In the highly competitive and rapidly changing industry of e-commerce, retailers must stay on top of the latest trends so as not to be outdone by their competitors. Zoovy Founder & CEO Brian Horakh spotlights four proven business strategies to help midsize retailers to increase sales, enhance customer relations and build a more profitable online business. These strategies include shipping promotions, multiple storefronts, repricing, and reporting/business intelligence capabilities.
Streamline Operations with Enhanced Shipping Controls
According to a May 2011 Comscore report, 61 percent of consumers will consider abandoning a purchase if free shipping isn’t offered. It’s important for retailers to negotiate best rates and work with vendors for incentives. Retailers should offer diverse delivery options to meet customer needs and expectations. In addition, an effective return management system can greatly improve customer satisfaction and retention, reduce costs, increase operational efficiency, maximize the value of goods sold, and minimize the impact of returns on profits.
“Return management can make or break midsize retailers who are trying to grow their business,” said Horakh. “Yet many retailers have not seriously evaluated their return policies and processes. With product returns costing U.S. retailers nearly $14 billion per year, it’s imperative to have a clear returns plan in place as part of an overall shipping strategy.”
Expand the Business with Multiple Storefronts
Multiple storefronts allow retailers to expand their business by tailoring different sites to different consumers. These storefronts may have entirely separate products, brands, customer databases, checkout and payment methods, shipping options and so on. Determine the best set up for multiple storefronts by considering all business possibilities, including SEO, navigation, usability, shopping cart, etc. To efficiently manage these storefronts, it becomes crucial to have one back-end system that can handle the logistics of each site at the click of a button.
Stay Competitive with Repricing Options
Being able to reprice an item in response to an external stimulus, such as a competitor’s price or inventory availability, can provide retailers with a substantial advantage and an increase in sales velocity. Rather than perform the laborious task of repricing by hand, using an automated tool allows retailers to alter the price of an item on a marketplace without the guesswork, integration hassles or manual data import/export.
Reporting Tells the Whole Story
Reporting is comprised of four components: dashboards that show performance trends, statistics and graphs; reports that provide summarized lines of a period of time; structured raw data, which provides the ability to extract verifiable, actionable data; and business intelligence, which interactively massages data to “tease out” relationships and trends. Do not make guesses that could dramatically affect the business. Reporting tools help retailers to get the most out of data that will allow intelligent business decisions to be made.
“Many retailers confuse Google Analytics with business intelligence,” adds Horakh. “While Google Analytics provides reports with some data, it does not provide the ability for retailers to interrogate that data. True business intelligence provides a mechanism for retails to develop consistent, data-based business decisions with operational capabilities so they can quickly take action, thus eliminating wasted spending and ultimately increasing sales.”
Founded in 2000, Zoovy is a leader in success driven e-commerce software for online businesses and provides midsize retailers with a platform that offers cross channel integration, cutting-edge features and a unique approach to problem solving at a fraction of the cost of alternative solutions. With more than 750 merchant accounts and 5,000 stores using its platform since its inception, Zoovy has built a loyal following of customers that rely on its single platform solution to keep their business thriving. For more information about Zoovy, please visit www.zoovy.com.
About Zoovy Inc.
Zoovy is the leader in success driven e-commerce software and provides e-commerce tools and services for online businesses. With a multi-channel sales strategy, businesses reach more customers and drive more sales by integrating with multiple online marketplaces such as Amazon.com, Buy.com, eBay, and many other top comparison shopping services. Zoovy automates product management, listing, sales, inventory, shipping and accounting processes, offering complete online storefronts and auction management tools for small merchants to large wholesaler/retailers. For more information, call 877-966-8948, or visit www.zoovy.com.