eCommerce is the way of the now and the future. So what does this mean for the retailer of today and how do we welcome the growth of this business channel with open arms?
We adapt by funneling the right resources (personnel, budget, organizational priority) to support eCommerce growth. But more importantly, we harness the wonderful data that filters through the eCommerce world to empower the other retail channels.
It can be overwhelming out there these days, to figure out how to incorporate data into your existing business and processes. So one common questions that retailer ask themselves is “can eCommerce data enhance our read on the crystal ball?”
Can eCommerce data enhance your read on the crystal ball? Yes.
The answer is yes -- if you recognize that its power goes beyond the digital world. Brick and mortar sales are still the largest penetration of retail revenue; however, eCommerce is hands down beating any other retail channel with a 21% expected year-over-year growth globally (Linder, Internetretailor.com). Understanding how to analyze eCommerce data can increase revenue for not only the eCommerce channel but also the brick and mortar stores.
What many don’t realize is that, with eCommerce growth comes the power of understanding what product is or isn’t generating sales within all retail channels, not just eCommerce. How? Because units available online gives a snapshot of a company’s inventory level amongst all channels. A sold out product tells the universe what is trending and at what price point. And this means you can use this information to smartly discount or hold price on specific merchandise – in both your online and offline channels.
A sold out product tells the universe what is trending and at what price point.
Lucky for the retailers of today, StyleSage organizes public eCommerce data all over the world into a storytelling way -- leave the tedious data collection and organization to us. We have gone into the depths of eCommerce activity in more than 53,000 brands to add knowledge on the what, where and at what price point products are trending at.
This information not only adds value to your weekly reporting but you are now more capable of telling the future, I mean, forecasting demand. Get this, we can even track when product is introduced to the market. When something sells out in your largest competitor’s assortment, you now know the timeframe it took.
There it is. Why is eCommerce and the data attached to each transaction an element worth introducing to your research and development budget? Because its added value isn’t just associated with the eCommerce division but can be spread across all internal business channels. Retailers around the world, embrace the digital transformation with ease!