TOP 10 MISTAKES OF SMALL ONLINE RETAILERS

TOP 10 MISTAKES OF SMALL ONLINE RETAILERS

1.Testing the Water
2.Hiring the Retail Blind
3.Blind Leading the Blind
4.Dictated by Technology
5.Fishing Without Bait
6.If I Build It, They Will Come
7.The $10K Millionaire
8.The Clean Slate Mentality
9.I Don't Play Dress-Up
10.LA to NY Without a Roadmap

LA to NY Without a Roadmap

Imagine you’re in Los Angeles. I give you a car and a couple hundred bucks of gas money and tell you you’ve got to make it to New York – before you run out of gas money.

The first thing you would probably demand is a map. If you take the wrong turn and end up hundreds of miles out of your way, you’ve wasted precious fuel, and reduced the likelihood of achieving your destination.

Los Angeles is where your sales are now. New York is the level your sales need to be at to be profitable or worthwhile. Your gas money is your budget to get there.

Your map is detailed reporting statistics that show you where your website is between losses and profitability. For most small retailers, that map lacks sufficient detail. It shows a dot for LA, and a dot for NY but none of the highways or mid-points between.

You can probably access statistics about your site's sales volume pretty easily. And like most website owners you can probably get access to website reports that describe a ton of different metrics about your website visitors - how many visitors you got, where they came from, etc.

Because most website reporting software is designed to be general to any type of website, more than 90% of the reporting data that most online retailers have access to is virtually useless. And most website reporting packages don't report on some key metrics that are critical for an online retailer to track and monitor. It’s like just being able to see that NY is north and east from LA, but no highways plotted between them.

Shopper to order conversion ratio, cart abandonment ratio, and campaign specific conversion reporting are just a few of the crucial metrics you must have. When you know those crucial metrics, it starts to add mid-points and highways to your road map.

What is measured and watched often improves. Conversely, what can't be measured can't be watched and almost always gets worse.

When you have a very detailed map from good reporting, great short-cuts start showing up on your virtual road-map, and you find new ways to increase your virtual fuel efficiency – with the ability to optimize ad campaigns that aren’t performing well – increasing the odds you’ll make it to your destination within your available budget.

Suite Spot Commerce's online retail software has all of the necessary reporting metrics built right into it - because our focus is developing long term profitable relationships with our clients, instead of selling you a product once for a quick buck.

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