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EPR Archived News |
Top Tips for Developing a Realistic Online Selling Business Plan
Released on = November 16, 2004, 3:32 am Press Release Author = The Scott Partnership Industry = Real Estate Press Release
Summary = As consumers are becoming more confident in online shopping, Press Release
Body = In such a potentially buoyant market, Zendor - the fulfilment
and distance shopping expert - suggests that there has never been
a better time for retailers to consider moving their proposition
online. Zendor offers advice for • Understand the importance of the business plan – An “online” business plan is needed as stakeholders need to be assured of a return on their investments, and if done thoroughly and effectively, risk will be reduced. Ultimately, this business plan should be something that can be condensed into a profit and loss forecast over a defined period of time. • Do research – It is essential to review the online market, the opportunities available to the retailer and the impact of the new channel on the retail business as a whole. • Ask ‘why am I doing this?’ – It is important to understand the strategic fit of online selling with the rest of the business and to be clear about overall objectives – for one retailer the objective may be to simply generate online revenue, for another improved customer service, for another maintaining market share. • Define
‘success’ – In order to define the success of
the business and achievement of the objectives set, it must be decided
what will constitute ‘success’ and how it will be measured,
especially when bearing in mind the halo effect (when customers • Address infrastructure requirements – Those considering distance selling need to look closely at infrastructure requirements, as a completely different set-up may be required to that of the existing retail business. For example: Will product be warehoused separately? What IT systems will be needed? Who will deliver to customers and how will returns be handled? • Include
marketing –The online market will add a whole new dimension
to the marketing strategy. Key details to be looked at include:
how to market to online and multi-channel customers; what response
rates should be expected; and how can a • Understand ALL costs – Absolutely all costs involved on online selling must be fully understood by the retailer so that forecasts and profit estimates are realistic (for example, costs of returns). • Decide
whether to outsource – Depending on whether the retailer has
any experience in distance shopping, the relevant expertise or infrastructure
may not be available in-house. If this is the case, the retailer
may wish to outsource the business plan A realistic and comprehensive business plan is vital for the success of an online venture. Many retailers do not think through the implications of setting up an online channel properly and this may lead to failure. The plan needs to consider the entire distance selling process from overall objectives to research, infrastructure, marketing and ongoing measurement of success. Zendor provides
a range of e-commerce services. For further information please contact
Zendor direct on 0161 237 4900, email curious@zendor.com or visit For further
press information please contact: Liz Ebbrell, The Scott Partnership, Notes for Editor Web Site = http:// Contact Details
= Liz Ebbrell
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