October news roundup: Part 1
As the weather gets cooler moving into October, wineries may see increases in purchases as more people host wine parties and prepare for the holiday season. Here's some important business news you may have missed so far this month:
Wine business news
Wine enthusiasts and winemakers alike have often called for more education surrounding the business. According to The Napa Valley Register, the School of Business and Economics at Sonoma State University will offer an executive wine MBA at the Upper Valley campus of Napa Valley College in St. Helena starting April 2016.
"The School of Business and Economics at Sonoma State University will offer an executive wine MBA."
Should there be a minimum amount of land required for new wineries? The issues has been a hot topic among the wine community the past few months. The Napa Valley Register reported the local Agricultural Protection Advisory Committee voted to maintain the current 10-acre minimum in the area. Proponents of a 40-acre minimum hoped the larger requirement would limit the amount of wineries in region.
Anyone working in the wine business should be informed about issues surrounding counterfeit wine. According to Wine Spectator, the counterfeit wine problem in China has turned into a full-blown industry. As a result, advisors at the French Foreign Trade Advisory Board have leaked a controversial report on fake wines that are produced throughout Asia. China's rapidly growing wine market and lax intellectual property laws make it easy for the country to produce and sell counterfeit wine.
Tapping into consumers' online search habits is an insightful way to understand their shopper journey and increase sales for your online wine store. According to E-Commerce Times, a BloomReach report revealed 44 percent of 2,000 survey participants go directly to Amazon to research products rather than relying on a search engine like Google. The research also showed 81 percent of consumers still prefer to purchase items through their desktops and laptops.
If you have an online wine store, chances are you've struggled to address the issue of shopping cart abandonment. While there is plenty of research surrounding the topic, one of the primary ways to increase sales and lower abandonment is to optimize your online shopping cart. Entrepreneur shared a helpful infographic that can help wineries get started.
Is your online wine sale ready for holiday season? Internet Retailer reported that a recent PwC survey found more than three quarters of retailers expect a 16 percent growth in digital revenue during the coming holiday season.
Has your winery ever considered automating the fulfillment process? According to Entrepreneur, new companies that are too small to work with a fulfillment partner are often faced with the challenge of automating their in-house shipping process.
Offering free or reduced shipping is a great way for wineries to increase online sales. Free returns can be costly, though. The Wall Street Journal shared an insightful article that explores the trend of companies meeting consumers' demands for free returns, which can potentially add to the overall cost of e-commerce. As the article pointed out, many companies have invested in reverse logistics capabilities to make the free returns process simpler and more cost-effective.