Blog post provided by InfopiaThe economic slump of 2008-09 has taught internet retailers valuable lessons to take into 2010.
When resources became slim, business owners learned how to make much more out of much less.
This all reminds me of a story: A wise high school teacher once told her class about her days of a poor new college graduate starting out her new life on her own. She beamed as she told her students stories of painting cinder blocks to use as side tables, pleating sheets for drapes in her new apartment and creating over 20 recipes to make with ramen noodles. She told her students that the creativity and ingenuity she gained with the experience was invaluable. A student raised his hand to ask, “Would you want to go back and live that way again?” She replied, “No way! But, I’d never want to take that past experience back.”
Many internet retailers may one day feel the same way about 2009 and the economic slow down that preceded. Here are a few lessons to take with you into 2010.
1. Low Shipping Fees are Imperative to Staying Competitive
The recent economy has changed the way that online shoppers buy. Even as the economy recovers, online shopping will still trend this way. Online retailers have become leaders in the battle against traditional brick and mortar stores. One of the factors that contributes to the success is the ability for shoppers to compare rates. Shipping cost has become a large factor in this comparison. Many online retailers have implemented lower cost shipping methods to stay competitive.
2. Cost Control
What business expenses can be cut? What costs can be negotiated? Retail rent space, packaging materials, contractor fees, etc. can all be negotiated. Many internet retailers had to negotiate costs out of necessity. If you don’t ask, you don’t know if you are getting the best cost. Now that retailers have been forced to make these types of requests, they are able to be sure that they are getting the best price in the future.
3. Customer service is priceless
We have all heard the age old saying, ” the customer is key.” Many internet retailers have learned how to retain their customers with email marketing and loyalty programs. Converting new customers has been more difficult in the recession. Competition has driven many retailers to use excellent prices and promotions for hot items. Benefit descriptions and promotional banners also helped internet retailers in 2009 to beat their competitors.
Founded in 1999, Infopia provides (Software as a Service) eCommerce solutions—helping eBay sellers grow their business efficiently and effectively.
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