Rewards For Retailers: Online Shopper Expenditure Trends Rising
Online shoppers will spend over £19.4bn this year alone according to a report by Verdict Consulting published in 2008. When we consider that in 2003 this figure was just under £5bn, we can see just how important online retail has become and the potential rewards this offers for retailers.
Many traditional retailers view the internet as a threat: with rivals poaching shoppers from the high street with online discounts and rewards. However, any retailer with the right shopper discounts strategy can get access to this rapid growth market and reap the rewards.
Based on the current growth, Verdict forecast that by 2012 the average shopper will be looking for discounts and rewards offered online in increasing numbers and spending 13.6% of their shopping budget in the online channel, which equates to around £44bn of sales.
Looking at this information another way, we can see that offline retail growth 2008-2012 is forecast at 4.7%, compared to 128.9% for online growth according to Verdict. Even accounting for the fact that the online market is in an embryonic stage and has much more room to grow, there is a clear trend that shoppers are becoming more attracted to the discounts and rewards available online.
Despite this encouraging information, it is wrong to say that the online marketplace is an easy place to do business. There is tough competition to secure the rewards from online shoppers. First of all, the rapid growth in this channel has attracted the main high street players, such as John Lewis and Tesco, into the online channel. Major high street names give comfort to shoppers who are reassured by an associated bricks and mortar presence. These retailers also bring a vast wealth of retail experience and can offer substantial discounts and rewards through their economies of scale.
In addition to the big names we also see popular niche players like Boden and the White Company offering discounts and rewards for customers who choose to shop online. If we look back to 2000, there were very few established players operating online. Over the next five years the market share of these big players became fragmented as many niche players realised the rewards of online sales through products offered at a discount compared to high street prices. Now as we head towards the end of the decade, the market begins to consolidate again into the hands of a few major players.
In essence this means that it is becoming more and more difficult to carve out a significant market share online. The most successful online retailers are doing so through garnering customer loyalty by using discount and reward techniques, which encourages shoppers to make repeat purchases.
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question on the role of advertisement in retail industry?
hi friends… here i need ur help…
i have to prepare a questionnaire on this project
terms and conditions are as follows…!!!!!!!!!!!!!!
Questionnaire should be based on both franchisee and customers point of view…
i have made 6 points on which i can made questions..
those points are
1. information regarding schemes
2. product quality
3. response of customer towords ad
4. steps taken by competitors while seen ad
5. which sale promotion technique attract customers.
6. most preferred media for ad.
now i need more of points to find out franchisee and customer view regarding dis…..so please help me out i need ur points so that i can complete my project…. if u have question on this please give me..ur any point can help me…. i have to submit in 2 days and please donot repeat the point ….
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Olivia Miller – Online Business Strategies
have a money grab bag everytime they reach a certain sale goal
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