UK online for business has today launched a benchmarking tool called E-Commerce and Retailing to enable retailers to gauge where they stand against other retailers of…
UK online for business has today launched a benchmarking tool called E-Commerce and Retailing to enable retailers to gauge where they stand against other retailers of a similar size and encourage adoption of Internet technologies.
The launch of the tool follows a recent research report by DTI led UK online for business entitled `E-Commerce Impact Study: Retail Overview`. The report shows that whilst UK retailers believe e-commerce will intensify competition, by increasing price transparency and a greater range of substitute products and services, one fifth do not have, or do not plan to have, a formal e-commerce strategy. This oversight could potentially put them at a competitive disadvantage.
Stephen Timms, E-commerce minister, said: E-commerce has the potential to enhance business competitiveness and productivity. It is essential for companies to harness the benefits of the Internet to ensure that they do not fall behind their competitors already using the technology. I hope the `E-Commerce and Retailing` tool will help businesses, large and small, make informed decisions about how to develop their technology and build it into their overall business strategies for the future.
Online trading in the non-financial sector increased by over 40% last year and now accounts for 1% of all purchases. This figure is set to grow. The retail sector must embrace new technologies in order to create better and more effective relationships right across the supply chain.
The tool is based on research by PricewaterhouseCoopers into the different types of technology used, including e-mail and websites, and what technology is used for, such as online marketing and ordering, conducted amongst 318 retailers across 16 retail sectors. By completing a short questionnaire businesses can easily gain a realistic comparison of their use of information and communication technology against that of other retailers. The tool also has a selection of case study examples, demonstrating how retailers have successfully implemented technology into their business and the benefits this has brought to their businesses. It also advises businesses on how to take the next steps to stay competitive.
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