"Fight the urge to 'hunker down' and focus on ways to appeal to consumers who, while continuing to spend online, are looking for ways to save money and find a great deal," concludes 'Multi-Channel E-Commerce Revival', a new white paper from ChannelAdvisor. "Your competitors may be weak — and now's the time to innovate and take share."
The white paper includes ten quick ways to fight the recession:
- Focus your time on growing, not just being more efficient
- Smart sourcing is the single best way to optimise both growth and efficiency
- Cash is king: Accelerate inventory turnover to maximise cash on hand
- Be on as many channels as possible. Don't limit yourself to a small piece of the overall ecommerce pie
- Use the recession to take your ecommerce site to the next level to improve merchandising, engagement factors and overall design
- Avoid leverage and debt like the plague
- Use Google Product Search. It's free and can drive massive ROI.
- Work on improving your ecommerce site's conversions to make cheaper customer acquisitions
- Implement surveys as a way to improve conversions, and point out areas where you can improve
- Focus on customer retention: It's the new customer acquisition.
The white paper includes a host of statistics about the current state of the market and the latest trends. Readers can download the full report free of charge from the ChannelAdvisor website