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Over the next five years, well over 40 percent of total retail expenditure growth will come from internet sales. But don’t be fooled into thinking that if you open an internet store, customers will come flocking. So what can you do to ensure your success in the online arena?
In the current economic downturn, trying to grow sales can seem nothing short of impossible. Consumers have less cash to play with and those that do have money will be more reluctant to part with it.
But it’s not all doom and gloom. According to Verdict Consulting, the UK’s leading independent authority on retailing, even in the current climate, the online retail channel remains an attractive prospect. In fact, Verdict Consulting forecasts that over the next five years, well over 40 percent of total retail expenditure growth will come from internet sales.
However, don’t be fooled into thinking that if you open an internet store, customers will immediately come flocking. So what can you do to ensure your success in the online arena?
Verdict Consulting has identified a number of key challenges that all retailers need to address. Firstly, you need a robust infrastructure. If your site falls over with surges in online traffic, your customers will hot-foot it to your competitors. And peaks in demand aren’t just for Christmas; for example, new product launches are also likely to cause an increase in online traffic. As the internet grows as a retail channel, websites are going to need to be able to cope with ever-increasing transaction volumes.
Secondly, your infrastructure must be flexible. The online marketplace is evolving at an accelerated pace, driven by technological developments. To make the most of the online channel, you need to make sure your systems have the flexibility to change with the market.
According to Verdict Consulting, retailers can’t afford to put all their eggs in one basket. To maximise future growth opportunities, you need to offer consumers a consistent multi-channel approach, combining both physical and virtual stores.
hybris software aims to help retailers communicate and sell across all channels in a consistent and effective way using leading multi-channel commerce and communication software. To find out more, please visit www.hybris.com
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But it’s not all doom and gloom. According to Verdict Consulting, the UK’s leading independent authority on retailing, even in the current climate, the online retail channel remains an attractive prospect. In fact, Verdict Consulting forecasts that over the next five years, well over 40 percent of total retail expenditure growth will come from internet sales.
However, don’t be fooled into thinking that if you open an internet store, customers will immediately come flocking. So what can you do to ensure your success in the online arena?
Verdict Consulting has identified a number of key challenges that all retailers need to address. Firstly, you need a robust infrastructure. If your site falls over with surges in online traffic, your customers will hot-foot it to your competitors. And peaks in demand aren’t just for Christmas; for example, new product launches are also likely to cause an increase in online traffic. As the internet grows as a retail channel, websites are going to need to be able to cope with ever-increasing transaction volumes.
Secondly, your infrastructure must be flexible. The online marketplace is evolving at an accelerated pace, driven by technological developments. To make the most of the online channel, you need to make sure your systems have the flexibility to change with the market.
According to Verdict Consulting, retailers can’t afford to put all their eggs in one basket. To maximise future growth opportunities, you need to offer consumers a consistent multi-channel approach, combining both physical and virtual stores.
hybris software aims to help retailers communicate and sell across all channels in a consistent and effective way using leading multi-channel commerce and communication software. To find out more, please visit www.hybris.com
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