Best eCommerce Models: What Your Brand Can Learn From Them
In recent weeks, Horton Groups content team has explored how different aspects of marketing and social media affect industries relevant to Nashville, including politics and music. This week, well explore the retail industry and E-commerces role as an important marketing tool.
E-commerce platforms have become a crucial way to increase revenue for big brands. According to Statista.com, revenue from E-commerce purchases is expected to increase by nearly 200 billion dollars by 2018. Brands such as Walmart, Apple, Dicks Sporting Goods and Staples, are leading online sales in their respective industries by having E-commerce strategies that produce solid results. Heres the rundown on what these brands do and how you can apply their strategies to your own retail business in order to increase revenue and market share:
What Apple Does: Apple has managed to stay ahead of industry standards by creating sleek technology and a brand message that creates an emotional connection with consumers. By giving customers a sense of exclusivity by constantly introducing new merchandise that they can sell both in-store and online, Apples sales increased by 19% in 2013.
What You Can Do: Make sure that the featured products in your online store are current, resonate with your target consumers demographic and are continually refreshed. Try not to clutter too many products onto one page, as it will overwhelm a potential customer. Create an engaging online shopping experience, just as you would for a customer visiting your physical location.
What Walmart Does: Walmart provides a lower price point than competitors like Target. Their online platform highlights products that emphasize savings. By understanding that their customers will only spend if they save, Walmart is predicting a 30% increase in revenue this year.
What You Can Do: Feature products on your retail website that are discounted. A customer is more likely to focus on the amount of money he or she is saving verses the amount being spent. Highlight seasonal sales or relevant merchandise on your homepage that will entice the consumer to continue clicking and spending.
Dicks Sporting Goods
What Dicks Sporting Good Does: Dicks Sporting Goods is another retail brand knocking their E-commerce strategy out of the park. Through increased advertising and a ship-from-store feature, Dicks saw a 65% increase in revenue last year.
What You Can Do: Offer a service that your competitors don’t, such as Dicks ship-from-store option. If you are a local retailer, offer free shipping or setup. This incentive will not only entice consumers to buy, but it will save them time by not having to go to the store to pick up their purchased items.
What Staples Does: As the largest global office supply retailer, Staples is also nailing their E-commerce strategy. Unlike its competitors, Staples was one of the first brands to realize the importance of selling products online. Earlier this year, Staples announced that it will be closing 225 stores, as more than half of their sales come from online.
What You Can Do: Don’t be afraid to shift your business model. Some retailers like Amazon live solely online. If more of your sales are coming from E-commerce purchases than from your retail location, invest more time and money into your website.
If you need an E-commerce platform built or maintained, contact Horton Group at (615) 292-8642. Also, find out more about the E-commerce services offered by Horton Group here.