Marketing Strategy Online: Trends and Implications Every Executive Should Know
Sunday's opening session at NRF was an eye opener for even seasoned online companies.
Panel consisted of:
Brian Tilzer, VP E-Commerce for Staples
Steven Dee, CIO from Hayneedle.com
Pram Bhatt, VP E-Commerce for Kenneth Cole
Some stats from the session:
- 8% of retail transactions happen online but 40% of transactions are influenced online.
- The world is on sale -- offers range but all offer a percentage of savings by buying online. Very difficult to compete with that.
- Price transparency online. No boundaries: 81% of Google's traffic comes from international users.
- The lure is low prices, free shipping, better selection etc. –- threatening Walmart’s claim of being the “Low Price Leader.”
- 33% of consumers use Google to compare prices. The connections people have (via Facebook, Twitter, etc.) are influencing how people shop and make purchases.
Social networking: There are more people using Social Networking now, than were on the entire web in 2006. Face Book is approaching 1billion users and 50% of users log in at least once per day.
- Linkedin: 135 million users
- Twitter: 100 million users
- Google+: 65 million users
- In 2011, Facebook delivered 7.7% of Amazon's traffic. 150 million users engage with Facebook every month from other sites, from likes etc.
- TripAdvisor aligns with FaceBook so one can see where friends have checked-in or visited.
Take home message: The fundamentals have not changed. Retailers must offer, price, a value proposition and a competitive landscape.
Follow Ken (a.k.a. iQwaldo) on Twitter, as he attends various wireless events throughout the year.