JD.com and Alibaba create indexes to identify Chinese shoppers’ spending trends, which help retailers gain insight.
An IRCE speaker will help small retailers do a better job of ranking strategic priorities.
Web retailers—especially smaller organizations where top managers wear many hats—can establish strategic priorities by creating goals and sweating the details, says Power Equipment Direct CEO Jon Hoch.
Hoch will speak at the Internet Retailer Conference & Exhibition 2011 in San Diego on June 15 from 5 p.m. to 5:30 p.m. in a session entitled “Prioritize your way to success." He will detail how smaller web retailers and others can do a better job of assessing and ranking strategic priorities.
“I will be telling attendees how to take a step-by-step approach and to watch the details,” says Hoch. At Power Equipment Direct, No. 302 in the Internet Retailer Top 500 Guide, top managers meet every two weeks to review strategic priorities, discuss new business development initiatives and analyze details. Before any new lines of merchandise are added online, Power Equipment Direct managers rank priorities by first analyzing web analytics and traffic reports and then doing a detailed cost/benefits analysis, especially on paid search marketing and potential sales conversion. “You don’t want to spend unwisely for paid search terms that drive traffic but convert poorly,” he says.
Internet Retailer’s editors asked Hoch to speak because he knows how to build a web business from scratch and manage priorities. Hoch launched his first store—PressureWashersDirect.com—from his basement in 2003. The Bolingbrook, IL-based company operates nine power equipment-related web stores and is one of the fastest growing retailers in the nation. He was public relations manager at a major power equipment manufacturer before starting his company, and has worked at several large Chicago public relations firms.