Archive for the ‘CEO’ Category

Drop Shipping 101

Friday, April 18th, 2014

DropShippingPosted by: Megan Castillo,
Dydacomp Product Marketing Manager

Wouldn’t it be great to start an online store with very little investment upfront and manage it from anywhere in the world? Even better, have someone else pay your upfront inventory costs and manage the processing and shipment of orders. It sounds like it’s too good to be true, but it’s not, if you know about drop shipping.

If you’re not familiar with drop shipping, to put it simply, drop shipping is a fulfillment model where you don’t keep the products you sell in your stock.  Instead, you partner with a wholesale supplier that not only stocks the inventory for you, but the supplier then processes and sends orders directly to your customers – you never see or touch the product!

The Advantages

There are a lot of advantages to this fulfillment model. The biggest advantage is not having to buy inventory upfront. It’s basically a pay-as-you-go model because you don’t purchase product until you make a sale and the customer has paid, so you don’t tie up your funds in inventory. And since you don’t have to pick, pack and ship the products, it frees up your time to focus on what matters – revenue generating activities like promoting your website and investigating marketing tactics.  Spending time on promoting your website is key to your eCommerce success.  The fact that it’s easy to establish an eCommerce store with the drop ship model is a double edged sword – it’s as easy for others as it is for you!  That means competition is sometimes steep. However, with a little bit of time and effort, you can make your store stand out, resulting in a successful online business.

Some Drawbacks Do Exist

Like anything else, the good sometimes comes with a little bad.  In the case of drop shipping, aside from competition, there are some other drawbacks associated with the fulfillment model, but nothing that can’t be overcome with a little planning and strategizing. By putting your product fulfillment in the hands of another, you do give up a degree of control in terms of the way the product is packed and shipped, as well as running the risk of an item being out of stock. The latter is easily overcome by working with multiple suppliers with overlapping product lines so you always have a backup plan.

Overall, the drawbacks are minimal in comparison to what it would cost you, in both time and money, to stock, house and ship products yourself. And at the end of the day, drop shipping isn’t a new concept.  In fact it’s a fulfillment model trusted by some of the big guys in the eCommerce game, such as Sears and Home Depot, giving them an opportunity to expand product lines without dealing with the hassles associated with the additional inventory.

How To Get Started

Figuring out the right products to sell and then finding a wholesaler you can trust is the tricky part.  There are a lot of resources out there to help with this process, and then of course there is the good old Google search.  When doing a web search, be mindful that wholesale suppliers are traditionally not the best marketers, so you may have to dig deep into the search engine results to find the right partner.

Final Thoughts

Drop shipping offers a great alternative method to get started, or expand your current product offering, without having to dip too far into your own pocket. Of course there will be some investment involved in establishing your eCommerce presence, but nothing compared to what it would cost if you had to stock and ship your own product.

For a full list of both the benefits and drawbacks of the drop ship fulfillment model, along with some tips on how to get started, check out our white paper, What’s the Deal with Drop Shipping?  

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Omnichannel Retailing – What is it? Why is it Important? And how do you apply it?

Friday, April 11th, 2014

Posted by: Megan Castillo,  Dydacomp Product Marketing ManagerPicture1

Everywhere you look these days you see the phrase ‘Omnichannel Retailing’ – trade shows, industry publications, news blasts, etc. -  but what does it mean and why is it important to online retailers? More importantly, how do you apply it?

Multi- vs. Omni- Channel – Same or Different?

There’s a lot of confusion as to whether or not Omnichannel is just a new hip way to say Multichannel, or if it’s actually different – the answer is … it’s different. Multichannel refers to the actual sales channels through which you are selling – storefront, online, mobile devices, etc.  In the past, these channels typically worked independently of each other, which seemed foolish if you ask me.  Our society is all about networking, so why wouldn’t a retailer ‘network’ between sales channels, after all it’s one brand.  In the past, there’s been an emphasis on making sure the look and feel of the brand is consistent across channels, but what about cross channel promotion?  This is one of the ways Omnichannel retailing comes into play.

Omnichannel retailing is the marketing term that came about as a result of multichannel retailing.  Omnichannel refers to the ‘experience’ the customer has when shopping in one or more of your sales channels, making sure it’s consistent and emphasizes the importance of cross channel promotion.  Obviously customers aren’t going to have the exact same experience shopping in your storefront versus on your website – you lose the ‘touch and feel’ aspect, no sales reps to help you find product, etc. – but there are a few keys things you can do that customers can expect to see across channels – consistent service, product availability and pricing.  At the end of the day, you’re one brand, so you want customers to have a positive interaction at all levels.

Why is Omnichannel Retailing Important?

Retail has always been about the customer experience, and Omnichannel doesn’t change this, it takes it to another level.  It’s now an end-to-end experience that begins whenever and wherever the customer orders, not necessarily beginning/ending in the same place.  A shopper’s journey is no longer a linear one, meaning he or she goes to one sales channel and decides on a purchase.  Today we see shoppers incorporating some, and sometimes even all, of the retailer’s channels into their decision process.  That’s why it’s so important to be consistent, whether in messaging, prices, etc.  If not, you risk tarnishing that customer’s experience and potentially losing them as a repeat customer.  That’s critical, because it costs 5 times more to get a new client than to keep an existing one and existing clients are much more profitable than new ones.

There have been a lot of reports and surveys done recently on the benefits of applying an Omnichannel retailing approach, and the number one benefit is always ‘stronger brand identity/recognition’.  This is key to your survival as a brand/retailer.  Other benefits attributed to applying an Omnichannel approach include revenue growth, expanding your customer base, higher customer satisfaction, and it can be a competitive differentiator, at least until the rest of the retail world catches up.

How do you apply an Omnichannel Retailing Strategy?

There are lots of ways to apply an Omnichannel retailing strategy.  Some of the easier ways include: making use of social media, integrating customer reviews (for online channels), offering cross channel services, and the easiest of all – providing consistent pricing across all channels!  I’m sure most of you use, or know others who use, Facebook, Twitter, Pinterest, etc.  Social media is an easy, free way to get in front of your customers.  Additionally, it can help you expand your reach!  Each time a customer ‘follows’, ‘likes’ or ‘retweets’ something you post, each and every one of their connections now sees it – essentially it’s like free marketing!

Customer reviews are great for boosting online sales, especially for those products are harder to sell due to the lack of ‘touch and feel’ aspect.  And I’m sure many of you have seen retailers offer the option to ‘buy online, pick up in store’, but what you may not have realized is that this is an Omnichannel retailing strategy.  In this example, two of your sales channels are working together, your website and storefront.  These are just a few quick examples.  We’ll talk more about applying an Omnichannel Retail Strategy in future posts.

Final Thoughts

An Omnichannel retailing strategy is a necessity for those of you working in multichannel sales environments, and it makes sense.  You’ve worked hard to build out each of these channels, now let’s start using them to our advantage!

For a more in depth look at Omnichannel retailing, along with additional examples on how to apply the strategy and then how to evaluate the success of your efforts, check out our webinar, Omnichannel Retailing – Finding Value in a Multichannel Sales Environment .

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Use Customer Profile Data to Capitalize on the 80/20 Rule

Friday, April 4th, 2014

Posted by Laura Hills, VP of Marketing

We’ve all heard about the 80/20 rule that states 80% of your business comes from 20% of your customers.  That 20% is definitely a group worth cultivating to keep them engaged.  The more you know about this customer segment the better for your business.

Most retailers capture basic information about their most active customers but that may not be enough to establish a good connection to this audience.  To develop relationship longevity requires that you develop an intimate knowledge of the customer that goes beyond their name, email address and order history.  In this age of digital marketing, you need to connect on a broader level that includes social media, sales channel preferences and buying habits. Having a more complete customer profile will enable you to design more relevant, timely and targeted campaigns and communications to fully engage your top shoppers.

Go beyond the standard demographic data to include:

  • Birthday
  • Anniversary
  • Family size and make up
  • Favorite color/fragrance, etc.
  • Preferred shopping method
  • Work information, if applicable
  • Detailed purchase history

Also try to capture:

  • What they are saying about you – social media
  • What they like – social media can also provide this information
  • What they are purchasing – favorite items, for self or for gifts
  • When they are shopping – how frequently, time of day, day of the week
  • How they are shopping – website, mobile app, brick and mortar store

All channels need to be integrated to capture relevant data both online and offline that you can easily tap into to develop meaningful communication streams to attract customers.  You need an order management system that can collect detailed customer information along with order details that you can extract and utilize to keep your 20% coming back.  Increasing customer engagement levels through relevant promotions to this target group can drive revenues and enhance your bottom line.

For information about making sure your back office systems keep up with your shoppers’ demands, access our latest whitepaper: Is Your Back Office Keeping Up With Your Online Store? The Top 5-1/2 Reasons You need an Order Management System. 

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Back to Basics. Do You Know How People Find You Online?

Thursday, April 3rd, 2014

Posted by Laura Hills, VP of Marketing

If you operate a brick and mortar retail store, it is easy to ask customers how they found you.  And, you can see firsthand which products are selling and which may require further explanations to help the shopper understand either how to use the product or how it would fit them, if, for example, they’re looking at apparel.

Running an online retail business is a different story.  Do you know who is visiting your website?  Where are they coming from?  What do they like or dislike? Getting these answers is not so easy to do with customers who visit you online but the information is available to you.  The information can be found through online analytics.  Analytics are a valuable asset when it comes to your website and your online marketing efforts. The more informed you are about customer interactions with your eCommerce store and the products you sell online, the more effective your marketing efforts and your site will be to drive sales.

It’s so important to understand where your visitors are coming from and how they found you– whether they reached you directly, via a search engine, through social networks or other referring sites.  An analysis of website visitors helps you keep track of new and returning visitors.

Through tools like Google Analytics, you can capture and analyze how much time people are spending on your site and which pages on your site are attracting the most attention. Monitoring website analytics on a fairly frequent basis can make all the difference to growing your online business. We have found that there are two critical areas where even simple analytics can help to hone your web marketing strategy effectiveness.

The first centers around Internet search keywords.  Keywords drive traffic, messaging and sales. Analytics can help you determine which keywords are working and which keywords are not. Words or phrases that you thought described your product may not be what online visitors use to search for your product and find your site. You may have the right keyword, but the wrong content surrounding it.

You don’t have to manage hundreds of keywords. In fact, most PayPerClick (PPC) and SEO experts will agree that you should keep your primary keyword list under 25 or even under 15.  These are the words that shoppers would use to find the products you offer and/or to find you, in particular.  They can be common terms for the market(s) you serve coupled with your differentiators.  For example, in the fashion apparel market, popular keywords may include ‘women fashion shoes’, ‘fashion accessories’, ‘vintage handbags’ … to name a few.  You can actually search for ‘common retail search keywords’ and then check out those listed for your specific audience.

The second centers around your landing pages.  If you don’t have the time to analyze your site’s keyword performance in depth every day, we recommend, at a minimum, understanding your landing page content relative to your most important keywords. Understanding key website performance indicators like the ones listed below will help to maximize its overall effectiveness.

It is important to know how many people landed on a page that may have been designed to support a specific promotion, how many people exited the page quickly, where they came from, what keyword they searched to get there, how long they spent on a page?  You can also track results by seeing if they converted.

Your home page is often the top landing page and it typically can have the highest bounce rate if visitors don’t find what they’re looking for right away or if the messaging doesn’t match what they searched for in the first place. Test a few different designs and messages to find which ones offer the lowest bounce rate and drive the most conversions overall.

Secondary pages or internal landing pages are often the most valuable parts of your site. These pages often contain the specific information your customers are looking for. Designed properly, internal pages answer your customers’ questions and drive them to convert.

Break down the top landing pages and evaluate what makes them successful.  Analytics can tell you what keywords your site visitors used to get there to help you refine your content. Define the type of content on that page and the calls to action (CTAs) you are using.  See if this can this be replicated on other pages. This type of analysis gives you key information on how customers interact with your site and how you can provide them with a great experience by having the right design and content.

Many of our retail customers are finding the effective use of videos to support product descriptions.  A short video can not only showcase a product and drive sales, they can also cut down on the common ‘how to’ customer support calls.

Consider the following in analyzing your site:

  • What are the top landing pages?
  • Which pages have the highest bounce rate?
  • What pages do people spend the most time on?
  • Which pages lead to the most conversions?
  • Which campaigns led to the best sales performance?

Effective website analytics can help you to find out which of your marketing strategies and tactics are bringing the most customers to your site – whether it is a newsletter, social media posts, email promotions, club memberships or other marketing programs you are using.  The more informed you are relative to customer interactions with your site, the more effective (and more efficient) your marketing efforts will be.

Online marketing methods need to be supported by web analytics so that you know what is working, where your shoppers are coming from and what you can do to attract customers. If you don’t already have good analytics in place, make this the year that you add this function so that you can run your site more efficiently.

If you haven’t heard about omnichannel retailing, it’s the latest buzz around giving customers a 360 degree experience with your business.  If you’re interesting in learning more about omnichannel retailing and the latest trends in people finding you and experiencing your brand, check out this on demand webinar: Demystifying Omnichannel Retailing: Finding Value in a Multichannel Sales Landscape.

 

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Connecting With Your Customers

Monday, March 31st, 2014

Posted by Laura Hills, VP of Marketing

If you’re old enough to remember the 1980s television sitcom Cheers, you’ll be familiar with its popular theme song, Where Everybody Knows Your Name? That’s the concept at the heart of omnichannel retailing.  It’s the feeling that customers are hoping to find when they shop with you; whether it’s online, in store, or over the phone. Customers are less concerned with the size of your business and more concerned with the quality of your products, timeliness of receiving their order and how you treat them when they come to you through whatever channel they may opt to connect.

Everyone wants to be treated like the individual they are and this is especially true for shoppers who want to be recognized, responded to and valued as if they were your only customer. Creating a positive shopping experience needs to be a priority on your company’s to-do list.

As customers set the agenda through social media it is important to create and continually nurture the connection to your customers that engages them and keeps them coming back to you.

Technology has put the consumer in control with the expectation for 24/7 access to their shopping experience via digital devices and you need to be ready to respond.

Here are a few tips for developing strategies to maintain a strong connection with your customers.

  • Be Sam – Sam wasn’t just the bartender at Cheers, he was the business owner and he knew everyone that came in. Fast forward to today, and you can use technology to stay connected with your customers.  When they’re browsing in your physical store, on your site or requesting information, never ask them twice who they are.  Use technology to pre-populate online request forms.  Use traffic intelligence tools to become familiar with their needs and personalize the customer experience.

 

  • Become obsessed with your customers – make it a point to develop a continuous process of excellent customer service throughout your company for gathering and utilizing customer insight through preferences and ratings.  It’s not enough to have one good customer rep. or salesperson; everyone that interacts with your customers needs to be customer-centric.

 

  • Listen to your customers – encourage feedback and respond. If you made a promise be sure to keep it, building trust and confidence in your company and your products.  And listen to your customer service staff.  They’re hearing from customers first-hand.  They are a great source of trends, suggestions and areas for improvement.  One online retailer we know listened closely to their support representatives who were answering ‘how to’ questions over and over again.  The solution?  Videos for each of the products.  The videos enhanced the customer experience with products and cut down on the ‘how to’ call volume.

 

  • Be where your customers are – your customers are active on social media.  Are you?  Encourage your customers to be in touch with you.  Their interactions and feedback give you the opportunity to keep the lines of communication open and to continually deliver the positive experience they are looking for.

So keep the Cheers theme song in mind when focusing on customer-centric strategies this year.

Let all your customers know that they are the most important part of your business, that they are always welcome, valued by everyone in your company and that you’re always glad they came…

To learn more about Omnichannel retailing, view this on demand webinar: Demystifying Omnichannel Retailing: Finding Value in a Multichannel Sales Landscape.

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National Retail Federation Predicts A Good Year For Retailers

Thursday, March 13th, 2014

Posted by Laura Hills, VP of Marketing

While consumers are still being careful about their spending, the National Retail Federation (NRF) has predicted that retail sales will show an increase of 4.1% in 2014, outpacing the 3.7% increase delivered in 2013.  As a part of this increase, the NRF is predicting online sales to increase 9% to 12%, good news for our online and multichannel merchants.

Behind the optimistic forecast is the NRF’s expectation that 2014 will be less volatile than 2013 which brought economic concerns from a fiscal-cliff scare, a government shutdown and a tax increase.  Jack Kleinhenz, the NRF’s Chief Economist has said that he “expects less drag on growth from fiscal policy” which will greatly benefit retailers as shoppers show more confidence amid fewer economic concerns.

Retailers have already posted January gains with an average increase of 3.1% over 2013 sales and ahead of the 2.2% gain predicted by research firm Retail Metrics.  NRF President and Chief Executive Matthew Shay commented, “We’re looking forward to an even better year than last year (2013) for retailers.  We’re on the right trajectory. We’re seeing continued modest and incremental growth.”

So prepare for a good year by determining where operational improvements can be made to help you to respond to sales opportunities.  If you haven’t already done so, now’s the time to think about connecting your back office with your eCommerce store to simplify your day-to-day operations leaving you more time to source new products and reach new markets.

For tips on growing your business, click here to access Dydacomp’s whitepaper “Retail Trends – Is Your Back Office Keeping Up with Your Online Store” that addresses the benefits of an order management system for your online store.

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Technology Enables Retailers to Help Customers Fulfill New Year’s Resolutions

Tuesday, February 4th, 2014

Posted by Laura Hills, VP of Marketing

The most popular New Year’s resolutions continue to center around making better food choices and leading a healthier lifestyle.  People who strive to be as healthy as possible increasingly turn to dietary supplements and nutraceuticals to achieve their desired results and fulfill their New Year’s resolutions. With fast and inexpensive highly processed food readily available, it is not always easy to meet daily nutritional needs with the foods that we eat which fuels the continued growth in the multi-billion dollar nutraceutical market.

The best sources of recommended nutrients are found in a healthy, balanced diet that incorporates fruits, vegetables and fresh, whole foods. We know making healthy and optimal food choices is not always easy; even people that try to eat a well-balanced diet can often miss essential nutrients and that is where dietary supplements and nutraceuticals can be beneficial.

According to a Nutraceuticals Industry Overview published by NewsMedical.net, nearly two-thirds of the American population takes at least one type of nutraceutical health product in an attempt to accomplish desirable therapeutic outcomes with reduced side effects. In RNCOS’ latest research study, “US Nutraceuticals Market Forecast to 2017,” RNCOS analysts estimate the market reaching $75.3 billion in 2017; growing at a CAGR of nearly 6% during 2013-2017. The market growth is driven by the aging Baby Boomer population which is fueling the focus on health and wellness and Generation X concerns about natural, organic and green products.  Both of these have helped to increase the consumption of dietary supplements and have propelled the functional food and beverages market as well.

With favorable demographics and an increase in online consumer spending, the nutraceuticals market offers immense opportunities for eCommerce retailers. It is increasingly important for nutraceuticals retailers to be visible across multiple sales channels to reach new and repeat customers. Technology has enabled nutraceuticals etailers to offer detailed online merchandise descriptions, video explanations and offer valuable online shopping assistance to help shoppers navigate the variety of product choices available and the benefits that each product has been developed to deliver.

Managing a nutraceuticals eCommerce platform is no easy task. Utilizing the appropriate technology tools to help manage the gaps between the front-end customer experience and the back-end merchant experience is critical for success. An order management system enables you to gain visibility and bridge the divides between your eCommerce store and back office to stay on top of inventory and order processing across multiple sales channels, keeping customers supplied and satisfied, which will keep them coming back.

A competitive nutraceuticals market challenges retailers to differentiate themselves through effectiveness, price, supply and packaging. As we enter a very busy season and year of growth for the nutraceuticals market, having an automated solution to address order processing, inventory management and customer service enables etailers to efficiently handle increasing order volume and provide personal customer service while streamlining and automating key back office processes all leading to increased productivity and profitability.

An order management system facilitates the integration of business processes from shopping cart integration, selling tools, Payment Card Industry (PCI) compliance and gift card redemption to CRM, fraud protection, inventory management, payment integration, order fulfillment, tracking and logistics across all sales channels.  When these diverse processes work together, it simplifies day-to-day operations, leaving nutraceutical retailers with more time to connect with customers, source new products and innovations, develop strategic marketing promotions and keep their business healthy.

Click here to download the white paper Growing Your Health and Wellness Business – Best Practices for Nutraceutical Retailers. Click here to download the on demand webinar Growing Your Health and Wellness Business – Best Practices for Nutraceutical Retailers.

To access the latest RNCOS Study, US Nutraceuticals Market Forecast to 2017, click here. http://www.prnewswire.com/news-releases/us-nutraceuticals-market-forecast-to-2017-212161321.html

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Understanding Today’s Content & Media Strategy to Grow Your eCommerce Business

Monday, February 3rd, 2014

Posted by: Laura Hills

With all of the media choices available, do you know the best optioUnderstanding-Todays-Content-Media-Strategy-to-Grow-Your-eCommerce-Businessns to promote your business?  The first step is to understand the variety of media available to support your content management marketing strategy.

Let’s start with your company’s website.  This is often the first impression that a customer or potential customer has for your business.  Your website is media that you own and control, whether you physically maintain the site yourself or have someone else do this for you. Your site should always be up-to-date, easy-to-navigate, function properly and be an inviting source of information about your company and products.  It is important that your site is search engine optimized (SEO) to be sure that those searching for your company or products have the best chance of finding you.

Your website is a place to feature your active social media channels, blog postings, relevant publications including catalogues, newsletters, videos, webinars or other content that you publish.  Email blasts and direct mail that you produce and distribute are other forms of content. All of this is an important part of your content strategy.

Depending upon your business strategy, public relations and other outreach efforts can promote your products or company with placements in magazines, newspapers, broadcast media or online to help tell your story and get you noticed. Good public relations doesn’t have to involve using an agency to represent you. Today this media includes blogger and social media channels that enable you to gain greater exposure for your message.  Whether you write your own blogs or follow and post comments to other blogs, have your own social media pages or follow and comment on others, you are spreading the word about your company.  And, in spreading the word through social channels, you are driving attention back to your website or storefront.

Providing information on relevant and timely topics, whether through articles in newspapers, magazines or internet channels helps your company gain recognition.  To supplement your content management strategy you should take time to cultivate opportunities and business connections through attending industry events, writing blogs (your own and/or guest blogs for others), reaching out to any local media outlets and being active in social media channels. Quality content tends to get shared which helps to increase recognition and is an important component to overall content strategy.

Another area to consider is paid media which includes any type of promotion or advertising that you pay for.  There are limitless opportunities to buy advertising space for your company including all forms of print and online ads, product and service directories, radio and TV spots and all forms of online search advertising including pay-per-click (PPC), Google and LinkedIn sponsored content. Facebook now offers paid advertising and it’s said that Twitter won’t be far behind.

Budgets play a big role in the type of paid media you can utilize.  Determine where your customers and potential shoppers are likely to see your ads; where do you see your competitors advertising?  It pays to know your shoppers – are they internet savvy and online most of the time? Do they read or subscribe to magazines or newsletters that would be a good fit to promote your products? Don’t be afraid to test new outlets for your message. It is important that you blend available media options to create a cohesive and targeted content strategy.

For additional information on developing a converged media content strategy, read Jayson DeMers’ article, How to Execute a Converged Media Content Strategy (And Why You Should) which appeared in Forbes online Entrepreneurs column.

http://www.forbes.com/sites/jaysondemers/2013/09/11/
how-to-design-and-execute-a-converged-media-content-strategy-and-why-you-should/2/

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Retailers Seek Advice as They Head Into 2014

Monday, February 3rd, 2014

Post by: Laura Hills, VP Marketing, Dydacomp

The top names in retail met to discuss the future of the industry at the National Retail Federation (NRF) Conference & Expo.  Joan Verdon, a senior writer from The Record, a North Jersey newspaper, keeps us informed on what’s happening in the retail industry.  She asked six industry experts to name the three top issues that retailers should be focusing on for 2014 and beyond. Their perspectives are all worth noting and a must read for all retailers, whether eCommerce or in-store.

These experts included:

  • Howard Davidowitz, Chairman, Davidowitz & Associates
  • Marshal Cohen, Chief Analyst, THE NPD Group
  • Nikki Baird, Managing Partner, Retail Systems Research
  • Bob Phibbs, Chief Executive, The Retail Doctor
  • Bill Martin, Founder, Shopper Trak
  • Ken Perkins, President, Retail Metrics

Marshal Cohen predicts that 2014 is likely to be one of “monumental change for retail” and that retailers need direction. According to Cohen, “Retail has hit a crossroads where the consumer is heading in one direction, retail’s heading in another and manufacturers are stuck in the middle trying to figure it out.”  All of the experts’ responses are valuable for anyone focused on the retail industry. Click here to read the entire article and excerpts from each of the industry leaders. http://www.northjersey.com/news/239794711_
Retailers_get_sales_advice_as_they_head_into_2014.html

Happy Selling!

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Shoppers Look for January Deals

Friday, January 24th, 2014

Posted by: Laura Hills, Vice President, Marketing

The after holiday sales started before the holidays even ended this year with mega-markdowns seen on holiday items and popular gifts as retailers did all they could to attract shoppers across all channels.  We have come to expect savings of up to 75% off pricing for holiday merchandise and similar deep discounts for winter clothing and accessories left over from the holidays. January has traditionally been a good month for home goods and promotions offered by furniture retailers on in stock and custom furniture.

In addition to clothing, holiday items and furniture, there are other good deals to be had in January and shoppers never tire of seeking out bargains. Many start the new year off resolving to spend less without compromising their shopping habits.  Others look for the amazing buys that can be had before their holiday credit card bills arrive in their mailboxes.

For what’s trending in January, we turn to Jeanette Pavini, MarketWatch.com columnist to help shoppers save money. We offer our own observations and tips along with Jeanette’s advice. Online and multi-channel retailers can aid shoppers in making the most of their post-holiday spending by offering deals and promotions to help move leftover inventory and also offer deals on the following items:

  • White sales have been a January tradition since the first white sale in 1878.  Towels are a major component of the traditional white sale and upgrading bathroom towels can give this important room a whole new look for very little money. The same for sheets, bedspreads and other linens.

  • Hot tubs and spas are not normally items that people are thinking about after the holidays so retailers tend to get creative with deals to try to move inventory.  Since these items need to be installed, buying on sale while sales are slower will usually enable you to pick your timing as far as installation. If you already have a hot tub or spa at home, now is a good time to make sure it is running efficiently and schedule any needed maintenance.  Look for deals on accessories and cleaning products for spas and hot tubs also.

  • Coffee sales offer multiple ways to save.  The first way is for coffee-themed gifts (hot cocoa and teas also) which are popular holiday gift items that get creatively packaged but don’t always move off the shelves. Minimum discounts after the holiday are 50% on these items with deeper discounts often available.  So even if you don’t need all of the items in the gift set, you’re still saving money on the coffee, tea or cocoa mix that you will use and enjoy.  The second way to save on coffee is to check gift card marketplaces like Cardpool.com or Raise.com. According to the National Retail Federation’s Gift Card Spending Survey, some 19% of gift cards purchased are for coffee.  These often end up on gift card marketplace sites at 10 to 25% discounts.
  • January is the month when people try to get rid of their unwanted gift cards.  These are not only ones received during the holidays, but throughout the year as well. As mentioned above, gift cards that people received but don’t really want can be found on gift card marketplace sites and purchased at a discount. Just check for expiration dates and fees before you purchase. If you don’t want to venture into buying pre-owned gift cards online, check with your friends, family and coworkers and create your own gift card exchange market.
  • Men’s Formal Wear hits the sale racks this month. Although the holiday black-tie events season is over and wedding season is still months away, it’s not too early to think about when you may need formal wear for future special occasions.  Tuxedo rentals are typically at 20% of the purchase price, so look ahead and estimate how often you’ll need formal wear. Investing in a tuxedo or formal attire, especially on sale, can save you repeated rental costs plus the time and effort involved in renting – measuring in advance, picking up and returning. If you are going through your closets and find suits that you no longer need, you can take them to a resale shop where you get cash for your items or donate them to local organizations that resell or reuse them.  The Save-A-Suit Foundation provides former military personnel with business attire and accepts both men’s and women’s clothing.
  • Tech accessories such as cell phone cases, headphones, and wireless speakers were great gift items this past holiday season.  Now that the holidays are behind us, these items are on sales and being heavily promoted.  Office supply stores will be discounting a lot of these and other items during January as well.

Whatever deals, specials, sales and promotions you offer this January, be sure to be visible through email, social media, direct mail or wherever your shoppers are found. Use customer data from previous orders to identify shoppers that would be likely targets for your promotions and engage with them to get them to your site.

The full text of Jeanette’s article, “There Are Deals to Be Had in January” can be found at online.wsj.com/news/articles/.

Happy New Year and happy selling!

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