Exploit your business's online potential
Increasing online sales pose a challenge to retailers with physical stores, but how should they respond to the challenge? Jacob Lego Boye, consultant and author of the book, ‘Online Customer Service’, offers his views on what retailers must do. His answer: attempt to optimize the positive impact that one sales channels can have on another by transferring some of what you’re good at in physical stores to online activities, and by supporting the growing tendency to use several sales channels throughout the buying process.
Taken as a sales channel, online is growing in importance, and while it offers existing players new opportunities, it also increases competition. Customers shop online with established competitors that also possess physical stores, as well as with businesses that are strictly online players. The market share occupied by international players is also increasing. According to FDIH, 30% of online sales revenue in the first quarter of 2013 went to international players, which is an increase of 20% compared with two years ago.
In the last six years, revenues in Danish stores have decreased by 10%. Due to the financial crises and growing competition online, retailers are under pressure, especially