subject: "Collective Madness in Online Retailing" (Even 'Dummies' can give it away) [print this page] "Collective Madness in Online Retailing" (Even 'Dummies' can give it away)
Whether you sell low or high margin products online, why must discount be the 'Holy Grail' of marketing?
Collective madness may have made you discard one hundred years of retailing science.
Retailing science has developed the full understanding, that if you engage with the customers 'need' for a fun and exciting 'experience' (escaping an otherwise mundane and boring lives) you will sell your products or services at the right price.
Of course the science delivers other knowledge e.g. service, layout, ambiance, etc, but these are all to deliver the best 'experience' and thereby create customer loyalty; I know where to go and get my 'fix'.
Your customers are looking for the same experience online.
Do they get it?
If online retailing moved to the high street, every store would be NETTO. Discount, Price and of course more Discount.
I know of no businesses who willingly give away their bottom line, except online.
Why has this happened?
Many retailers have not focused fully and have grown their online service slowly. Approaching their online offering tactically, with low priority in the boardroom.
What happens if you focus strategically on your online business?
In 2009, we helped develop a McDonalds online campaign, to introduce a 'new' retail experience in Australia, this produced a sustained double figure increase in sales.
Within six weeks McDonalds had also acquired 1.4million unique (opt in) online customers (5% of Australasian population).
If senior management focus online, the power of the 'experience' can be created, together with new profit opportunities.
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