The Internet has made everything easy. You can even start your online store and can sell your products across borders. Here are five things traditional retailers can learn from e-commerce companies.
Mega stores such as Amazon, with a $150 billion market cap, have long proven the e-commerce business model.
If traditional brick-and-mortar retailers want to succeed in an increasingly digital world, here we have come with five things they can learn from their online counterparts.
5 Things Traditional Retailers Can Learn From E-Commerce Companies-
1. Advanced Analytics
Solutions such as Google Analytics offer insight into visitor engagement on your website. While dropping a tracking code is easy to do for any e-commerce store, brick-and-mortar locations require more sophisticated tools. To gather useful data, retailers may enlist the help of products such as iBeacon to recognize shoppers’ habits. Using that data, retailers can optimize store layouts to encourage more product discovery, highlight select items and raise average order totals.
2. Going Mobile
By delivering a top-notch experience in store, online and on mobile, retailers can make shopping fun and seamless.According to comScore research, “55 percent of all time spent with online retail in June 2013 occurred on a mobile device.” Though most purchases were ultimately completed on desktop computers, mobile usage is guaranteed to continue to grow. Therefore, brands should invest in either mobile-optimized sites or dedicated apps.
3. On-Demand Sourcing
Anticipating demand is an art that has yet to be perfected. Each season you ask yourself: Should I produce 100 units of a particular style, or 10,000? Furthermore, trend forecasting is another hit-or-miss practice. Some digital-first companies have solved this problem by setting up lean supply chains and offering shoppers customized products.
4. Efficient Advertising
Online, marketers can quickly set budgets for a cost of customer acquisition as well as target consumers based on behavior, expressed interest and location. They can then invest heavily in marketing channels that lead to profitable conversions.Instead of overspending on billboards and other spray-and-pray advertisements, brick-and-mortar businesses can leverage digital ads to drive offline sales.
5. Lifecycle Emails
Regular contact with customers can dramatically boost loyalty and grow your bottom line. As one of the most powerful digital communications channels today, email is a marketer’s best friend.
This is main 5 Things Traditional Retailers Can Learn From E-Commerce Companies. So come on make your small business popular on the web.