First the $1 trillion part: According to a recent report from eMarketer, ecommerce topped the trillion-dollar mark for the first time in 2012.
This was not a one-time fluke, or even something unexpected, on the contrary, this number is expected to rise: The National Retail Federation and Shop.org both reported that eRetail spending grew by 15% over 2012.
ComScore recently reported that ecommerce represented 10% of all discretionary dollars spent in 2012 and that web sales for 2013 are expected to increase from 9 to 12%
How can you get your slice? Truly, a trillion dollar question. We have prepared some tips that can help you on your way to having your pie and eating it as well.
From social media sentiment analysis to digital ad buying, faster is increasingly seen as better, or at least necessary.
So it's no surprise that the ability to generate lots of data and analyze it rapidly is changing the way products and services are sold.
Responsive design is a hot topic in web design at the moment, as it allows site owners to tailor content to any sized screen from a single set of code - which is obviously very useful as the mobile web continues to grow in popularity.
Yet it’s still quite difficult to find examples of retailers that have embraced the technology.
This is particularly true among the top retailers that tend cling to their existing mobile sites and apps rather than going responsive.
Though responsive design is an all-encompassing way of building your site rather than a mobile strategy per se, for the purposes of this post I thought it would be interesting to look at which of the top 20 UK retailers use responsive design compared to those who have a separate mobile site.
Here’s what I found out...
You need only take a look at Amazon’s homepage to understand the importance of product recommendations to ecommerce.
One report suggests that 70% of Amazon.com is devoted to recommendations, so it’s obvious that they play a vital role in exposing customers to new products and increasing sales.
In fact, according to an infographic from Monetate recommendations can increase revenue by up to 300%, improve conversions by 150% and help boost the average order value by 50%.
Obviously these figures will vary wildly depending on initial benchmarks and how extensively recommendations are used across the site, but the evidence is still too compelling to be ignored.
Brick-and-mortar retailers may face challenges in competing online, but pure-play online retailers that think they've won the ecommerce game shouldn't count out their old-school competitors.
In fact, in some product categories, brick-and-mortar retailers are starting to beat out pure-play retailers.
Customer reviews are a hugely important in ecommerce for improving your conversion rate, and can lead to an uplift of 18% in sales.
Research has shown that 61% of customers read online reviews before making a purchase decision and 63% of customers are more likely to make a purchase from a site that has user reviews.
Annoyingly though, customers generally can’t be bothered to leave their feedback. As such you need to find ways of encouraging your customers to leave their feedback without coming across as desperate.
It’s a topic we’ve previously touched on in posts looking at how to organise ecommerce product reviews and how to optimise reviews for higher conversion rates.
And here are 10 tips to help you drive up the number of reviews on your site...
It's been a slow week for marketing stats, but even so here are some of the best we've seen.
Stats include Boxing Day ecommerce traffic, mobile sales and conversions from Affiliate Window, a record week for app downloads and sales data from John Lewis, Amazon and Next.
For more digital marketing stats, check out our Internet Statistics Compendium.
Amazon may be the world's online consumer retail giant, but don't let that fool you: the company isn't content with being the Walmart of the web.
Already, Amazon has become a leading player in the cloud computing space, and in 2013, it's coming to Madison Avenue, perhaps in a big way.
It’s a common sight to see Amazon perched at the top of consumer satisfaction surveys thanks largely to its speedy delivery and massive product range.
But a new survey suggests that it’s not just Amazon that’s delivering an excellent online shopping experience.
In fact, the Nunwood report shows that supermarket customers gave the online experience scores which were higher by an average of 3.9%.
Across the wider non-food retail sector, customers that had interacted with a brand purely online gave the experience on average a 5% higher score than those who had experienced the same brand purely in-store.
Thanks to the rise of online shopping, Cyber Monday is now arguably just as big a cultural institution as its cousin, Black Friday. And it's only getting bigger: with Black Friday online sales topping $1bn for the first time ever, analysts are predicting that when retailers are done counting, this year's Cyber Monday may produce more than $1.5bn in sales.
Naturally, that has companies looking to cash in. But the deals aren't just limited to traditional holiday shopping fare like clothing.