As a new e-retailer, you might want to consider and have a social media, mobile and analytics-driven strategy
In 2012, Indonesian jewellery business ORORI killed off all its physical stores to go 100 per cent online. It is currently generating more revenue through e-commerce than when it used to have operations offline and online.
Such a story is not uncommon to hear. In fact, it provides a just cause for TackThis!, a social commerce solution created by a Singaporean company PayWhere, to exist. The solution facilitates selling across web, social media and mobile platforms for small and medium retailers, and provides sales conversion tools and analytics.
While going online for predominantly offline retailers can seem easy and perfectly doable — just buy a domain name, find a theme for your website layout, upload photographs of goods and integrate a payment gateway — the challenge comes when these business owners need to attract and retain customers.
Similar to how they would promote a brick-and-mortar store through various channels like display advertising or print publications, these retailers will now have to compete with millions of other web stores on the internet. The rewards are great: anyone on the internet can be a customer. However, this comes with a hefty price tag. The question begs, “Am I doing this right?” After all, online marketing is a new area to conquer.
Business analytics to the rescue
Analytics, in this case, seem like a good place to start. Within the analytics feature, users can look at browsing behaviour, referrals, promotions and spending patterns, among other insights.
One user of TackThis!, Herbal Sense, a retailer of herbal teas, spices, organic essential oils and healthy foods, noted that by understanding how customers behave, they are also better equipped to adjust strategies accordingly. Grace Lee, Owner, Herbal Sense, said, “TackThis! helped us organise our inventory in an efficient way, which has streamlined (our) operations and enhanced sales.”
As e-commerce picks up within Asia, and gets a further boost in Singapore, it is likely that we will see an influx of solutions like TackThis! and its counterparts in other countries as well.