eCommerce Strategies for the Life Science Market
BioInformatics, LLC
June 1, 2007 180 Pages - SKU: BIF1584942
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Life science suppliers were among the first companies in any industry to grasp the commercial potential of the Web and some leading companies are now receiving up to 40% of their orders online. Many companies, however, have found that launching an electronic catalog and shopping cart are not enough to generate online purchases, so this report probes the technological and organizational challenges associated with eCommerce. Specifically, the report examines the critical elements of a successful eCommerce strategy from developing the optimal mix of relevant content to scientists’ need for easy access to product information, pricing, convenient ordering and technical support.
Study Objectives:
This report will help life science companies identify the critical elements of a successful eCommerce strategy. From the perspective of life scientists, this report:
- Assesses customer perceptions of the risks and benefits of eCommerce in the life sciences
- Determines the percent of product orders placed online by product category
- Quantifies the customer value of eCommerce purchases by calculating the amount, frequency, and recency of online orders by product category
- Explains the influence of pricing on the online ordering process and customer’s use of online ordering tools to obtain pricing information
- Specifies customer preferences for page load times, product locators, and Web site speed during the check-out process
- Details the types of information customers need to facilitate their online ordering
- Identifies the types of assistance customers need to facilitate their use of a Web site’s eCommerce functions
- Ascertains which suppliers have model eCommerce sites
- Measures customer satisfaction with key online ordering tools
- Highlights Web site features that help customize the eCommerce experience
- Reveals Web site features that encourage repeat eCommerce business
- Outlines challenges customers perceive that limit their further adoption of online ordering
- Summarizes the reasons life scientists do not purchase products online
- Evaluates the connection between receptivity to eMarketing and eCommerce activities
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- Section 1. Analysis and Interpretation of Survey Results
- Study Objectives
- Significant Findings
- eCommerce Stats
- • Types of products ordered online
- • Amount spent per online order
- • Frequency of online orders
- eCommerce Forecasts
- • Spending growth rate projections
- • Product value rankings
- • Customer value rankings
- Customer Evaluation of eCommerce Sites
- • Companies frequented for online ordering
- • User-friendly online ordering sites
- • Customer satisfaction with online ordering tools
- Optimizing the Customer’s eCommerce Experience
- • Pricing
- • Web site functionality
- • Customer service
- • Product selection
- • Payment Options
- • Order-related information
- Increasing eCommerce Adoption
- • Customizing the online shopping experience
- • Encouraging repeat business
- • Balancing risks and benefits
- • Overcoming customer-perceived challenges
- • Engaging non-adopters
- Section 2. Study Methodology and Demographics
- • Questionnaire Overview
- • Questionnaire Design
- • Analytical Techniques
- • Demographics
- • Questionnaire
- Section 3. Presentation of Survey Data
- Use of eCommerce
- • Greatest benefit of eCommerce
- • Greatest potential risk of eCommerce
- • Percent of lab’s orders placed online, by product category
- • Online purchase of equipment or instrumentation costing more than $5,000 USD
- • Types of life science products personally ordered online
- • Reasons for not placing life science product orders online
- eCommerce Purchasing Behavior
- • Average amount of money spent per online order, by product category
- • Expected change in average amount of money per online order, by product category
- • Typical number of online orders placed over a 12-month period, by product category
- • Recency of last online order, by product category
- Preferences for Online Pricing of Life Science Products
- • Use of a Web site’s eCommerce features to find product pricing for making a purchasing decision
- • Frequency of purchasing after checking the price online
- • Importance of visibility of specific pricing options in determining whether to purchase from supplier’s Web site
- • Importance of pricing when making a decision to purchase products online, by product category
- Opinions of Web Site Functionality
- • Amount of time respondents are willing to wait for the results of a product search conducted through a company’s Web site
- • Typical means of finding specific products of interest on companies’ Web pages
- • Frequency of finding the information sought on the first search when using a company’s Web site search function
- • Expectations of length of time to complete checkout process on a company’s Web page
- • Importance of the speed of the Web site in making the decision to purchase a product online
- Views of Online Customer Service
- • Importance of ability to access specific types of order-related information online
- • Preferred means of communicating with a company representative for questions during online ordering
- • Length of time respondents are willing to wait for a company’s representative to contact them after they’ve indicated a need for assistance in online ordering
- Online Ordering from Life Science Web Sites
- • Online purchases made from companies that are primarily manufacturers vs. from companies that are primarily distributors
- • Companies from which products are currently ordered online
- • Most user-friendly online ordering among the companies currently purchased from
- Shopping Experience with Most User-Friendly Supplier
- • Importance of breadth of products from supplier to online purchasing decision
- • When ordering a product online, likelihood of ordering other products from same supplier out of convenience
- • Typical method of payment for online orders with supplier
- • Preferred method of payment for online orders with supplier
- • Satisfaction with specific Web site features of supplier
- • Overall satisfaction with supplier’s Web site features
- • Specific features that help customize online shopping experience with supplier
- • Which Web site features would encourage respondents to purchase products online again from supplier
- • Preferred way of obtaining documentation of order
- Challenges to Increasing Use of eCommerce
- • Issues that prevent the lab from spending a greater percentage of its overall budget online
- • Level of concern about security breaches when purchasing life science products online
- Demographics
- Section 4. Appendices
- • Insights and Perspectives
- • Supplemental Analysis and Cross-Tabulations of Survey Data
- • Supplier Quadrant Analysis
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