Online Sales of Life Science Products Continue to Grow
A new study by bioinformatics, LLC projects that 34% of products purchased by life scientists this year will be ordered online. Projected growth rates for online spending vary widely depending upon the product category but custom products, biologicals, research/specialty kits, and accessories/replacement parts will see growth in excess of 10%.
"Some of our clients are reporting that half of all their orders are now processed online," says Tamara Zemlo, Ph.D., Director of Syndicated Reports & Analysis at BioInformatics, LLC. "Clearly, effectively using eCommerce has become a major determinant of competitive advantage in the life science market."
BioInformatics, LLC has published eCommerce Strategies for the Life Science Market to provide suppliers with insights into what scientists see as the obstacles to conducting more of their purchases online. Based on the input of almost 1,800 life scientists, this report projects future growth and benchmarks current online ordering statistics, including percent of orders placed online, frequency of online ordering, and average amount spent per online order. Because life science suppliers are making sizable investments in eCommerce, assessing how these expenditures improve business performance will allow suppliers to evaluate the design and execution of their Internet-based strategies.
Life scientists report that the eCommerce tools offered by Sigma-Aldrich and Invitrogen are the market leaders in the online realm, with the majority of life scientists having placed online orders from one or both suppliers. Side-by-side comparisons of 27 life science companies reveal the strategies that distinguish the market's leaders in the online medium, making this report an invaluable resource to any company using the Web to reach the scientific community.
"As scientists become more accustomed to online ordering - whether through their personal and/or professional lives - expectations of what constitutes an optimal eCommerce experience evolves," observes Zemlo. "Suppliers in this market must continue to adapt their existing infrastructure and adjust internal business processes to ensure the long-term success of their eCommerce initiatives."
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