The benefits of selling online have been recognised by companies all over the world and many have moved to take advantage, especially in the last few years. But for those firms that are reluctant to establish a presence in the online world, the message is clear – you face losing out on a major revenue stream.
The cost of setting up an online arm has fallen considerably in recent years, thanks to cheap internet hosting and affordable parcel services such as those offered by Parcel2Go. But a new report released today has made it quite clear that some of the UK’s largest retailers are continuing to miss out by not making the most of e-commerce.
Research carried out by economic forecasting consultancy Oxford Economics has claimed that some of the biggest businesses in Britain lost out on an estimated £500m between 2007 and 2010, by failing to capitalise on potential digital sales.
The supermarket chain Morrisons was the biggest loser, according to researchers, missing out on internet sales worth an estimated £314m. Electrical retailer Dixons and mobile firm Phones4U were also singled out by the researchers as companies which have so far failed to capitalise on the internet revolution.
Tesco on the other hand, which has put a considerable amount of effort into developing its digital offering, has managed to bring in an additional £255m.
Smartphones with internet capability are everywhere these days, and it’s important for businesses to make sure that customers can access their products and services while on the move through mobile apps and optimised websites. Failure may well result in potential sales going to a competitor.
Have you reaped the benefits of selling online and having a website that easy to navigate and designed for e-commerce? Or is something holding you back? What obstacles have you come up against while trying to increase online sales?