your competitors - what are you doing about them

1
YOUR COMPETITION – AND WHAT ARE YOU DOING ABOUT IT? Can you accurately identify your competition? Easy you may think; a business down the road or in the region offering similar services. But think again, no longer is it only a similar store in the same town - it can be anyone anywhere who has the ability to offer not only goods or services, but the solution to your client’s problems. Online shopping is on the increase with a vast range of goods available. Merchants are tempting customers with free shipping (even internationally) and making the most of the social media phenomena to market their goods. According to a survey (see below for details) “one-fifth of residents in Japan, New Zealand, Indonesia and Australia do not plan an online purchase in the upcoming months” That leaves a huge portion of the population who are comfortable with purchasing on-line and will do so. What’s more, with most serious businesses now online, it is getting increasingly difficult to differentiate between the internet-only retailers and an actual shop in some town. While many people still enjoy a bit or retail therapy (real shopping?), reality is that for the vast majority it eats into time they just don’t have. Online shopping is often so much more convenient as well. For items such as travel or concert tickets, the alternative to online purchasing, if available at all, is so much more complicated. The online experience is likely to become even more tempting as the number of websites grows. As shoppers realise just how easy it is to compare prices, and with many sites offering free delivery, bricks and mortar stores will be forced to create and market unique in-store experiences in order to hold their ground. Retailers have long believed that customer service, convenience, and building a good reputation were important factors which would give them the edge over on-line sites. However, data suggests that customers are more likely to put variety and choice of goods offered along with competitive pricing as the most important issues. As a business owner, you need to have a long hard look at how you are responding to this increasing competition. Do you have a good website with a shopping cart? What online marketing are you participating in? What in-store benefits do you provide? And most importantly, do you have the skills to handle this? If not, or if you need more information, email us. or phone us on freephone 0508 667 372 Additional information: Take a look at this survey on line. “Global Trends in Online Shopping June 2010, A Nielsen Global Consumer Report” http://hk.nielsen.com/documents/Q12010OnlineShoppingTrendsReport.pdf They polled over 27,000 internet users in 55 markets gathering information on how consumers shop online: what they intend to buy, how they use various sites, the impact of social media and other factors that come into play when they are trying to decide how to spend their money.

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Short article about where your competition may be coming from

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Page 1: YOUR COMPETITORS - WHAT ARE YOU DOING ABOUT THEM

YOUR COMPETITION – AND WHAT ARE YOU DOING ABOUT IT?

Can you accurately identify your competition?

Easy you may think; a business down the road or in the region offering similar services. But think again, no longer is it only a similar store in the same town - it can be anyone anywhere who has the ability to offer not only goods or services, but the solution to your client’s problems.

Online shopping is on the increase with a vast range of goods available. Merchants are tempting customers with free shipping (even internationally) and making the most of the social media phenomena to market their goods. According to a survey (see below for details) “one-fifth of residents in Japan, New Zealand, Indonesia and Australia do not plan an online purchase in the upcoming months” That leaves a huge portion of the population who are comfortable with purchasing on-line and will do so.

What’s more, with most serious businesses now online, it is getting increasingly difficult to differentiate between the internet-only retailers and an actual shop in some town.

While many people still enjoy a bit or retail therapy (real shopping?), reality is that for the vast majority it eats into time they just don’t have. Online shopping is often so much more convenient as well. For items such as travel or concert tickets, the alternative to online purchasing, if available at all, is so much more complicated.

The online experience is likely to become even more tempting as the number of websites grows. As shoppers realise just how easy it is to compare prices, and with many sites offering free delivery, bricks and mortar stores will be forced to create and market unique in-store experiences in order to hold their ground.

Retailers have long believed that customer service, convenience, and building a good reputation were important factors which would give them the edge over on-line sites. However, data suggests that customers are more likely to put variety and choice of goods offered along with competitive pricing as the most important issues.

As a business owner, you need to have a long hard look at how you are responding to this increasing competition. Do you have a good website with a shopping cart? What online marketing are you participating in? What in-store benefits do you provide?

And most importantly, do you have the skills to handle this? If not, or if you need more information, email us. or phone us on freephone 0508 667 372

Additional information:

Take a look at this survey on line. “Global Trends in Online Shopping June 2010, A Nielsen Global Consumer Report” http://hk.nielsen.com/documents/Q12010OnlineShoppingTrendsReport.pdf

They polled over 27,000 internet users in 55 markets gathering information on how consumers shop online: what they intend to buy, how they use various sites, the impact of social media and other factors that come into play when they are trying to decide how to spend their money.