Digital Media Buzz > E-commerce Solutions on the Cheap

E-commerce Solutions on the Cheap

By Channon Cary

Online retailers are feeling the pinch of the economic downturn, with studies showing online spending at zero growth for the first quarter of 2009. Despite this, online retailers have continued to express optimism for future prospects. In fact, most companies reported they expected to maintain or even increase their level of investment into e-commerce for the year ahead. Small businesses, with their often lower cost structures, have historically been able to steadily grow and stay strong regardless of periods of economic downturns.

Currently, small business investment trending is down for total platform upgrades and larger IT expenditures. Instead of these large-scale system upgrades, work is more focused on refining and optimizing current systems and processes. Thus far, 2009 reveals these top e-commerce trends for small business:

Improving Social Commerce Features

Customers have come to expect more visible product rating and review information for their online purchases. These types of features are no longer merely nice to have, but are increasingly becoming must haves for successful e-tailers. Website revamps are including more transparent and accessible customer feedback, even negative information, as well as reviews, ratings and recommendations.

Diversifying to Mini-Stores

Small businesses are adding online mini-storefronts at steadily increasing rates. New sites and services such as ShopBot and Sellit allow small businesses new functionality and reach, capitalizing on bringing the online storefront directly to social media sites like Facebook and Myspace.

Utilizing Smart Phones & Applications

The Blackberry catalogue alone lists more than 15,000 smart phone applications available, and as each new application hits the marketplace, more uses and advantages for small business e-commerce become apparent.  Relatively inexpensive applications like mobile browsing compatible Quickbooks accounting software, remote printing functionality with EuroSmartz Print & Share for iPhone are just two popular examples from the multitude of available options.

Building Better Social Footprint

With new technology investment spending down, building and fine tuning company social media footprints continues to grow, particularly for small and micro-businesses. Time and investment to social media and branding remains low cost and potentially high return, with more time being spent this year blogging, Twittering and looking more deeply into ROI with social media channels.

Refining SEO

Part of the back to basics trending right now also involves turning a more critical eye on search optimization. In addition to changing customer preferences, the wide availability of low-to-no-cost tools in the marketplace today make SEO refinement a top priority for most small businesses.

Maximizing Cross Sell Opportunities

Today, e-commerce success is not just about destination and simply getting customers to your site. It’s about engaging customers and ultimately winning the sale. Adding additional touch points via links and other recommended products is an easy strategy to keep a customer’s attention. Cross selling has long been an effective sales strategy to increase revenue and e-commerce is continuing to optimize this website functionality as well.

Investing in Better Customer Analytics

Small business may have been able to slip by with simple customer analytics in the past, but as online customer preferences and markets mature, so do customer expectations and competition. Like SEO, there are a multitude of low to no cost ROI and customer analytic tools out there for businesses to gain a stronger understanding of their customer demographics in 2009.

Optimizing Channels

Strong channels have always been a hallmark of successful businesses, and e-commerce has long offered a wider breadth of channels. So far, more small businesses are looking to expand global customer reach, better integrate and customize products, shipping and information on their sites for maximum customer appeal.

Targeting More Effective Emails

Maximizing customer contacts is critical for increasing future sales. However, email spam filters and general customer desensitization to their e-mail inboxes can lessen the value of e-mail campaigns.  That being said, there is still a tremendous opportunity to capitalize on this customer contact avenue, and small businesses continue to invest in more experimentation with value-added e-mail strategies, keeping their brand and products in front of the customer.

Increasing Security

Site security and data file back-up remain key concerns for e-tailers. Those who have put off investment in this category can no longer afford the possible risks and liabilities. Customers expect their data is secure, with more visible security features and assurances translating into a more positive customer experience.