Posts Tagged ‘Internet Retailer’

Dydacomp and Internet Retailer Launch SMB Index for Retailers

Thursday, April 26th, 2012

Posted by: Dydacomp Staff

(Parsippany, NJ) – Dydacomp announced that it has partnered with Internet Retailer Magazine to issue a monthly index of industry trends for small to mid-sized retailers called the “Dydacomp SMB Index.” The Dydacomp SMB Index is based on Dydacomp data compiled from more than 1.7 million orders per month at more than 1,500 e-commerce operators—accounting for more than $200 million in combined monthly retail sales.

Ecommerce continues to take an important role in the retail space and is expected to grow over 15 percent in 2012 according to the U.S. Department of Commerce. With more and more small to mid-sized businesses looking to expand online to attract new buyers, trends have emerged that provide insight into consumer spending and confidence. The Dydacomp SMB Index tracks this across more than 15 product categories, including Consumer Electronics, Clothing and Sporting Goods.

The inaugural index, available online and in the print issue of Internet Retailer, uncovered interesting findings, including:

  • Consumers who shop online are placing fewer orders, but they are larger in size.
  • A slight decline in sales last month compared with March 2011 was identified, while year-to-date sales through March increased nearly four percent year over year.
  • Average order size grew in every category included in the Index except for one, Tobacco Products/Alcohol.
  • Books (which includes publications from religious organizations), Sporting Goods and Auto Parts showed strong gains, while Jewelry and Tools were weakest.

“Helping online retailers manage almost two-million orders each month, Dydacomp is uniquely positioned to gauge how small to mid-sized retailers are faring across a variety of industries and serve as an indicator of economic conditions in this market,” said Fred Lizza, CEO of Dydacomp. “By partnering with Internet Retailer, we are sharing this data on an industry-wide scale and providing insight into the growth and success of the burgeoning online small business eCommerce community so retailers and marketers alike can make better and more-informed decisions.”

The Dydacomp SMB Index will be available in Internet Retailer’s print and online editions on a monthly basis. The first Index appeared on April 11th and can be viewed in its entirety by clicking here. Retailers looking for more information on how to turn online browsing into online purchases – in any shopping category – can click here for best practices from Dydacomp.

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The 411 on Negative Feedback

Monday, March 14th, 2011

Posted by: Michael Nardini, VP of Customer SatisfactionMichael Nardini, VP of Client Satisfaction

Negative Feedback Travels Fast (source: Internet Retailer)

  • 1 in 4  (26%) people surveyed stated that they are more likely to share bad experiences with family and friends than good experiences.
  • Survey also found that 31% of those customers who share negative experiences were actually “loyal customers” who are actively engaged and most likely to recommend the product in the first place. The survey found that the loyal customers are more likely to share bad news than any other customers group.

What your approach should be:

  • Customers have many channels to share their frustrations and bad experiences.  Social media is a great way to combat these negative reviews and turn the situations around so your company is able to benefit.  To use social media effectively requires your business to listen, interact and react.
  • Listen: Monitor social media networks for mentions of your business. Another social media option you can offer customers is an area to engage with other customers (such as an open user forum) and to discuss your brand. Here you will be able to manage and use both negative and positive comments as feedback to improve your business.

Once you have located negative feedback take the time to understand the cause of the comments. Usually complaints occur due to unmet customer expectations or negative interactions with company employees. Mashable recently included a great article on how to handle negative feedback. I thought I should share the key points with you:

  • Get to the bottom of the issue: Take time to thoroughly understand the motivation behind the negativity. Is it a support issue, problem with an employee, or any of the number reasons? Figure out what the problem is and your solution before you reach out to address the issues.
  • Reach out and acknowledge your customers complaint. Most problems can easily be resolved because ultimately your customers would more likely than not have the issue resolved.
  • Act fast: The longer people have to think about the negative experience and dwell on it the harder it will be for you to change the situation. Fast action will help you as a customer might even change that negative experience to a positive one if you are able to quickly resolve an issue.
  • Treat each comment/issue individually. This is your opportunity to alter your brand image in your customer’s mind. Take the time to figure out the solution and do the most you can to get the issue resolved. Don’t simply refer them to a 1-800 number, rather try to resolve the issue even it means seeking help from coworkers.
  • Act professionally: Even if the issue escalates and you find yourself under attack. Remain calm and remain professional. You are representing your company in the social realm and no matter what you do you cannot have a “do-over”.
  • Provide a Resolution: After you have fixed the issues, experience or conflict that resulted in the negative feedback, let the customer know. By communicating with you have done or what they should expect will help rebuild customer trust for your business.

Don’t take my word for it, look at the facts:

A report from RightNow Technologies Inc. found that following an interaction with a retailer, 34% of consumers deleted their original negative review, 33% posted a positive review and 18% said they became a loyal customer.

How does your business handle negative feedback from customers?

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