'Net Features : emarketer

7 Key Principles for Mobile Commerce Success

Administrator — Thu, 16 May 2013 17:45:00 GMT

:: By Nathan Joynt, Volusion ::

There are currently 115 million smartphone users in the U.S. and an estimated 200 million users by 2017. According to Internet Retailer, in 2012 U.S. smartphone and tablet users spent over $24 billion in mobile commerce sales, accounting for 11% of total ecommerce sales. The digital age is advancing quickly, and with the boom of ever-increasing technology use and some promising statistics, online businesses can’t deny the fact that there is huge moneymaking potential in mobile business. Mobile commerce, or m-commerce, is the browsing, buying and selling of products and services on mobile devices. If being able to shop from your home computer wasn’t easy enough, smartphones and tablets enable you to research and compare products in a physical storefront. Often this can lead to a direct sale online – often from a competitor of the storefront. If you are looking to maximize your online business through mobile, this post will give you some important factors to consider when developing your m-commerce strategy.

7 Key Principles to Maximize your M-Commerce Strategy

To keep your m-commerce strategy running effectively and help your online business grow, make sure you adopt these principles:

1. Do on-going research to determine what mobile devices are popular with your target market.

This is about understanding how you need to prioritize your mobile strategy to maximize ROI. Not every online market makes use of mobile devices. You may have a business where users actually find it more difficult to research and shop for your products through a smartphone. What does your current analytics data suggest? Also, what is your competition currently offering in terms of mobile presence? A story can be formed by performing gap and opportunity analysis. The more persistent you are with research and analysis, typically the better you will be able to focus on what’s most important.

2. Keep brand consistency across your web and mobile properties.

Make sure your ecommerce and m-commerce sites are consistent and congruent in terms of design, product offering, content flow and overall brand messaging. If you are in a position to take advantage of responsive design, do so. Your visitors will expect a consistent branding experience, whether they know it or not. This builds trust, whereas any inconsistency is a sure-fire way to lose sales.

3. Try to keep it simple at first and then add complexity.

As a colleague states, “web users are finicky; mobile users are finickier.” Mobile users typically expect their content to load quickly. You have to take extra care to ensure your mobile content can be consumed in multiple formats. This means making the pages more light weight: use clean code, be careful with large data features like videos and make sure to test all your site’s features so you know what needs to be sped up, taken down or added in.

4. Remember to include mobile in your online testing strategy.

Smart marketers understand how to increase ecommerce sales through practices like user testing, landing page testing and conversion rate optimization. Due to the fact that the user interface and user experience on mobile devices are different, it’s important to understand what your target market expects from your mobile site and include these considerations in your testing strategy.

5. Remember to QA your mobile site.

The concept seems simple enough, but it can be overlooked, especially as websites continue to grow and stakeholders forget to take into account the mobile experience. Does the design break at any point? Is the site cross-browser compatible? Does the checkout process work? Are you able to track everything appropriately in terms of analytics? Do the forms work? Does every link and do all calls-to-action perform as expected? It can be frustrating to try and purchase something through a mobile device and encounter a broken link. This will typically lead to a lost sale.

6. Keep reading more about mobile optimization.

Things move quickly in this area. In order to correctly optimize your mobile business make sure all your mobile data is in order, know what metrics are key to your success and know the specifics of what your customers are searching for most. Mobile optimization is a key factor when looking to increase sales and improve customer satisfaction. This leads to…

7. Leverage customer feedback.

It’s very important to have a customer feedback page, suggestion box, review section, etc. Most businesses have drastically increased their online sales by listening to customer feedback, so why not do the same for your m-commerce business? Utilize your Facebook and Twitter friends/followers to understand their likes/pain points. Send out a survey to your email list. What one customer wants, usually many more will want. If you tailor your mobile business to your customer feedback you will keep them satisfied and coming back for more.

eMarketer estimates that by 2017, approximately 25% of online retail transactions in the U.S. will take place on mobile devices. As technology is changing and rapidly increasing, so is the way consumers buy their products, which means you, as an online business owner, has to change as well. The potential for your business to grow through m-commerce is extremely promising and is up to you, with a little help from the experts, to make the most of your mobile business.

Nathan Joynt is a Marketing Manager for Volusion, a leading mobile and ecommerce software company. He specializes in SEO, user experience and content marketing. Follow him on Twitter @nathanjoynt.

Is 2013 The Year to Sell Your E-Commerce Store?

Administrator — Mon, 18 Feb 2013 18:15:00 GMT

By Dave Slutzkin, CEO, Flippa

Timing really is everything, and knowing when to sell your business means the difference between cutting your losses and having the cash to fund your next big idea. At Flippa, a website marketplace, we see the fruits of well-planned exit strategies every day, executed by savvy business men and women who know when to unload their assets to the highest bidder and start anew. So how do you know when the time is right to sell your e-commerce site? It's a harmonic merger between your business metrics and the market itself. Let's see if 2013 is your year for serious change.

The reports on the current state of the U.S. economy are conflicting, so let's talk about what we do know. According to a new report from eMarketer, e-commerce is now a trillion dollar industry. This year, global e-commerce sales are expected to top out at $1.298 trillion, another 18.3 percent of revenue growth. North America continues to dominate the lion's share, but Asia-Pacific sales are expected to see the highest percentage of growth at 30 percent, equaling $433 billion in sales - and as soon as 2016, this region may actually surpass the U.S. in sales.

With the epic projections in the market, many signs look ripe to unload your store, but consider these factors before you scramble to let your business go to the highest bidder.

Size Up the Competition

Everything from base URLs to full-scale successful Web business go up for sale every day. It's abundantly clear to any serious buyer which sellers have done their homework and which simply wish to unload.

The number one place your due diligence is reflected? The asking price. Scour the Web to find similar businesses for sale, and those recently sold as well. Study not only the selling price, but also the initial asking, all included assets, valuations, services (the whole kit and caboodle). Be very wary of undervaluing your e-commerce store, and equally cautious not to price yourself out of the market. This takes objective research and sincere integrity - and it truly is the key to your success.

Know Your Buyer

A thorough understanding of the demographic you are serving helps you to target all marketing materials and sales proposals to exactly the kind of buyer you need. Remember that it's not just about what you're selling, but also how you present the offering. A balance between necessary metrics and discretion is required, as some details of your business may be better left confidential. Have a solid non-disclosure agreement (NDA) ready to share with truly interested and capable buyers, and above all else, be honest about every last detail. Nothing spoils a deal faster than a buyer discovering a trail of deception does. Treat them just as you would a loyal customer - with warmth, respect and integrity.

Website marketplaces are invaluable in finding potential buyers. Investigate ones with a broad reach and any niche-specific communities that focus precisely on your business's expertise. Don't forget to use the power of social media to get the word out on your sale - friends and family may also be motivated to help you close the deal, so don't be shy about reaching out.

Finally, consider how you will accept payment. Are you offering financing? If at all possible, find a way to do so. The credit crisis is still very real in our economy, and your pool of buyers will broaden significantly if you are able to offer flexibility and payment plans. Consider, too, that it may lessen the tax burden on you if you receive the asking price in installments, spread out over a year or more. Offering financing also justifies an increase in the asking price, so it's truly a win-win.

Issues and Exit Strategies

Before you get ready to sell your e-commerce store, consider your biggest challenges so far. Document problems encountered with any aspect of the business you've uncovered, including marketing efforts, design, user base, retention, SEO and technology. Share why you are selling the business, as serious buyers will most certainly ask. Outline your exit strategy too, including timeline, all documents and materials, software and technologies, art assets and personnel that may or may not make the shift. Gather all expense reports, tax returns, income statements, and related documents in one easy-to-share location. Don't wait for an interested party to ask for these as it may take some time to get things organized, depending on how meticulous you've run the business thus far.

The latest eMarketer report states that the e-commerce industry in the United States will grow from $343 billion in 2012 to $385 billion in 2013. Is this explosion alone enough to spell success to your potential sale? That's a question only you can answer. If you're feeling the itch to move on, the numbers support you - just make sure your business reflects the same, considering all sides and factors. Best of luck on your decision, and may your year be prosperous!

Life in the Fast Lane – Social Predictions for 2013

Administrator — Tue, 15 Jan 2013 16:30:00 GMT

By Richard Pasewark, CEO, Visible Technologies

This past year the social media and marketing world saw many evolutionary changes including the IPO of Facebook, market consolidation and increased adoption of social media sites like Pinterest and Instagram. As we move forward into 2013, companies of all sizes will realize the necessity of utilizing social media data and analytics to better serve, engage and help their customers. Simply participating in social media is no longer enough. Companies need a well thought-out social media strategy to stay ahead of the competition. Below is a snapshot of what the industry can expect to see this year and which areas companies should focus on when developing their marketing plans.

“If you build it, they will come”

As more and more of the large enterprise technology companies acquire social marketing tools and stitch together social media “suites”, clients are increasingly assessing if these toolkits meet their needs. 2013 will be the year that marketing leaders determine what type of software and solutions they can count on – whether it’s delivered from an independent vendor or the result of acquisitions. Many marketers need clear and clean solutions that meet immediate needs – as social media analytics and engagement continuously play a prominent role in their actions and effectiveness, they will need agile vendors to address their dynamic needs.

English isn’t the only language spoken in the world

The growth of social media in English speaking channels is enormous; yet we need to acknowledge the same rapid ascension of the social global movement, driven by mobile in many parts of the world. In 2013 it will be imperative for global brands to establish a multi-region, multi-language footprint in social channels to reach customers in all markets. Even though Facebook has been banned in countries like China, there is still a major adoption of social media use on homegrown sites such as Sino Wiebo. According to eMarketer, 54 percent of Internet users in China would make a purchase because a friend “liked” or follows the brand on a social network. That’s too big of a figure for companies to ignore. In order to be successful it will be important for companies to monitor their activity on international social channels as well as in non-English speaking channels in order to penetrate new markets. In turn, software companies will need to focus their efforts on developing solutions that can accurately understand and measure the sentiment expressed in languages beyond English. With nearly 20 percent of the world’s population speaking Mandarin or Arabic, both character-based languages, companies will also need to focus on identifying and reading these characters as well.

The rise of Pinterest will foster new technology that tracks the sharing of images (vs. text only)

The rise of visual social media like Pinterest will create a need for businesses to track the sharing of images versus just text. With the proliferation of images, videos and infographics going viral over the last few years, enterprises will begin to demand software to track these mainstream marketing and advertising methods. A fun example is the smiley face ;-), which is one of the most tweeted terms, making it imperative for companies to shift their technologies in this direction. With this will come new abilities added to search engines allowing users to copy and paste images to find a match versus relying on text-only options. This will open the gates of opportunity for other search engines to flourish if Google and Bing don’t evolve with these changes. It will also open new avenues for analytics as data sharing and influence will have new dimensions of insight.

Social media analytics will become the de facto source of customer input

Social media has already begun to pave the way of transformation in the customer service sector. As more and more customers voice their opinions online, companies have been forced to engage with consumers on their medium of choice. In 2013 we can expect this to continue and establish itself as the primary means of gaining customer feedback to improve customer experience. Data analyzed from social media sources will become a de facto way for companies to measure customer sentiment and satisfaction and be an essential channel to identify problem areas. Companies will no longer rely on surveys to gauge the success of their products and service, and will increasingly use social media analysis and community engagement to solicit and respond to customer input.

Product development will begin to lean on social channels

Much as customer service teams began addressing customer issues via social channels this year, product development teams will begin to look to social media to determine their next move. In order to meet consumer needs in a constantly changing marketplace, product development teams will begin sourcing ideas and preferences from social chatter when determining which capabilities or enhancements to focus on. This in turn will give the customer more power, allowing them to have a say in what innovations they see next.

About Richard Pasewark

As Chief Executive Officer of Visible Technologies, Rich provides strategic leadership to bring value to clients and partners. Prior to this role, Rich was President of Cymfony, where he scaled the organization to meet the growing demand for insights delivered from Cymfony’s technology and analyst services. Rich brings more than two decades of experience as a business leader, strategist, and software visionary for industry leaders such as Quark, Adobe and EDS. Rich values the opportunity to create new solutions in the emerging and continually evolving social media analytics market.

So Long Twitter, Hello Facebook

Pete Prestipino — Thu, 24 Feb 2011 16:30:00 GMT

New estimates by eMarketer indicate that while growth continues to rise at Twitter, just 16.4 million US adults, or 9% of the adult Internet population used Twitter at least monthly in 2010.

“Twitter has continued to gain traction but at more moderate levels than we had expected,” Verna said. “Our updated figures put Twitter usage in a clearer perspective than published data showing hundreds of millions of Twitter accounts, or site traffic stats that include visitors who browse public tweets on Twitter.com but don’t actually use the microblogging service.”

I believe it important to note that eMarketer’s forecast represents a downward revision of its prediction made in April 2010.

When compared to Facebook, Twitter looks increasingly like a non-threat. eMarketer foreceasts that 132.5 million US web users will use the site monthly. According to the announcement, “That increase of 13.4% in the number of users means Facebook will reach almost nine in 10 social network users and 57.1% of internet users. By 2013, 62% of web users and almost half (47.6%) of the overall US population will be on Facebook.”