product research.
Retailers who are still behind the curve in adopting and creating an online retailing strategy are likely to be left behind in the wake of those who embrace the opportunities being presented by eCommerce.
Frequency of online purchases
The graph below shows us the frequency of online purchases per 6 months. (Source: Analysis of Australian e-commerce statistics).
Social shopping study
Social-shopping study: Is your retail product listed in the infographic below in “What people are buying online”?. That means your product is in the top percentile for online sales, and you should consider selling online. The statistics below support the importance of having an online sales presence.
- The majority (57 percent) of shoppers begin their online research with a search engine.
- The top three places consumers named for finding information online when researching products were: retailer sites (65 percent), brand sites (58 percent) and Amazon.com (33 percent).
What people are buying online
Other exciting upcoming trends include near field communications, augmented reality, image recognition, location based technology. If you are interested in seeing how these work for retail businesses visit the Case Studies page.
Food For Thought…
A recent study by Temado revealed that a range of convenient deliver options were critical to closing an oonline sale. Increasing these options increases sales and decreases abandoned shopping carts.