e-Commerce: Complete. Configured. Connected.
Posts tagged E-Commerce 3.0
Online Giving Continues to Rise
Sep 20th
It’s no surprise that consumers are spending more money online. From digital goods and services to retail consumer goods, e-Commerce sales continue to grow worldwide. In addition to our everyday online purchases, consumers also are increasingly giving digital donations and making philanthropic gifts online. We all want to consider ourselves to be gracious, giving people; however, how much do we actually give?
A new infographic from nonprofit consultancy Convio, shows that the Internet is the fastest-growing channel for nonprofit fundraising. Since 2008, nonprofits have received donations totaling more than $1 billion from online sources. Moreover, the average donation is rising as well. Last year, the average online contribution rose to $91.94, an increase from $67.47 and $80.80 for 2008 and 2009, respectively.
To maximize this fundraising channel, nonprofit organizations must improve their customer experience and streamline the payment process. By reducing and eliminating anxiety commonly associated with online transactions, organizations will increase conversion rates, resulting in more donations for their cause.
The same techniques that Plimus uses to help vendors build customizable order pages can assist charitable organizations update their online presence with single-click gifting capabilities and repeat donor features to help reduce the barriers to online donations. Like any online business, it’s vital that nonprofit organizations also leverage a payment platform that is seamless for donors.
What do you think of the growing support for social giving? Will this trend continue in the coming years? We’d love to hear from you … let us know.
More than Metrics
Jul 13th
I regularly read TechCrunch for today’s industry news, as the outlet has a fresh perspective about what’s new in the industry. Recently, I caught a good post about e-Commerce and how successful online retailers must look beyond the common industry acronyms, such as LTV (lifetime value) and COCA (cost of customer acquisition), and focus on knowing their buyer.
“e-Commerce: Beyond The Metrics,” written by Gautum Gupta an associate at General Catalyst Partners who focuses on financial services, enterprise IT, consumer services and new media. With his diverse background, Gupta provides an interesting perspective on the online retail marketplace and the importance of understanding the buyer.
Gupta writes:
Commerce, both offline and online, has historically been largely anonymous and impersonal. Offline, customers walk into stores, see the exact same merchandise, are greeted by employees who don’t recognize them, and are all bound to the same terms and conditions on the back of every purchase receipt. Online, the pen and paper of the old mail-order catalog were replaced with drop-down menus and search boxes.
This statement caught my attention because of its raw truth. There are too many online retailers not selling their products or services the right way. These vendors do not understand who they are selling to and therefore, do not know how to effectively retain current customers – or how to attract new buyers.
The article also discusses how truly understanding the customer is more than knowing his or her name and basic demographic information. Complete knowledge of the consumer means knowing not only the buyer’s purchasing habits, but also those of his or her family and friends. It means understanding a shopper’s brand and style preferences and what factors influence their opinions and purchases. In retail, understanding a customer in this way allows the seller to build a better relationship with the customer, resulting in stronger brand loyalty and higher buyer conversation rates.
While the offline world faces additional challenges in getting to this level of understanding, the online world has and a built-in way to capture much of this information. Each click a consumer makes on a site leaves a trail that vendors can mine for limitless information on a user’s preferences. Additionally, vendors can engage in social media channels to learn more about their customers; they can adjust their websites to include eye catching graphics; and host surveys and polls to better understand what buyers say makes them tick.
Plimus works with several interesting companies that help online vendors develop websites that attract the attention of prospective customers. One, Justinmind, a recent winner of the prestigious Red Herring Top 100 Europe Tech Awards, provides application prototyping solutions to help international banks, governments, IT consultants and technology agencies better define and validate their business applications and websites through highly interactive wireframes. With customized websites and business applications, sellers are able to gain a stronger understanding of their audience and increase overall business operations.
Justininmind is just one of many customers leveraging Plimus’ Digital e-Commerce platform to handle its global online sales. We’re pleased to be able to work with several companies that are pioneering the new digital commerce era with innovative websites and customer offerings.
We’re always excited to work with new customers, give us a shout if you want to learn more.
Survey Finds Challenges in Getting Tablet Users to Pay for Content
Jun 30th
Last week, the Online Publishers Association (OPA) released the results of a survey that revealed some interesting observations about the preferences and habits of tablet owners when it comes to purchasing content.
Among the findings:
- Just less than half of all tablet users would be willing to pay for content if it meant avoiding advertisements
- 25 percent would prefer to buy content directly from publishers, rather than an intermediary such as Amazon or iTunes
- Newspaper apps have been downloaded by more than a quarter of the tablet users surveyed; 20 percent reported downloading a magazine app in the past 12 months
- On average, tablet users spent $53 on apps in the past year
The finding that has prompted the most discussion in the Plimus breakroom, however, is that tablet users willing to pay for content overwhelmingly seek flexibility in how they make those purchases. They want the ability to select between recurring paid subscriptions, single-issue purchases and one-time downloads. For online publishers, this presents challenges in how best to streamline and ease the buying process.
These challenges need to be addressed if publishers are going to realize their intention of generating revenue from this new platform. If these self-identified “early adopters,” who are typically more affluent, educated and media-savvy, are reluctant to commit to paid subscriptions for news, television shows and other content the outlook doesn’t look great for the general public’s adoption of paid content.
With the OPA forecasting that roughly 23 million people in the U.S. alone will own tablets by next year, publishers need to quickly figure out how they will streamline the subscription process for those willing to pay for content – while at the same time determining how to entice those who are reluctant to pay. As a vendor that has been able to monetize this new content delivery model, Apple provides a strong example for publishers looking to provide a seamless and easy online transaction process.
Here at Plimus we are working to address this growing market segment with our flexible and adaptable payment platform and Buy Anyware API that online publishers can build into their apps. Plimus solutions offer a streamlined payment process that becomes part of the content consumption experience. If you’re a publisher who’s struggling with this issue, give us a call – we’d love to help you capitalize on this growing market.
Not Surprising… Survey Finds Poor Online Experience Costs Businesses Billions in Lost Revenue
Jun 7th
A recent report from Econsultancy and Tealeaf found that companies are losing billions of dollars in revenue as a result of consumers’ poor online experiences. The assessment, “Reducing Customer Struggle,” surveyed more than 500 businesses across the globe, finding that the majority of companies are losing 24 percent of their annual online revenue because their customers’ report a bad, cumbersome shopping incident.
Come on… this is no surprise to us here at Plimus. We understand the importance of creating a frictionless customer experience in which the selling point becomes part of the focus of the online shopping event. Make the customer feel safe, secure and valued. Ease his or her hesitation and anxiety. Do those things as a seller and you’ll see an increase in revenue. With these simple adjustments, you’ll see significantly less shopping carts left abandoned on your website.
As you may recall, in April we surveyed more than 100 random, consumers via Facebook and Twitter. Results of this social survey mirror the Econsultancy report. The survey, “No Shopping Cart Left Behind: The Buying Habits of Virtual Goods Consumers” found:
More than half of consumers purchase more online digital goods than they did last year
Two thirds of survey participants indicate that ease of transaction is the most important factor when making online purchases
More than 20 percent of respondents reported that sites with complex order forms keep them from completing a transaction
One in five respondents would shop online more frequently if the checkout process was faster
Improving the payment process means increasing monetization. Digital commerce continues to grow daily and doesn’t seem to be slowing down anytime soon. With this continual growth, vendors can’t afford to lose sales. Optimize the shopping experience!
Plimus can help sellers create a better online experience for buyers. With Plimus’ payment processing platform, vendors can provide single-click purchasing, customizable order pages and a seamless checkout process for their consumers. Plimus gives online merchants the tools needed to eliminate the stress and hassle of the buying experience, making each transaction a positive experience for the consumer.
Additional information on Econsultancy survey can be found here.
Matrix/Slitherine Ltd. Leverage Plimus to Boost Sales
May 24th
Guest Post from Marco Minoli, marketing director of Slitherine Ltd.
Slitherine Ltd. and Matrix Games are video game publishers that specialize in strategy and war games such as “Field of Glory,” “Close Combat,” “War in the East” and many others. The two companies both develop for a growing gaming audience of currently 200,000 registered users, and over the years, the companies have grown tremendously. In fact, Slitherine recently launched its first Android game, “HISTORY Great Battles Medieval,’ which is also available on the iPad, iPhone, Nintendo DS, Sony PSP, PlayStation3, Xbox360 and other major consoles.
Slitherine Ltd. started selling online digital content nearly 10 years ago, when the virtual market was nearly not as robust as it is today. As I mentioned above, we specialize in a niche market of gamers; therefore, it was important that we found a targeted approach to reaching them across the globe. Moreover, it was important to keep our small audience of gamers interested, having regular touchpoints with them to ensure happy (and returning) customers.
In late 2010, Matrix Games and Slitherine merged to create the world’s largest war gaming specialist publisher, with a combined portfolio of more than 150 games. At Slitherine, we were thrilled with this merger and how it increased the reach of our gamers. We cautioned ourselves, however, with the understanding that it was going to be hard to keep our high customer approval rating and that we needed an easy-to-use processing platform. Together our companies searched for a payments-processing solution that would meet the needs of our business model and reach our niche market. Through a rigorous search, we transferred our combined online game channels to the Plimus Inc. platform.
It only took 90 days for our investment with Plimus to pay off. We quickly realized the potential of our new storefront, increasing sales by 15 percent with elevated traffic and conversation rates. We attribute this success to a handful of key factors that no other vendor, currently on the market, offers. Plimus built us a customized storefront, offering a frictionless user experience, easy login process for both new and returning customers and helped us sustain our strong commitment to customer satisfaction.
We are now well into our sixth month after launch and numbers are still very healthy, mirroring the increase of the first three months. Now, we are ready for phase two of the process, where we start to implement new features, including push strategies for direct-to-consumer promotions and pre-orders for upcoming titles. The target is to increase average sales per customer, attract new audiences through word-of-mouth and increase profitability, all through a smoother buying experience and a clever approach to non-invasive marketing initiatives.
I would gladly give my seal of approval for Plimus. I urge any vendor looking for a credible, trustworthy payment solution to get in touch with Plimus. Simply, without a doubt, we are positive that Plimus is the right partner for us and we gladly invest in this relationship as much as Plimus has invested in the relationship with us.
To read more about our engagement with Plimus see the article written by Kristina Knight at BizrReport.com
http://www.bizreport.com/2011/05/slitherine-matrix-partnership-highlights-gaming-effectivenes.html
What e-Commerce Growth Says About Online Shoppers
May 16th
During the past three months, a variety of reports have been published highlighting the growth and success of the e-Commerce industry. Just this week, comScore, an Internet marketing research firm, reported that online retail spending increased a staggering 12 percent in the first quarter of 2011. While this is another great piece of news for e-Commerce, what we found most compelling about the report is what it revealed about the buying habits of online consumers.
The comScore report attributes the 12 percent growth to an increase in the number of online buyers (up 7 percent) and transactions per buyer (up 9 percent). While it is obvious that these statistics are in line with the overall increase in sales, the report also found that there was a slight decline in dollars spent per transaction (down 4 percent). This particular finding raises some very interesting points about the differences between online and real world shopping.
When it comes to traditional retail stores, price is everything. Retailers at brick and mortar stores define success in terms of the amount of money derived from each individual sale made. On the other hand, online merchants focus the bulk of their effort on driving traffic to their sites and converting visitors into buyers. In the virtual world, monetization is not about price-point. Instead, it is about leveraging online media, such as social channels, to draw consumers in and then create a shopping experience that keeps them coming back time and time again.
In the past, we have discussed how online merchants can best leverage the influence of the social Web in order to attract and retain customers. Additionally, we have touched on the importance of creating a seamless purchase experience for buyers. The latest comScore report proves that these online shopping trends are effectively changing the economics of online shopping. As the dynamic between online merchants and online shoppers continues to evolve, Plimus will continue to provide the tools necessary to successfully monetize today’s virtual economy.
Getting Started with Plimus Webcast
Apr 28th
In case you missed it, the Plimus team hosted a webcast this week helping prospective customers learn more about the company and how to get started selling on Plimus. This webcast was entertaining for our team as we really enjoy discussing with callers how new sellers can get started with Plimus.
Plimus simplifies the buying process for your shoppers and increases the potential for turning browers to buyers. The Buy Anyware API gives online vendors complete control of the customer experience by eliminating the tiresome requirements of a virtual storefront. With Plimus, it’s simple and easy for sellers to turn a profit by creating a ‘frictionless’ buying experience that shortens the distance between prospect and customer. We’re talking increased moolah quickly.
If you missed it, not to worry — you can view the archived version of this webcast here http://home.plimus.com/ecommerce/webcasts. I highly recommend checking it out to learn how easy it is to partner with Plimus. Let’s get started today!
[AK1]Include link to archived webcast on website
Jack Myers Media Business Report – Showing Continued Social Commerce Growth
Apr 20th
Last week, Jack Myers Media Business Report issued its annual report on the growth of the advertising and media industries 2010-2020, projecting social marketing commerce will top $50 billion by 2020. That’s significant growth considering that, in 2010, social marketing business was only $1.2 billion consisting mostly of online blog sites, conversational marketing campaigns and word-of-mouth advertising.
Jack Myers and Media Advisory Group conducted the report, which projects that the majority of the $50 billion in social marketing commerce will (at the bare minimum) replace traditional print coupons and retail trade promotions.
Once again, Facebook is the elephant in the room.
The social networking site is the primary beneficiary of this growth as 75 percent of retailers report that they plan to use Facebook to drive social commerce — if they do not already conduct business via the social networking site. A more compelling statistic may be that 50 percent of retailers plan to use a Facebook page to replace their tradition website. No longer will you find search for these businesses at traditional URL addresses – got to Facebook instead. We of course have to ask, what does this mean? Is Facebook the new Google? Will Facebook search replace surfing the Internet? Only time will tell.
This report is an interesting read for our affiliate marketers. Traditional approaches to selling are increasingly less effective and one day (in the not so near future) may become completely useless. Newspaper coupons no longer sufficiently reach targeted customers. With newspaper circulations on the decline and consumers relying more on mobile devices and applications, marketers must shift their offerings online and to mobile platforms. Social commerce is a growing industry and its new business model is continuing to develop. It’s important for marketers to recognize this growth and adapt their offerings and business models early.
Plimus has helped countless affiliates tackle this growing social commerce market and can help you too! For more information on our affiliate program, please click here.
I first caught this report in a great read from Jack Myers in the Huffington Post, “Social Commerce: $50 Billion in 2020.” I’m going to be sharing it with our affiliates and sellers, feel free to pass along to our friends and colleagues.
In Case You Missed It … Buy Anyware API Webcast
Apr 7th
In case you missed it, the Plimus team hosted a webcast yesterday featuring our Buy Anyware ™ API. While I’m hoping you’re all familiar with our industry leading platform … I’ll give you a quick update. The Buy Anyware API gives online vendors complete control of the customer experience by eliminating the tiresome requirements of a virtual storefront. Buy Anyware empowers sellers to revolutionize the buying experience by offering new customer-driven processes and increase revenue through innovative new business models. We’re talking higher conversion rates and increased revenue by making it easier to turn browsers into buyers! That means more moolah (or money) for you! That’s what Plimus is all about – helping our sellers achieve greater business success.
Some of the key topics covered on the webinar included: auto-login, single-click purchasing, persistent identify management and tons more. If you missed it, it’s not too late – you can view the archived version of this webcast here : http://home.plimus.com/ecommerce/webcasts
Enjoy!
Leveraging Customer Feedback on Social Media Channels
Mar 31st
I’m an avid reader of Entrepreneur.com and last week I caught an interesting story written by Gail Goodman. Her article, “How to Harness the Power of Social Media Feedback,” discusses how the rise of social commerce impacts small businesses and entrepreneurs. She writes that the increased activity of consumers and potential buyers on social networking sites, community forums, etc. can pose both opportunities and challenges for businesses.
So what does this mean?
Engaging consumers on their own turf and opening a dialogue gives businesses insight into what the customers like and dislike about the good or service the company offers, or the company itself. Having real insights direct from a target audience can be extremely valuable; however, it also opens the company up for some discussions that it may not want to hear or at least in public for the whole social world to see. Regardless, it is important that businesses participate in the conversation and use the customer feedback (from social networking platforms) to improve overall operations and customer satisfaction. In fact, if a negative instance does occur, it can actually result in praise for the company itself and an improved brand presence if handled the right way.
The Entrepreneur.com piece is a great read for our thousands of Plimus affiliate customers. In order to increase profits and raise revenue conversion rates, affiliate marketers must go to where their customers are. Goodman, in her article, outlined three key elements needed to engage with customers and best leverage their feedback. These elements are:
- Know Where to Look – Make sure you are monitoring the social media platforms and forums where your consumers are posting. Make sure any locations where people can criticize your products or services are consistently monitored.
- Get Your Customers Talking – Encourage a two-way conversation with your customers. Make sure you are encouraging positive conversation and containing the dialogue.
- Respond to Customer Feedback – If there is both positive and negative conversation, be sure to address every conversation accurately and in a timely manner. Remember that a negative message can turn into a positive one if handled deftly.
By simply addressing these three elements, you will improve your overall business offering and increase revenue streams, not to mention elevate your brand reputation.
I urge our affiliate pros to check out the article and let us know what you think? Have you been successful with customer engagement on social media platforms? Share your stories with us!
