- Retail TouchPoints

The Retail TouchPoints Network

Fatima’s Two Favorite White Papers Every Retailer Should Download

With the growing interest in crowdsourcing and cloud computing comes the floating question marks above some retailers’ heads. Although many retailers have leveraged these two C’s efficiently, others need more answers and a push into the right direction.

Similar to customers (and myself), retailers are always in search of new ways to cut their spending. In these two white papers, retailers can explore whether or not crowdsourcing and cloud computing can help retailers in search of new ways to be more efficient while maintaining and improving their goals.

3 Cost Effective Ways ETailers Can Tap Into The Power Of The Crowd To Improve E-Commerce Revenue

Placing the focus on e-Commerce sites, this white paper from Crowdflower taps interesting ways eTailers can better engage with potential customers. Whether it’s through the search bar on their web site or offering web

page visitors the right information, eTailers must be aware of the impact of crowdsourcing ― an alternative to outsourcing.. “An efficient way to combat the pitfalls of search discrepancies is to leverage the power of the crowd to increase accuracy by providing shoppers with the most relevant product information to streamline the path to purchase,” according to the white paper. Breaking down ways eTailers can leverage crowdsourcing for superior e-Commerce revenue, Crowdflower lists three cost efficient improvements:

1) Improve Product Information;

2) Improve Product Categorization; and

3) Improve Search Results Via Enhanced Relevance.

If you recall playing “Telephone” as a child you can understand how these three improvements can impact an eTailer. The more you add to the mix, the easier it is for your message to get lost.

Based on a 2011 Social Shopping Study conducted by the eTailing group, half of shoppers spent 75% of their overall shopping time researching the product as compared to just 21% in 2010. This not only affirms the critical need for improved product information, but points to the rise of savvy shoppers.

According to the Crowdflower white paper, improving product categorization on e-Commerce sites can help transform page visitors into customers, and, in turn, avoid frustrated online shoppers. “A miscategorized product can translate to a significant loss of revenue,” according to the report. In addition, e-Commerce tactics that were once “nice to have” are now standard expectations for online shoppers, and push retailers to invest time and money on “wowing” the shopper whenever they can.

Improving the search results via enhanced relevancy is key. Crowdsourcing expert Ryan Ferrier said it best: “By ensuring that the right offer is presented at the right time, retailers are equipped to efficiently move customers through the buy cycle.” Retailers can utilize crowdsourcing to help disperse the workload while maintaining superior levels of accuracy ― a win-win for retailers and potential customers.

Where In The Cloud Am I? Cloud Computing For Business

More retailers have their head in the clouds ― and it’s not necessarily a bad thing. Cloud computing is computing performed via the Internet. In this white paper from Avalara, readers are asked to interchange the phrase “in the cloud” with “on the Internet” for a better understanding of cloud computing.

So now that you know what cloud computing is, you’re probably wondering how it can help your business. The white paper highlights five benefits of the cloud:

1) Accessibility;

2) Affordability;

3) Automatic updates;

4) Ease of use; and

5) Flexibility.

By accessing necessary information from any given computer, retailers can properly manage the inventory at an affordable cost. Cloud computing also enables retailers to avoid the hassle of software updates. Since updates are automatic, there’s no more waiting or additional costs for newer versions.

For more information about these white papers, the two C’s, and to remove any question marks swarming above, contact a representative from Crowdflower and/or Avalara.