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Retail Strategy 2014

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by

Stuart Fowler

on 29 January 2014

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Transcript of Retail Strategy 2014

Retail Strategy 2014
Our 'Trade Counter'
Site exclusivity for one provider
Website, email, leaflets, catalogue
Potential 24k in pure profit
A wise man once said...
Stock Control - the problem...
- 1.5m vs 3m turnover
- Dead stock
- Stock not online
- Incorrect pricing
- Small technical items
- Large valuable items
- No real process
...Not Falcon Park
New website launches 2014
Products that are high volume and high margin
Products which cross over into multiple market places
Products which we already have existing market places for
Products we already have existing supplier relationships for
The purpose of these sites are to aid growth of the retail division each year
New website launches 2014
Make use of ALL routes to market
Marketing product internationally
Stock Controller
Time Line
MSM Migration = End of Feb

Caravansuperstore = End of April

Glovesuperstore = End of May

Boatfendersuperstore.com = End of June
Increase shop sales with continued local marketing campaigns
Currently selling £1000 a week, if that was £5000 a week we could increase turnover by £260,000 per year
Equine focus not Marine - size of the equine market in Sussex and Surrey is substantial
Create new relationships with suppliers and improve ESS sales
To be project managed by Kirsty and Janna
“If we sold £4,000,000 of one product at 30% margin that was dropshipped or fitted into an envelope we’d be laughing”
1. Simplify
2. Process
3. Sales
Stock Controller Job Spec

Make sure all stock in the warehouse is on the website
Price monitor our top 50 fast selling lines
Create list of our top 50 selling lines and create new list of potential new lines that fill that criteria
Increase drop ship inventory
Create list of all items we've sold 1 or less of in 12 months to discontinue and physically separate from other stock to sell and reinvest
What does this mean?

We turn dead stock into cash!
We reinvest all that cash into product lines which fullfill our criteria
Carry less stock
Improve warehouse space and organization thus reducing errors and improving efficiency across the whole business
Enables us to create an effective buying process for new stock
Our stock valuation vs turnover instantly improved
Stock

Sales

Ownership for everyone...
3 new site launches
Examples of ownership...
Trade Counter
Examples of ownership...
Partnerships / Sponsorships
The problem...

Development
Functionality
Conversion rate
The Solution


Forecast growth of 14%

+£313,031
Increase turnover and increase profit
Current turnover £3,090,711

Increase +£530,038

2014 Turnover £3,620,809
GOAL

Existing database for 'Caravans for sale' means instant revenue from email marketing
Thousands of cross over products from Mailspeed Marine
Can use existing discounts from suppliers and even increase these discounts from larger orders
Existing relationship with caravan club could lead to large exposure within the community
Caravansuperstore.com
Glovesuperstore.com
Fit in an envelope, cheap and easy to store and cheap to ship
Span across multiple markets
We already have access to Marine and Equine markets
Many of our existing suppliers specialize in gloves
Good margins
Boatfendersupertore.com
We have existing expertise in this area
Fits in nicely with products we already stock but enables a new route to market
Existing supplier relationships and Mailspeed database
Orders will be high value and high margin
Lots of opportunity for drop-ship inventory
4 sites live before end of Q2
Year 1
Bootsuperstore.com = £85,000
Deckshoesuperstore.com = £15,000
Watersportssafety.com = £5,000
Potential turnover figure of

£105,000
£50k 2014
New initiatives
A licensed Google partner, Feefo generates Google gold stars in under 4 weeks
The stars help create more site traffic, up to 17% which is a Google statistic.
Having service as well as product reviews can increase conversion by up to 20%
Improved Quality Score (better ranking in search engine listings and lowering Cost Per Click)
By showing reviews on our sites, you gain trust and transparency.
Google Stars in AdWord campaigns - as a Google partner our reviews are converted to Gold Stars alongside your campaign - increasing CTR
Use relationships with other FMG divisions to appear on all non customer email content offering a revenue share
"Chesney focused on finding dead stock or products with high volume and listing them on eBay..."

2012 - 2013 Then and now...
Traffic...
Visits up 53.68%
Page views up 52.51%
Conversion Rate up 25.43%
Transactions...
UP 92.75%
5,314 to 10,243
YOY
Revenue...

Up 99.86%
£347,649 to £694,804
YOY
So how did we do it?!
Content
Over 2000 Lines Selling Online
Fast moving lines
Listing and stocking fast moving products

Over 5,000 pairs of boots sold, 80% YOY increase. Boots make up 50% of ESS sales, so developing relationships with Dubarry and Ariat are key to our strategy in 2014
Content control
More detailed description
size charts
videos and images on the website. Including specific guides to help customer make the right choice
Keeping products simple and sticking to this philosophy will be key in 2014
Cross selling and upselling by automation
"With over 5,000 pairs of boots selling, there must have been some way we could squeeze a little more money from them?"
Before Xmas we added to listings on the product pages and as a checkout bolt on
Sold 121
2014 need to replicate over other ranges
Multi-channel
"We integrated M2E (a third party marketing module). This allows us to assign specific selling prices and list on multi-channels."



"Our focus was listing dead stocks, fast selling items or high margin products"
eBay = £62,648
Amazon = £100,656
Additional Revenue
PPC Revenue UP 108%

> Dynamic Remarketing Banners
The ability to present customers with the exact product, or similar that they were browsing
> Listing Our Catalogue
The never ending task of listing our entire catalogue of products
> Adroll
The introduction of remarketing on facebook, great results shown so far this year and something we plan to develop campaigns for in 2014
Email Marketing
> Automation
Series of automated emails based on triggered activity e.g drop out of basket. We run three email campaigns to encourage customer to return to by. This year our focus is to include dynamic content, for example present them with associated products

> Quantity & Testing
A bigger catalogue of product allowed us to promote more seasonal targeted emails as well as applying subject line testing, date and time testing to achieve the highest ROI
Marketing Processes
“Transparency of the effectiveness of every route to market"

"To understand time spend against revenue generated"

“Don’t waste time on channel’s that don’t sell, re-invest in those that do!”

"The ultimate question is, whats the ROI?”

"Better communication from placing the order to getting to market"


ROI Marketing
report

Weekly report to understand ROI on all routes to market by store. Includes a weekly breakdown:

Organic Search
Paid Search
Email
Direct
Referral
Social
Affiliates (Clixgalore)
The Marketing Hub
One specific hub that hosts all weekly processes/marketing activity to be carried out each week. Includes:

Contacts
Reports on all activity
Schedules for all routes to market

Goods in report
A report which enables clear communication of good’s through the door to ensure everything is listed on website, and promotion through routes to market in carried out.
Success and Reward
"Responsible for control, accuracy and reporting. To deliver us commercially valuable information on stock on a daily basis."

Infrastructure
changes to aid
development
In house SEO specialist
Outbound sales
Stock Controller
Additional marketing professional
Sales training
Management training
Marketing training
Create a culture of upselling
to increase ABV
Creating up sell lists
Sales meetings
Target and Reward
Competitions weekly, quartely and annually
EBITDA £127,306
Items not sold in 12 months!

46458 items in total with a value of around £269,818
Items only 1 sold in 12 months!
11091 items in total with a value of around£99,068
Items sold 1 or less in 12 months

57349 items in total with a combined value £368,996

Warehouse
How will this help?
Less costly errors
Staff can find all items
Will improve items dispatched per person per hour
Enable staff to have own areas of responsibility
Reduce unnecessary staff by identifying poor performers
Incentives for all
Warehouse Manager

In charge of facility security
Manages 10 staff
Responsible for all goods in
Responsible for picking, packing and dispatching
Examples of ownership
Examples of ownership
Examples of ownership
Examples of ownership
Trade Accounts
SEO Revenue Up 106%

> Seasonal keyword reports
Allowing us to create season campaigns across all routes to market as well as buying opportunities

> Filters
Allowing customer to filter by favourite brands, colours, sizes or style of boot and rug etc meant a growth of traffic from more long tail searches

> SEO friendly category descriptions
Regular updates to include key product and seasonal keywords

2014 increase
£165,000
Turnover £785,000
EBITDA = £80,385
Summer Sale!
Case Study
September = £4402.64
October = £5327.34
November = £8700.67

December = £10305.72
Our December target = £8000

Chesney achieved = £7947.57

OK so we were
£52.43
off the target, but still managed
55%
growth! Or at least a
140%
growth since October
Christmas Challenge
Double what was achieved 3 months before
Full transcript