This is the time of year when ecommerce and marketing research firms tell us how we did in 2012 and offer up eCommerce predictions leading to astute pricing and assortment strategies for 2013. After reading the latest National Retail Federation, comScore and eMarketer reports, it's clear that all signs point to a positive year ahead for eCommerce. Word is we'll see more consumers shift from brick-and-mortar to Web shopping in 2013, BUT continuing economic woes and consumer confidence suggest this new influx of Web shoppers might be in search of everyday LOW prices. That's why a solid competitive pricing strategy is a must for online retailers this year.
Here Are Some Statistics From Those Research Reports:
* eCommerce revenues topped the $1 trillion mark for the first time in 2012: eMarketer
* eCommerce represented 10 percent of all discretionary dollars spent in 2012 meaning that online sales accounted for one in every ten dollars spent for the first time in a full quarter): Web sales this year are expected to increase between 9-12 percent, compared to 2012. comScore. (comScore will release its report, "State of the Online Retail Economy Q4 2012" later this month).
What Do These Statistics Mean For Online Retailers In 2013?
The message from the research is simple: All signs point to a positive year forecasting worldwide growth in Web retail for 2013. We'll see the Web channel become increasingly more important to consumers looking for value and convenience shopping. This makes it critical for retailers to know what competitors in their market are doing at all times.
Critical Strategies Retailers Need To Use To Be Successful In 2013:
1. Know what your competitors are doing: Use automated real-time intelligence-gathering and analytics all the time, especially to meet—or beat—the competition -- on some items.*
2. Offer the Right Prices: To cash on your share of the e-retail dollars in 2013, be prepared to meet consumer demand for bargain prices. Offer those everyday low prices on popular products to put your business at the top of price search engines and and attract the growing number of online price-conscious shoppers.*
3. Stock the Right Inventory: To keep shoppers on your website, you need to ensure your inventory remains competitive. Use Assortment Intelligence to compare and analyze your competitors' assortments and identify similar products, differing products, and products you don't carry but may wish to add.
4. Continue to Review Reports and Use Analytics: Use Price intelligence tools and analytics to continue monitoring competitors in your market and adjust your pricing and merchandising strategy to stay on top throughout the year.
Bottom Line For Your Bottom Line
Expect to see an influx of Web shoppers this year that are focused on saving money by searching the Web for low, everyday prices. Start by having a solid competitive pricing strategy in place on a few key products.*
*Setting low prices on a few highly competitive products may be the key to luring new shoppers to your brand via web searches or search engines. After you bring the shopper to your website, your value-added products, bundles, and excellent customer service can convert the budget-minded shopper into a paying-customer and boost your bottom line long-term.