The web offers countless opportunities to any business; one just needs to seize it and make good use of it at the right moment. Magazines have come up with an impressive way of e-retailing that is creating waves in the cyberspace. Read on, to find out more about this recent trend that is making the e-sellers go crazy.
The Better Homes and Gardens way
Better Homes and Gardens is a popular magazine that is published by Meredith Corp. This 92 year old magazine also has a very strong web presence at BHG.com. Considering the data of the months of September through November last year, it had an average of 5.6 monthly visitors.
Now, it is taking steady steps towards becoming an e-commerce website. Last August, a shop section was added to it that allowed publishers to sell recommended products online. During early 2013, it listed more than 500,000 products from several e-retailers including Walmart.com, Overstock.com and Target Corp. By this initiative, the magazine aims to provide an easy way for readers to buy what they see on the website.
There are two kinds of fees that are charged to retailers listed in the Shop section. A fee is charged for every click that directs a BHG.com reader to the product page of the retailer and the magazine also gets a share of the revenue if the consumers ultimately purchase that product.
Many are adopting similar strategies
Better Homes and Gardens is not the only one trying out such a novel method to generate revenue. During the last two years, many consumer magazines like Lucky, Esquire, Real Simple, Harper’s Bazaar and Coastal Living have utilised their brand value and heavy traffic flow for e-commerce initiatives.
Understanding what consumers want
Today, consumers expect a lot more than just the written word from publishers. Consumers need the opinion of a dependable voice when they are shopping online.Thus, the opportunity to establish a closer relationship with readers and the revenue generating potential is attracting magazines toward web commerce.
The need to find fresh revenue streams
Print advertising, which is the main source of revenue for consumer magazines, is on a decline. According to Publishers Information Bureau, a body that tracks the amount spent of consumer magazine advertising; between 2002 and 2012 the total number of print advertising pages dropped 33.2%. Thus, it is becoming essential for magazines to seek newer sources of revenue to continue functioning as sustainable business units.