by Christina Lee on January 2nd, 2009
A note to all business owners: now is not the time to neglect your online retail store front.
In the latest study by ForeSee Results, an online customer satisfaction research company, price became an increasingly important factor among the top 40 online retailers. Though overall satisfaction remained steady, it also dropped among more than a third of the retailers studied - "a shift that most can hardly afford in this economic climate," the study noted.
In comparison, one-fourth of retailers raised their scores, with Amazon.com being the only of the top five to do so. Amazon.com also tied with Netflix... Read more »
by Christina Lee on December 31st, 2008
The news bulletins of 2008 became one relentless reminder of the economic crisis. They reported that businesses and industries suffered, under the great weights of declining sales and a wounded morale.
But the year also taught some valuable lessons, especially to small business owners. Whatever losses they suffered the public noticed, which made their successes all the more notable:
What they could not compensate in price, they made up for with customer service. Take note of Kelly Spors, small-business writer for the Wall Street Journal, and her recent experience buying trout at her neighborhood fish and meat market:
“Rather than... Read more »
by Christina Lee on December 29th, 2008
Three years ago, Marc Joseph – president of wholesaler and closeout company Dollar Days – responded to hundreds of his customers’ calls with one book. With “The Secrets of Retailing: Or, How to Beat Wal-Mart,” he wanted to teach any small business owner how to establish a unique presence in their neighborhood, even with a Wal-Mart down the street.
But in 2008, Wal-Mart emerged as the sole big-name retail winner against a number of contenders. While its competitors slashed prices out of necessity, Wal-Mart discounted to make profits. The company’s net sales totaled $374.5 billion, an 8.6 percent increase from... Read more »
by Christina Lee on December 26th, 2008
As this year’s economic downturn spiraled, rising and persevering entrepreneurs had to prove themselves to be more motivated than ever. Many times, they created their own market, their own niche and in turn, their own success. May they continue to inspire in 2009:
Vaughn Jereaux , The Vaughn Jereaux Collection
Back when he studied at the Fashion Institute of Technology, a professor told Jereaux he was more fit to design for another company, rather than his own. Despite such advice, Jereaux used his namesake and a $20,000 cash prize to start his own line of custom-made cocktail, evening, and special... Read more »
by Steve Strauss on December 25th, 2008
Q: I was recently laid off from my job of 10 years. I don’t really have any savings. Could I start a business somehow given my circumstances? Even if I could do something part-time until I get another job would help. Thank you.
Ellen
A: Of course the conventional wisdom is that this is a bad time to start a business, and one thing I know about conventional wisdom is that it is there for a reason; that is, maybe the group knows a thing or two.
No, this is not the greatest time to go into business for yourself,... Read more »
by Steve Strauss on December 24th, 2008
Q: Unfortunately, it seems like it is time for our company to invest in a new computer system. I know I am supposed to be frugal right now, but we need what we need. Can you offer any help on saving or otherwise doing it right? We made an expensive mistake buying some wrong stuff last time and I don’t want a repeat of that.
Jessie
A: I think the first thing you have to consider when making an investment in IT for your small business is the purpose of the system. The answer may not be as simple as... Read more »
by Christina Lee on December 23rd, 2008
Reports of this year’s pre-Christmas retail environment showed that, despite deep discounts and high hopes, consumers did not shop as much as they did last year.
Retail sales are expected to fall by 8 percent in December through Christmas Eve, after falling 5.5 percent last month, according to MasterCard’s SpendingPulse report. Both declines, with the economy and weather in mind, added up to “one of the most challenging holiday shopping seasons in decades,” said Michael McNamara, vice-president of research and analysis.
With the average price per gallon down by almost 50 percent compared to last year, gasoline sales also dragged... Read more »
by Christina Lee on December 22nd, 2008
Recent consumer behavior studies revealed that last-minute shoppers may impact holiday season sales more than ever this year.
As of Dec. 16, while the average consumer completed 47.1 percent of their shopping – down 52.6 percent from last year – over 41 million people had not even started, according to the National Retail Federation.
Most of these consumers will be looking for apparel, while 40.8 percent will shop for books, CDs, movies and video games. They ranked discounter, department and specialty stores as their three most popular shopping destinations for the rest of their holiday shopping.
Last-minute shoppers are also... Read more »
by Christina Lee on December 19th, 2008
The online shopping boom of recent years inspired both comScore and Amazon.com to name “holidays” marking the holiday season’s biggest selling days: Cyber Monday for all online retailers and Green Monday for Amazon.com specifically.
For Luke Knowles and Simon Jobman, the rising popularity of online shopping made them wonder if anyone could create such a “holiday.” Less than three weeks later, they did – though with Free Shipping Day, Knowles and Johnson also hoped to inspire a new best-selling day, rather than just note one.
Even with such short notice, over 250 merchants agreed to present free shipping offers yesterday,... Read more »
by Christina Lee on December 18th, 2008
While the U.S. current account deficit declined more than expected, efforts in promoting overseas exporting remains persistent among the government, economists, and industry experts.
The reason why: a trade deficit of more than $214 billion, which they say is more than enough evidence that the United States is still consuming more than it is producing.
The current account is the broadest measurement of global economic activity by the United States, as it incorporates investment flows with trade of goods and services. Its deficit current amounts to $174 billion, down 3.7 percent from $180.9 billion.
Peter Morici, a University of Maryland... Read more »