Reading an interesting research summary in HBR that I wanted to share.
Whether you are a B2B or B2C company, the time taken to respond to prospects stimulus online can significantly change the ROI of your web presence. As this research shows, many firms are too slow to follow up on these leads. As HBR states:
– 37% responded within an hour
– 16% within one to 24 hours
– 24% took more than 24 hours
– and 23% never responded at all!
As companies are investing significantly to get prospects out of the web, they should have a much better turnaround, don’t you think?
Reasons not to do so include retrieving leads from CRM daily rather than on the fly, sales forces focusing on their own generated leads and rules for leads dispatching not effective enough (“fairness” can be damageable).
Where are you with this? Better know where your marketing ROI is headed sooner than later.
– Posted using BlogPress from my iPhone
As I track the evolution of e-commerce, I found these results coming from Comscore pretty interesting.
e-commerce revenue reached $227.6B for the entire year, growing 9% compared to 2009, and varies per industry:
- travel e-commerce up 6% to $85.2B
- Retail (non travel) up 10% to $142.5B
- Top growing category: Consumer Electronics +19% (flat panel TV and mobile devices are first)
This signals a recovery since the end of 2008, after a two years depressed situation due to the economic downturn. The 2010 holiday season was at a peak with a 12% growth, reinforced by some promotional activity – most notably free shipping. The Cyber Monday (Nov 29th) did peak at $1.028B surpassing for the first time the $1B mark. Groupon.com attracted 10.7M unique visitors in December, up 712% vs 2009.
Interesting evolution since my post e-commerce revenue over $100B back in January 2007 i.e. it more than doubled since 2006 even with a major downturn in between.
So, how is your e-commerce strategy going? Maybe a good time to revisit if you have one and definitely start one if you haven’t.
If you want to know more, you can download the comScore 2010 US digital year in review report.
e-commerce is continuing its progression despite a poor economic environment. As this latest report from the US Department of Commerce shows:
“The third quarter 2010 e-commerce estimate increased 13.6 percent (±2.5%) from the third quarter of 2009 while total retail sales increased 6.0 percent (±0.5%) in the same period. E-commerce sales in the third quarter of 2010 accounted for 4.2 percent of total sales.”
e-commerce sales totaled $38.8B for Q3 2010, accounting for 4% of total US Sales. In 10 years, this proportion did quadruple (1.2% in 2001).
According to another research from DataMonitor, the global online retail sector grew 14.5% in 2009 to reach $348.6B! When considering North America accounts for 45.7% of this total, that’s nearly $160B in NA alone, up 60% from my last inquiry in Jan 2007.
At the same time, for H1 2010 we’re still growing on the internet at a pace of more than 2M+ new web users per week according to Internet World Stats, where Asia is leading the curve to over 825M users vs. NA 266M, but their penetration rate is still low 21,5% in Asia vs. 77% in NA.
e-commerce is going to just explode in Asia over the next few years and my prediction is it’s going to be mobile first!