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10 ways to increase profits
A new study by The E-Tailing Group for the DMA outlines 10 things online retailers are doing to increase their profitability.
Retailers selling online are focusing on profitability, say results of a new study just out from the Direct Marketing Association. The results came from analysis of 100 leading e-retailing sites by The E-tailing Group Inc., Chicago-based consultants.
These are the top 10 things that The E-tailing Group says online retailers are doing to build their bottom lines:
- Developing content that provides detailed information for consumers to make a buying decision.
- Using interactive technology to add value to the online shopping experience and increase sales, such as zoom, color change and 3-D technologies.
- Minimizing the number of clicks to checkout and improving “quick-to-shop” times to avoid cart abandonment.
- Communicating with customers via targeted e-mails that include merchandising tactics and providing timely accurate responses to customer service inquiries.
- Investing in improved search technology that allows consumers to search by multiple factors.
- Offering relevant cross-sells and up-sells throughout the site.
- Offering timely gift services, including gift centers and comprehensive gift searches.
- Providing real-time online information about product availability and order status.
- Structuring promotional offers without forfeiting profitability, such as basing free shipping on order size.
- Integrating multi-channel operations for customer convenience and cost savings.