In a time of record-breaking online sales, now is the perfect time to evaluate online retail sales strategies. However, online shopping is obviously not new and certain customer expectations must be met. If your online retail store isn’t measuring up to expectations, online consumers will shop elsewhere for the products they want. Here are three ways you can increase profits from your online sales.
Online shopping has grown steadily over the past few years. One study found that “online sales grew by 15.1 percent in 2019 and accounted for 51.1 percent of all retail growth last year.” This year, more consumers than ever have shifted to online shopping as part of their regular routine. According to a recent report, “42 percent of consumers are using digital channels to engage in activities more often than they did before.” The U.S. Census Bureau also reported first quarter eCommerce sales to be up 2.4 percent ($160.3 billion) from the fourth quarter of 2019.
Machine Learning Empowers C-stores to Predict Consumer Behavior and Increase Profit
The current c-store customer journey is much more complex than in years past, but it is also more important than ever before. Figuring out what customers want is a never-ending process because customer demand and expectations change. This is especially true during periods of rapid environmental and economic changes when consumers are likely to adjust their purchasing behavior and spending habits (i.e. during times of economic downturn, certain CPG sales increase while others may decrease).
Increase Shopper Frequency With Greater In-Stocks
It is no secret that increasing shopper frequency and retaining customers is key to operating a successful c-store. In the last few years there have been several top c-store chains that have been able to drive more foot traffic to their stores, which then leads to increased sales and profits.
C-stores have been a staple in our communities for both local shoppers and travelers who need last-minute or everyday products. They have come very far since the early days of just offering a few snack choices and ice while being open 24/7. Today, c-stores face much greater competition than ever before.