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How to dominate the Internet marketplace Third quarter sales results and holiday projections indicate that e-commerce is in a substantial growth spurt. Before joining in a celebratory toast, remember that success cannot be measured by sales alone. Long-term success requires a combination of sales and service that makes shopping a pleasure for some and painless for others. The companies that will ultimately dominate the Internet market are transforming sales and service into profitability. Some will be web only; others will be multi-channel with integrated stores, catalogs and websites. All will provide a seamless shopping experience from initial sale to final delivery. At first, dot-com retailers had a significant advantage over established brands. They could offer selection, price, and service without the overhead associated with retail stores and catalogs. Traditionally, starting a retail business meant extensive capital requirements and competition from established brands. The risk was large; the failure rate larger. The Internet has changed the game by equalizing the playing field. Entrepreneurs can launch and promote a website with minimal expense and effectively compete with large retailers. Don't count traditional retailers out... Major retailers responded to the threat by launching their own web site. Unfortunately, simply creating a new marketing channel will not protect them from the onslaught of web only companies. Customers expect a seamless shopping experience regardless of channel. This requires full integration of marketing and operations. Every policy and procedure must be consistent across the channels. Every transaction must be interchangeable. This requires a complete overhaul of systems and operations. Customers are not interested in why it can’t be done. If they find the right item but wrong size in the store, they want to purchase it online. Buy it online and find it doesn’t fit, and then they want to return it to the store. The companies that find a way to make it work will survive the next shakeout. Some companies are improving the integration of their channels. Best Buys, Circuit City, Costco, and Sam’s Club all offer buy it online and pick it up at the store. Barnes and Noble offers buy it online and return it to the store. Williams and Sonoma has shifted its management from channel based to brand based. They are making a good start, but they had better hurry or the new breed of web only retailers will capture their market. Dot-com companies had a starting advantage, but they must evolve from marketing to operations and provide the service customers require. The lure of the web for entrepreneurs is easy entry to a new frontier. The lure for customers is convenience. Many sites focus on shopping, selection, and ordering ease to capture the sale. Once the order is placed, any customers that wish to contact the company have to break through barriers of forms and email instructions. Inventory management is out of control, operational costs are climbing, and order turnaround is dismal. These areas have to be fixed or the sales gains will spiral as customers’ satisfaction decreases. It is a race for market share and profitability Dot-com companies have to improve order fulfillment and service to win. Traditional retailers have to integrate channels and service to win. Those who make it easy for the customer to interact with their site, service center, and/or store will succeed. The true measure of e-commerce success is how it integrates into the lives of the people visiting the sites and placing the orders. The operational side of business is not glamorous. It does not provide instant gratification like sending an email and watching orders arrive within minutes. It requires roll-up-your-sleeves hard work that will not show measurable results for weeks or months. No wonder the focus is on sales instead of service. We know that e-commerce is viable because the web is crawling with sales. Let’s now make it a true growth and profitability marketplace. Enough with the roller coaster ride of sales, no service, no sales, promotions, sales, no service, etc. Make it fun, easy, and profitable. Next Steps: Read Multichannel Integration 101 Check out The New Rules of Multichannel Marketing and the Multichannel Analytics Intensive Workshop Stay ahead of your competition by subscribing now. Don’t lose your competitive edge by waiting for the articles to be posted online.
It is free and guaranteed to help you profitably grow your business. If you are still undecided, check out more free articles. Thank you for stopping by for a visit. Y’all come again soon! Have a great day!
Debra Ellis - Founder P.S. Even if you don't subscribe, join our Multichannel Magic blog. We love to have commentary that that helps our industry improve. Do you like this article?
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