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According to an August 2012 study conducted by ReffferralCandy, in the US there are 102,728 ecommerce retailers that generate $12,000 or more in revenue.
Given the ever increasing consumer migration to the digital marketplace, this number has likely grown even more in the last year and a half.
With such a competitive market, online retailers need to do what they can to stand out and provide incentive for consumers to shop at their store over another.
One way to do this is to gain the consumers’ trust and loyalty; as part of a full strategy, effective pricing strategies can help grow this customer relationship.
Pricing strategies on the website slightly mirror those in physical stores, and they are a great way to capture potential customers throughout the phases of the sales cycle.
The average man finds buying jewellery daunting. I am an average man.
By the way, this article is subtitled my ‘my poor customer experience’ or ‘less than luxury email’ or perhaps ‘why aren’t luxury retailers all over this stuff?’
I was trying to buy some jewellery for my girlfriend and because I was nervous about it, I first contacted Tiffany by email.
The reason I did this was also because the ring was out of stock on their website in the size I was after.
This started a chain of annoyances that I thought I should share, and other sites can learn from.
2013 turned out to be a monumental year for ecommerce.
Twitter, Rocket Fuel and Criteo IPOed. Online sales closed at record highs, with more and more transactions taking place by consumers on smartphones and tablets.
Overstock.com committed to become one of the early adaptors of Bitcoin as a method of payment. And in an economy traditionally dominated by finance and real estate, tech has become New York City’s second largest sector, cementing its status as Silicon Alley.
So what’s new for 2014? I asked my friends in New York’s digital community to share their predictions of how the marketers’ world may be affected as it relates to global ecommerce trends, mobile’s continued prowess, and emerging acquisition strategies. Here’s what they had to say.
Five years ago pure play was the king of the ecommerce jungle. The lean business models, efficient tax structures and minimal property costs were destined to mean the end of bricks-and-mortar retail as we know it.
Now, however, the high street is fighting back from an unexpected quarter.
Ecommerce is growing and information technology is becoming more robust. As a result, some innovative pricing strategies have come into play.
Dynamic pricing is one that has been applied more broadly across a variety of industries, and its usage is growing among retailers.
Let’s take a closer look at price discrimination and how it has evolved, the legality and ethical implications, and why many companies see it as an effective tactic.
2014 feels like a significant year for the mobile wallet.
Perhaps before long we'll all be more comfortable 'buying with Google' on mobile websites and apps.
The payment industry itself seems to be shaping up for a leap forward, with its leading conference opting for a rebrand. After 15 years as the Mobile Financial Services & NFC Summit the event has been renamed as the Mobile Wallet & Retail Innovation event in 2014.
This change reflects the slow clarification of what has been a bit of a curate’s egg until now. Confusion around NFC and smartphone hardware, as well as just what it is that the consumer wants, has distracted from exciting potential of the mobile wallet as a tool to buy on mobile websites.
In 2013, merchant-specific payment apps were arguably more successful than broader mobile payment solutions. The Starbucks app is regularly cited as one of the biggest successes thus far, used for 10% of all transactions and providing the customer with an experience enhanced by rewards. The point being, the customer wants more than just quicker payment.
It's been another busy year on the Econsultancy blog and, thanks to a highly intelligent and attractive readership, we managed to pass 1m monthly pageviews for the first time.
Not that it's all about numbers, but it's good to have someone out there reading your painstakingly crafted articles.
The bad news is that, once again, I've missed out on the top spot, third was the best I could manage.
So here's a round-up of some of the most popular posts written by the Econsultancy team this year (see here for our top guest posts). Posts are ranked by number of page views.
It's been another busy year for ecommerce, with one of the key themes being the widespread adoption of responsive design.
But have retailers finally gotten to grips with mobile, or is there still much to be done? I lean towards the latter as, though some brands provide an excellent mobile experience, many are still woeful.
I've asked our ecommerce experts, agency and client-side, for their views...
I've listed these according to the number of pageviews, though it's not all about quantity, and some excellent posts just missed out on this list.
I'd also like to say a big thank-you to all of Econsultancy's guest bloggers for their valuable contributions to the blog this year on a range of subjects.
The wrong strategic approach can be costly for ecommerce sites, but many still make some fairly basic errors.
Try to avoid these six common errorss in your ecommerce site to avoid deterring customers and generate more conversions.
I really enjoyed reading Graham’s article about great ecommerce product page copy last week. It set me thinking all afternoon and all night.
Ecommerce is an area I spend most of my time working in, both on my own ecommerce websites, and my clients’ ecommerce websites.
While a lot of the people that contributed to Graham’s article represent 'the big boys' of ecommerce and online marketing, I wanted to share my personal experience with writing ecommerce copy.
My operations are a lot smaller than those of the contributors to Graham’s article, but at the same time my experience is just as important to 'the little guys' out there, running ecommerce websites on a shoestring budget.
You don’t necessarily have to add amazing functionality to your product pages in order to make sales. Perfect the copy and you’ll be well on the road to success.
Here are some interesting stats from around the world, covering search, ecommerce in Russia, Germany and elsewhere.
For more digital stats, see Econsultancy's Internet Statistics Compendium.