£2.3bn in revenue lost every year by online retailers.
In a report ‘How to pull customers online’, carried out by Verdict Consulting for Webloyalty, it was calculated that by just converting an extra 1 percent of visitors to their site into customers, they could benefit by an additional £678m in revenue. The report also contained an assessment of strategies for winning customers in a highly competitive market which examined six key stages to building an online relationship, including how to attract customers in the first place and then how to retain their loyalty. Neil Saunders, Consulting Director at Verdict, comments: “Standing out from the crowd on the internet has become more of a challenge. Online retailers have to work harder than ever to attract consumers. This is not a challenge restricted to smaller sites - big players face the same issue. They all need to be more creative about customer acquisition. Old methods of driving traffic still have their place, but are increasingly being replaced by new strategies.” Martin Child, European Managing Director at Webloyalty, says: "Offline, retailers have become sophisticated at utilising space in their stores to generate incremental revenue. It is all about leveraging their high levels of footfall. The same principle applies online, where web traffic can help generate much-needed incremental revenue for retailers." (Source: Direct Marketing Association - DMA) http://www.admar.co.ukhttp://www.admaronline.co.uk