Retain Customers with Smart Spending Decisions
What are your plans for protecting your online business during the current economic slowdown? According to Internet News, many online retailers are putting customer retention at the top of their priorities in hopes to survive the recession. But the question is how exactly are they going to change their business strategies to retain more customers and at the same time use a cost-effective approach? A new study from Shop.org, an online retailing industry group, found that more and more online retailers are turning to social media and other emerging marketing techniques to cut back on costs.
While many retailers are cutting costs, others have found the economic slowdown as an opportunity to increase market share. According to Internet News, almost half of retailers surveyed have no plans to cut back original budgets, while 24 percent will spend more on their online business than planned originally. Companies that plan to spend more will increase investments in areas of search (80%), e-mail marketing (65%) and social media marketing (60%) to help grow their businesses due to the pullback in consumer spending. Four out of five retailers surveyed said that they thought the web is the best suited channel to survive the recession, with one-third claiming the economic downturn has enabled the capture for greater market share.
To help optimize business strategies for retailers, new tools are making their debut in the industry. In order to withstand the recession, online retailers are learning to make smart spending decisions by doing more with less and taking advantage of new, innovative tools and techniques that have made their debut into the industry. New, innovative tools and techniques are launching to help retailers come out of this recession in a positive manner and effectively tap the power of social media, tribes and networks. The current goal for these online retailers right now is to get their hands on these tools to help accelerate sales, better resonate with prospective customers and thrive in a down market.
