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Growing your Online Retail Sales

Posted on: March 28, 2016 by titan-goodrich

You’ve probably seen the recent headlines announcing massive closures of brick-and-mortar stores belonging to major chains including Wal-Mart, Macy’s, and Sports Authority. The retail landscape is changing, and that’s precisely why you need Newport News Retail Insurance. According to Forrester Research, online retail sales will reach $370 billion by 2017, which represents 10% growth over a 5-year period. If you don’t have a strong online presence, it’s time to invest in these three tools that can assist in growing your online retail sales.

E-Commerce Capabilities

In theory, you can have online retail sales without e-commerce and a shopping cart. But those sales would rely on your customers viewing products on your website, then taking the time to call your business to order them. Giving customers the ability to shop right from your website by placing items in a shopping cart and paying for them on your website is the most important thing you can do to increase your online retail sales. Shopping cart software is a must-have tool!

Point-of-sale Software

For your retail sales figures to soar, you’ll need point-of-sale (POS) software, which lets you keep track of your inventory, sales, and customers’ accounts and issue automatic refunds and credits.

Accounting Software

Retail accounting software allows you to handle the bulk of your accounting in-house. Not only does this save you money by minimizing how much you’ll need to consult with an outside accountant, it also helps you keep better track of your margins. To maximize productivity, you can link your POS software and accounting software to track inventory and conduct analytical functions that will help you identify your true profit centers.

Customer Relationship Management Software

Customer relationship management software allows you to launch customer loyalty programs, identify your most loyal customers and reward them, and identify new marketing opportunities based on customer demographics.

Marketing Automation Software

Effective marketing is essential to the success of any business, whether it’s brick-and-mortar or online. Marketing automation software allows you to perform functions including automated social media postings, live chats, personalized e-mail blasts, and more.

Retail is changing. Change with it, and you can reap the rewards of new profit centers. As with any change, you’ll probably experience ups and downs on your way toward your goal. Your downs will be less traumatic with comprehensive retail insurance. Contact us at Goodrich & Watson. We’ll craft a custom policy to protect your business.

Posted in: blog Business Insurance ecommerce Retail Insurance Virginia

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