Kevin McLeod: Founder and CEO, Yardstick
When taking your retail business online, you are potentially starting a whole new business with a separate marketing strategy, sales process and operational flow.
Here are seven things that retailers need to think about:
•Competition. These can be websites from around the world. Examine your online competition, and don’t assume that it’s the same as for your retail store.
•Differentiation. Going online means you’re open to being price-shopped. Be sure your products are differentiated enough from the competition that they can’t be compared solely on price.
•Software-as-a-service. There are a number of SaaS e-commerce platforms that will give you a fully functioning e-commerce website for a low monthly fee. This is a low-risk option, which will avoid your having to pay thousands of dollars up front.
•User experience. Get your users to the product they want and through the checkout process with as few clicks as possible. Fewer steps mean fewer chances for users to give up before the transaction has been completed.
•Shipping and returns. Get a handle on your process for packaging and shipping products as well as the costs therein. And have a system to promptly process any returns.
•Internet marketing strategy. Online shoppers may not buy right away. That’s OK. Think about engagement and building relationships. If in doubt, read up on some local social media or Internet marketing success stories. Copy what has worked for other companies.
•Foot traffic. Typically, an in-store shopper is more likely to buy and will spend more money than an online shopper. Encourage your online shoppers to come down to your retail store through promotions or special events. •
