Eddie Bakhash, the owner of American Pearl, has built a successful jewelry store with a sales of around million in Year 2006 and 80% of its revenue comes from online.
Bakhash success attributes some of his company’s success to having a well-known and respected store, and good word of mouth. But, he says, the key was constructing a site that builds trust with the consumer, while educating them about the product or service offered. “We tell the truth, showcase the product, and recreate the world that the product comes from through a variety of rich media,” says Bakhash.
Retailers like Bakhash are aware that doing business online boosts sales. A 2006 Forrester Research study of 174 retailers found that online retail sales rose last year by 25%, to 6.4 billion, and are expected to rise 20% in 2006, to 1.4 billion. By 2010, sales should reach 9 billion.
If you are contemplating taking your business online, don’t think you have to set up the site yourself. Providers such as Yahoo! Stores, FreeMerchant, or LiteCommerce can create an online storefront that is easy and affordable