IR500 2016 Packed with tips and information for online sellers
The IR500 2016 lists seven ‘Elite’ retailers in the country are Amazon, Argos, Boots, House of Fraser, John Lewis, Mothercare and Screwfix, followed by a host of other household names as you go down the list.
It’s worth noting that as a marketplace, eBay doesn’t qualify for inclusion in the IR500 – it would be interesting to see their position if the criteria were changed.
To compile the list seven dimensions were used to assess retail performance across a broad range of metrics: Retail and ecommerce turnover; Strategy and innovation; Mobile and cross-channel; Customer experience; Operations and logistics; and Merchandising and brand engagement. The Elite retailers are those who performed strongly across all seven dimensions.
While you may glance at the report and think it only applies to large retailers, buried in the depths are plenty of data points that apply to your business, no matter how large or small you are. For instance the report reveals that 35% of consumers are shopping on sites based outside their home country – are you ready for cross border trade on your website and are you taking full advantage on marketplaces?
77% of retailers are now offering next day delivery as an option. Nominated time, nominated day and Sunday delivery choices are also becoming more common and these you may find challenging to offer, but are you even offering next day or do you just present and standard delivery option and think that’s good enough? If the top retailers in the country offer next day (albeit at a premium) then we as smaller retailers should seriously consider offering the same when and where we can.
Another interesting tidbit is that emails sent on a Sunday enjoyed the highest open rate. With scheduling easily available for your marketing emails, have you considered sending them out on the weekend rather than during working hours or weekday evenings? We do want to get the best response rates don’t we!
The IR500 2016 is full of many more interesting data points and nuggets of wisdom which you can apply to your business. You can download a copy free of charge from the InternetRetailing website.