Secret Of Successful Online Retailing: Be Innovative And Give More Options

If the current statistics are anything to go by, the prowess of the internet and it revenue spinning power is primarily driven by a robust growth of the online retailing industry. The first three quarters of the year 2010 showed a monumental increase in the number of buyers buying various products online. E-retailers do not have to worry about the fourth and the last quarter because the Christmas-New Year holiday gift shopping will see the online sale reach new levels. In fact, the worldwide sales on cyber Monday alone cross the coveted 1 billion mark. Retailers are expected to sell $36 billion worth products through the internet, accounting for 4.5 percent of the overall sales during the entire shopping season this year.

Online retailing has immense potential for both new and old ventures and the key to rising above the virtual world competition is to devise innovative ways that enhance the consumers’ shopping experience, adding values for them on various fronts. Setting up an online store has become a child’s play; but the catch is in innovating in a way that would leave your competitors far behind and churn you hefty profits out of the system. Innovate and retain your customers – that’s the mantra of today’s online retailing!

The key to success in online retailing in 2010 and beyond is in adopting innovative approaches to lure consumer attention and retaining it, all the while expanding product offerings and bringing in more benefits for the customer. The level of innovation may vary from retailer to retailer, though there are a few strategies that can be applied universally, irrespective of the kind of product on offer.

Take the example of a popular website selling fashion apparels and accessories has provided an online dressing room cum boutique where the consumers can mix and match various fabrics, designs, patterns and embellishments and even check if the end-result will suit them. The most popular features, which many successful online retailers are incorporating in their websites, are videos of using the product and giving a testimonial.

Innovating at the social media front is another process that most of the top online store owners are exploring these days. Take the social media page of any top online retailer; you will be amazed to see how creatively they have used their fan-base or followers’ database to strengthen their presence on the web.

Many successful ecommerce store owners offer the ‘learning-curve’ to their customers. In other words, they offer customers useful information about the product in general and other related details. Some of these are even in-depth technical details or specifications that no brick-and-mortar retailer can or will give. The educational angle always helps in bolstering faith and there by getting customers.

A continuous innovation in your ecommerce store business is the key to retain customers. Unlike your neighborhood shoppers (who may even know your son’s class-teacher name!), online shoppers are complete strangers to your online store and usually, they are dynamic in nature. They get bored quickly and the onus is on you to woo them through innovative ideas so that they remain with you forever!