“It’s better to make mistakes trying something new than trying nothing at all” – Alexandra Friedman, Co-founder of LOLA
Cooperative markets can succeed online. You need to succeed online.
Being successful as an online retailer takes commitment and a well thought out strategic plan to launch. However, that’s just the start. You need discipline to continuously analyze and re-evaluate to become a data-driven decision maker. Success online isn’t easy, but if done the right way, online shopping and delivery is manageable, will keep you relevant, and can provide a rapid return on investment.
The three fundamental components of a cooperative market’s online strategy need to focus on your bottom line.
- How can you create increased tangible value for your owners? The question of “what do I get as an owner” is becoming common.
- How can you gain broader and deeper penetration of your addressable market? Once you are online your addressable market changes.
- How can you increase your basket size and shopping frequency? Online baskets average 4 times what you will see in store. Delivery baskets are bigger than curbside pickup. Even loyal customers need convenience so make it desirable and easy for them to make one additional purchase each month.
How you extend your brick-and-mortar store to online is critical. Each and every Coop has a unique value proposition to the markets they serve. The more you maintain control of your online store and delivery solution the more you can impact the fundamentals affecting your bottom line. Your online strategy should be laser focused on promoting your brand and image while continuously reminding customers of the unique value that only you can deliver.