Are you planning to set up an online business?
Are you an E-Commerce startup and are you looking to set up the foundations right from the start?
Are you struggling to raise Brand awareness, traffic and sales in your Online Boutique?
Then stay with us on the journey to success and for the new comers increase sales by over 300%.
After working for over 25 years in the Business of Retail, working as Retail Expert for Who's Next international trade show in Paris as well as delivering every month a merchandise plan to brick and mortar stores as well as Online stores, we can share some of the findings across thousands of case studies.
The Route to Ecommerce success is paved with expensive pitfalls and many mistakes await the unprepared business owner.
By all means, join those who have lost money in the process or take some tips from those who know.
CASE STUDY - Consumer Show
We just recently attended a consumer show and among the exhibitors several were Online Businesses who had decided to grow sales offline as they were struggling online.
That decision was based on a great strategy.
WHY: You need a real face to face feedback from customers who are seeing, touching and trying on your products. This is very valuable and should not be underestimated.
WHY2: It is an opportunity to pick up customer data. None had created a process and tools to capture customer data. Your number one goal of any sustainable business is to find a prospect and convert him/her into a client. The same applies to us by the way!
Half a dozen of the exhibitors had the wrong mark up to sustain any kind of profitability to grow a Brand. The worse was a mark up from cost to retail of just 2!
75% of those we interviewed had SEO issues on their website. Google would not be able to give them a good ranking because of that. One was selling shoes and you could not read the word shoes in the backoffice of the website (key words, tag, meta tag).
All 6 had not professionally prepared, delivered or updated either the break even analysis, cash flow projection, business plan or dashboard and they agreed it was affecting the decisions they were making every month.
Now, you understand why over 50% of businesses close within 12 months.
You can avoid that from paying attention to all the points below which have been a problem with a big chunk of Retailers we have connected and worked with (ie over 30% of them minimum - could you be one of them?)
* No Break Even Analysis when the online business was set up and no update every year
* No or poor cash flow projection
* No or wrong discount strategy
* Poor SEO on the website
* No financial data tracking - No tracking of sales with the right product categories; no or little tracking of discounts
* Poor project management
* No or poor merchandise plan to drive profitability - it answers the question: how to have the right product at the right time in the right quantity - this is about Art & Science
* Insufficient fresh goods coming regularly in the business
* Little or poor understanding of where to find their customers - Having a reactive rather than proactive approach to identify customers
* Poor customer acquisition tactics on the website
* Consumer Shows investment with poor or no customer data capture
* Little or no challenging of your Online partners such as the social media partner, the PR partner, the digital marketing partner
* Insufficient or lack of confidence building tools on the website - no phone number, no address, no real commitment, one or several 404 pages, blank pages...
* Little, poor or no monthly dashboard to look at. Looking at a dashboard or indicators and not taking meaningful actions means that we either do not have the skills, we are looking at the wrong data or we are looking at it too often. Something is broken and it has to be fixed
*No brief when making an investment of £500 or more - Some are making investment of £20 000 with no brief!
Some Retail Owners feel that launching an online business is easy. It is however the competition is fierce and there are FIXED EXPENSES to be paid every month:
*rent for the space
*salaries / phone / website expenses
therefore you cannot sit and wait for sales to go up. You CANNOT have a HOPE strategy!
What do we recommend?
1. Read more FREE Retail Business insight in this GFM Blog - Only some of the links are indicated above.
2. Identify a suitable and trustworthy Expert to join you and open the right questions with a holistic approach. Make sure he/she is not a YES man. Make sure he/she tells you precisely WHY you must do what is recommended. Clients see us as a trusted advisor.
3. Ask us to send you an NDA (non disclosure agreement) and send us what you do on one of the above points. We will review it FREE OF CHARGE.
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