Those who ansered eCommerce win! eCommerce has transformed the way consumers shop and buy. It always did since its inception.
So, what is different now that is worth a story?
This is the time of the year where publicly traded retailers are reporting their FY 2013 results and I suspect that we will read more stories like this one:
Last week, teen apparel retailer The Wet Seal Inc., owner of the Wet Seal and Arden B brands, made a push to grow in e-commerce following dismal fourth quarter and fiscal year end results.
Apparel/retail industry is challenged by a number of macro issues, such as mall traffic and teen shopping patterns (eCommerce, isn't it ?). To bolster its efforts, the retailer has raised $27 million. One of the strategies will be towards the deployment of resources to grow the ecommerce business. To further those initiatives, Wet Seal added three board members with expertise in social, digital and e-commerce, which CEO John Goodman says are “key areas of focus within our business.”
The Wet Seal Inc. operates 475 Wet Seal stores and 57 Arden B stores. FY 2013 net sales were down 8.7% from FY 2012. Consolidated comparable-store sales declined 4.1% for the same period.My word to you.
Embrace eCommerce and make it your best ally. Be in control of the economic and competitive health of your business.
Of course you will need to transform your business and invest time and money. But the reward will be greater. By shaping your business to satisfy shoppers and buyers behaviours, you secure the future of your business and create wealth for your shareholders.
On that note, I wish you good continuity in business! And do not hesitate to contact me to discuss about the transformation of your business model.