It seems that everywhere I turn there’s evidence of just how bad our slumping economy is.
A little less traffic on the streets (and for LA, that’s saying a lot). Some of my favorite restaurants aren’t as busy. I can easily find a parking space in my nightmare Whole Foods parking lot (which has given me more door dings than any other place I park). A store I frequent at an upscale mall has noticed a significant drop off in foot traffic.
And now the nation’s foremost investor, Warren Buffett is saying the recession is going to be unlike anything we’ve seen. Even Ben Bernanke came out today with a gloomy forecast for the economy.
But, there may a silver lining in all of this: Holiday on the Web. In a recent report from Jupiter Research, although 2007 holiday sales were slow, online sales continued to grow.
The report states that holiday sales for the months of November and December grew 20% over the prior year to $39 billion.
Even better, the report found that only 15% of online shoppers said they cut their spending.
THE REAL WORLD RETAILING TAKEAWAY
An online store could be your golden ticket to sustained growth in 2008.
While undertaking the creation of an online store can be monumental, it’s getting easier and easier to “do it yourself.”
And with stats such as 20% growth of online sales for holiday, I would be taking a long look as to whether the strategy makes sense for any retailer.
There is so much research out there that proves that bricks and mortar retailers who also have an online store see dramatic increases in the average spend per customer.
Has anyone created an online store with off the shelf software and easily implemented it? I’d love to share the resource(s) with readers.