Tags: Monetizing | Consumers | Shop | Online

Monetizing More Consumers Who Shop Online

Monetizing More Consumers Who Shop Online
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By Friday, 19 May 2017 01:56 PM Current | Bio | Archive

When searching an iPhone7 case on Amazon, some 2.5 million results unfold, making retail surfing online still a frustrating experience for the average consumer.

“Shopping on the web offers unprecedented speed, control, power and choice but it also places a huge transactional burden on the consumer,” said Amy Buckner Chowdhry, CEO of AnswerLab

In order to maintain a competitive advantage, e-commerce CEOs must continue to invent new ways to eliminate friction from the consumer buying process, such as revamping shipping.

“Delivery options are growing as time frames shrink,” said Stefan Gol, CEO of Ecig.com.

But competing with Amazon’s free Prime 2-day and same day delivery can be tough for small e-commerce sellers who don’t have the shipping discounts or a network of warehouses to work from.

“One way to get around limited shipping options is by curating a proprietary selection and selling internet-only merchandise,” Gol told Newsmax Finance.

Adding third-party buyer financing options, such as PayPal Credit or Bread, can also help.

“These are growing in popularity and tend to drive higher value orders even on everyday goods not just big-ticket items,” said Krista Fabregas, a start-up consultant and founder of SimplySmartLiving.com. “The big plus here is that sellers get paid up front and ultimate payment collection is up to the provider,” said Fabregas, also an ecommerce analyst at FitSmallBusiness.

Another way to lift the consumer’s transactional burden is to offer subscriber based options

“Consumers can now receive consumable items without even turning on their computers, much less a store,” Chowdhry told Newsmax Finance.

For example, at ElevenJamesWatch.com consumers can enroll in a membership that provides a different watch every month from distinguished luxury brands, including Rolex, for a fee that ranges from $149 to $999.

“Fulfillment services that pack and ship for ecommerce sellers, including subscription box sellers, work from nationwide warehouses to ensure fast delivery plus they have large shipping discounts due to their overall volume and pass that on to clients,” Fabregas told Newsmax Finance

To maintain market share in a world of Amazon domination, a minimum requirements will be to provide more tools to make decision-making in a world of unlimited choice dramatically easier.

“Consumers need tools like buying guides, access to chatting with online shoppers, chatbot support and effective comparison and filtering tools,” said Chowdhry.

And in the world of competing buying guides, content is king to attract viewers to download and read them.

“Content marketing allows a new e-tailer to increase its traffic very quickly,” said Gol, whose ECIG.com customer base is largely made up of vape shops and smokers.

“Content marketing helps vape shops establish their location as a trusted source of quality information among smokers and it builds brand awareness as long as you do a good job of branding your content,” Gol said.

In the clothing space, an increasing number of online consumers are seeking inspiration from content marketing on blogs, social media and email. According to Chowdhry, when shoppers follow a link to a retailer’s mobile or desktop site, they’re looking for multiple styling options and user-generated images that provide realistic body proportions.

“Photos have become the primary driver of the online shopping journey especially for clothing,” said Chowdhry. “E-commerce players will need to invest heavily in visual assets in order to win.”

For example, fashion buffs can search a photo of a clothing item on GoFind in order to locate a list of nearby stores where it can be purchased. The technology employs both reactive and limited memory artificial intelligence machinery.

“We get dollars for the clicks or the purchase and other brands play a role by advertising a similar product at the point where some one is searching by image for a specific clothing item,” said Manindra Majumdar, CEO of Go Find.

But content, even photos and illustrations, aren’t king without SEO

“Compared to the costs associated with other forms of online marketing such as pay-per-click advertising, social media marketing or purchasing leads for an email marketing program, SEO provides a fairly good return on investment,” said Gol. “Search engines naturally grab more market share.”

Juliette Fairley is an author, lecturer and TV host based in New York.

© 2020 Newsmax Finance. All rights reserved.

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In order to maintain a competitive advantage, e-commerce CEOs must continue to invent new ways to eliminate friction from the consumer buying process, such as revamping shipping.
Monetizing, Consumers, Shop, Online
Friday, 19 May 2017 01:56 PM
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