Economical crisis made a very adverse effect on online business. Many online retailers suffered from huge loss and even some big giant retailers were closed. But, in 2008, online retailers made an outstanding comeback back. According to survey 12 top online retailers scored more than 80 points out of 100 points.
However, this economical disaster has changed the consumer expectations and style of buying. They are now adjusted to the economy and become more tolerant and more forgiving toward retailers. Consumers have learned to spend more wisely and to conduct more research before purchasing. With the money consumers are willing to spend but they are not just looking at a single product range.
Economic crisis has also changes the online retailer scenario. Following new improved methods are employed for better site experience:
- Option to choose more merchandise
- Large number of product reviews
- Easy any and safer site content
- Purchase online and have in-store pick up
- Access of more language options
- Way of payment options
With this economic impact, smaller retailers became more cautious while purchasing inventory and focused more on surviving than growing. Retailers also start to faces challenge of more competitive landscape.
Following results are concluded after the period of economic crisis:
- 65 percent buyer perused purchasing online
- 44 percent like to purchase offline
- 61 percent feel good to buy from the same retailer for similar purchases
- 64 percent more committed to the brand
- 49 percent more returns to the Web site
- 67 percent are satisfied with the retailer overall
This trend may continue through out the year, but growth and success of the retail market is started once again and provides get relief to the online retailer.