In an episode of the popular ABC show “Shark Tank” that aired last week, founders of the web-only fashion retailer ranked in the Second ...
Sharper Image is forecasting final 2004 online sales to hit $112 million, an 18% increase over 2003. To spur more Internet sales, Sharper Image is sharpening its focus on web analytics and data analysis, says president Tracy Wan.
Sharper Image Corp. is forecasting final 2004 online sales to hit $112 million, an 18% increase over 2003. “The Internet is our fastest-growing segment and 85% of the customers who access the site do so through a high-speed or broadband connection,” Sharper Image president and COO Tracy Wan tells Internet Retailer. “Our customer is generally more sophisticated technically and expects a lot of functionality from the site.”
Sharper Image was one of the earliest catalog and multi-channel companies to move aggressively to the web. The Internet now accounts for about 15% of the retailer’s total sales.
To spur more web sales, Wan says Sharper Image will place even more emphasis analyzing shopper behavior and identify more merchandising opportunities. “We have been using web analytics to determine exactly where the customer goes on any given page and how to streamline everything from gift lists to the checkout process,” she says. “We offer a lot of graphic interest and the opportunity to look more closely at products or see them in different colors.”
Sharper Image’s 2004 fiscal year ends Jan. 31. It forecast final 2004 total sales to be about $755 million, compared to $648 million in 2003.