Retailers need to perfect
their operations if they
want to woo customers.
Competition is fierce in the world of eCommerce. Although Americans are spending record amounts buying items online, with much of this growth attributable to the rise of mobile shopping, retailers aren't necessarily seeing more sales. This is because people are shopping with a broader array of merchants, which illustrates the importance of keeping up with industry trends to gain more share of wallet.
According to a study conducted by Custora and the e-tailing group
, the sheer number of options are making it more difficult for merchants to keep conversion rates high. Most merchants are still doing well, but the increased competition from both major retail brand names and niche sellers is keeping everyone on their toes.
"Amazon is nipping at the heels of every retailer. Mobile has materialized as a revenue producing force and customer expectations have peaked, once again altering retailer investment strategies. Choice and prioritization are paramount in the context of this chaotic environment for survival and growth," said Lauren Freedman, president of the e-tailing group.
Retailers hoping to stay one step ahead will need to focus on their omnichannel retailing
operations. If they want to maximize their sales, they need to be able to engage customers across a variety of different channels. Even more importantly, they must be able to effectively manage orders, inventory and customer data across numerous sales avenues as well, extending a broader array of order sourcing options, including tapping into stores to fulfill and ship online orders or offer customers in-store pick up of their online orders.
Although this may be a daunting task to many firms, several eCommerce tools and platforms can help retailers manage their omnichannel operations. By leveraging these solutions, a broader number of customers can be wooed with a better shopping experience.