China has been the hub of international export for years now and with good reason, they are the global leader in inventory and manufacturing exporting duties. In this blog, I will talk about a few short ‘musts’ for retailers when it comes to sourcing your products from China.
According to Bloomberg, last year overseas shipments in China rose by 12.7% compared to 2012, not only this but the trade surplus was at $33.8 billion (the biggest since January 2009). - A clear distinction as to why China is still the market leader and also a sign of the significant growth Chinese markets are seeing on a global scale.
A recent study revealed that online reviews account for 90% of influence on a customer’s online buying decision. This is a clear representation of how big a deal online reviews are for ecommerce retailers.
Not only this, according to ‘Local Customer Review Survey’ (2012) 72% of the people surveyed said that they trust online reviews. More than half (52%) said that these reviews would further help to persuade them into a buying decision.
Creating consumer urgency is imperative for online retailing success as it gets the customer wanting to come back for more (repeat buyers). It also shouldn’t just be a seasonal treat for online retailers and likewise their consumers. Though these are the peak times and arguably the best times to use some of the tactics I will discuss, they can be used any time of the year, however the effect will vary industry-to-industry.
So lets identify the answer to our first question and that is: why exactly do ecommerce retailers need to create some sort of customer urgency on their site?
Back in June last year, at World Wide Developers Conference (WWDC) in San Francisco we saw the launch of Apple’s latest mobile operating software iOS7 which showcased to the world that Apple still had new ideas and thoughts under it’s sleeve despite recent decline in market share to Samsung. One thing that a lot of people were actually oblivious to is that Apple was set to launch their very own iBeacons in conjunction with this new mobile operating system.
It would be an ecommerce managers heaven to see customer baskets full to the brink with items and likewise AOV’s increasing year-upon-year. But when it comes to getting customers to increase how much they spend on their site, a lot of the time it can cause a real head scratch over what tactic(s) they should use and which would actually deliver a substantial amount of ROI for their business.
Of course, there are an abundance of reasons why your business would like to increase their AOV. The first is a no brainer and that’s to simply increase revenue, but looking beyond that, if you wanted to acquire more traffic to your site that would come at a cost right? However, simply adding a plug-in to your online site, can help to achieve higher sales at what cost? - Little to none in fact.
I think it’s fair to say that individuals in this modern era have become increasingly reliant and dependent when it comes to online content. – How many of us skim through long endless articles to find the first image? – I know I’m certainly guilty of this.
Thanks to the power of social media tools such as Twitter and even more recently Snapchat who recently turned down a $3 billion turnover from powerhouse Facebook, messages and information have become so condensed into small fragments of information that are a lot easier to read and similarly easier to understand. This trend that seems to be emerging seems to go with the old cliché in terms of ‘quality not quantity’ when it comes to content.
Most of us have heard of or walked past a Pound shop on a high street at some point in our lives and the whole Pound philosophy proved to be a real winner in a recent tough economic struggle in Britain during the recession as consumers felt the pinch and turned for cheaper shopping alternatives.
Now we all know that these kind of retailers clearly work for high street consumers and have been excellent as far as brick and mortar is concerned, but will this whole idea of a ‘pound a product’ translate to online retail success?
Pay-per-click (PPC) has been one of the most successful digital marketing tools for online companies that get it right for years and it clearly boasts a whole host of rewards by being one of the biggest conversion rate catalysts.
Of course, unlike simply paying for Impressions, paying for clicks clearly costs a significant amount more for companies but as the online ecommerce marketplace continues to overcrowd, are companies showing any sign of cutting down on their PPC expenditure?
Mobile, mobile, mobile. That’s where it all happens for retailers online, with the likes of John Lewis and House and of Fraser reporting huge traffic surges on mobile devices recently.
However, cloud.IQ has discovered that despite the fact that mobile devices apparently dominate our lives and shopping habits – Cap Gemini reporting that sales via smart devices leapt 138% in 2013 - the desktop is where most online shopping still occurs.
During the month of January 2014, cloud.IQ (remarketing specialist) saw that:
- Well over two thirds (68%) of consumers still shop online using desktops computers
- just 9% of those sessions converting happened on smartphones
- 84% - abandonment rate for smartphones
- 72% - abandonment rate for tablets
- 68% - abandonment rate on desktops
The bottom line is that online retailers must have a strategy in place to realise that shoppers, more often than not, don’t convert on smartphones and that they still use and are more likely to convert on desktop computers.
In our last post we spoke about the importance of customer review sites for online companies and how to make the most of what looks like a bad situation. In this blog we’ll discuss the topic of price comparison sites and how they affect consumers buying decisions and behaviour online.
With increased emphasis put on price comparison sites assuring customers get best value for online buying-buck; online companies will need to ensure they are ready to compete as competition for price looks set to become an even bigger battle in 2014.