This article has been authored by Damien Lemaitre, SVP, Media Product and Information.
eCommerce is now a priority for absolutely every brand in any industry vertical
The recent changes to our way of living have made it clear just how important it is for a brand to be able to reach consumers across a complex media and commerce landscape.
According to eMarketer “US consumers will spend $709.78 billion on ecommerce in 2020, representing an increase of 18.0%.” This means there is a great growth potential for brands that are willing to invest in innovating themselves and to make commerce a strategic priority.
Now more than ever, marketers need a compass to prioritize the key brand and performance actions necessary to build a robust commerce presence – on the short term through optmisation, and on the long term through exploration. This is where iProspect’s Commerce Success Framework (CSF) can help, by exploring five dimensions of a successful commerce ecosystem.
Desirability - Make the consumer want your product
Optimise
Desirability, by nature, is not something you can increase instantly with the flip of a switch. Each consumer interaction with your brand, from media exposure to peer recommendation to purchase experience and customer support, influences how consumers perceive your brand. It means there is no shortcut to desirability, and that meeting consumers’ needs across the other dimensions of the CSF every day is critical.
Explore
New societal, environmental, and technological trends are changing how people live, communicate, and consume. While some brands have the agility to quickly evolve their proposition to adapt to these trends, for others it requires structural changes or even pivoting their business model. Ensure that your company allocates time and resources to detect and understand the key dynamics influencing your customers so that you can anticipate change and stay relevant in the long term.
Availability - Maximize sales with 24/7 online availability
Optimise
Lockdowns have driven consumers in record numbers to shop online more than they ever have before. Ensuring you are just as readily available online as you are on the store shelf is critical to your commerce success. Identify the models that work best for your brand, whether in marketplaces, direct-to-consumer platforms, social commerce, or otherwise.
Explore
Marketing has long been a one-way communication from brand to consumer. This does not have to be the case anymore, as mediums like chat provide a two-way dialogue with the consumer. Consider building out this channel with a combination of artificial intelligence and human operators to support consumers whenever and wherever they need assistance. Explore how you could enable your store associates to assist your customers online as naturally as they would in-store.
Findability – Be visible when the customer is searching in-store and online
Optimise
Reaching consumers at scale can be a tedious task, which is why we recommend utilising technology where it makes sense. Scripts, bidding algorithms, and auto-reporting are a few ways automation can make media management more efficient and help you focus on more strategic and creative work, leading to greater performance all around. Audit your media management process to map opportunities for quick automation implementation.
Explore
The explosion of livestreaming presents a massive opportunity for brands. This format is a powerful vehicle for brand awareness through its scale, audience engagement through its interactivity, and sales stimulation through its shoppable features. To discover how your brand could enter this growing space, start by analysing how your audience consumes livestreaming, from the type of content they watch to the platforms they use.
Buyability - Differentiating products from the competition
Optimise
In the short term, focus on areas where you can simplify the purchase experience. Start with a review of your e-commerce assets to ensure answers to the most pressing customer questions are easily accessible and the content is regularly refreshed to reflect seasonal offers. Additionally, identify opportunities to collapse the purchase funnel by including shoppable media in your marketing campaigns. Think beyond digital to TV, magazines, newspapers, and audio spots. All can be turned into interactive commerce opportunities.
Explore
As consumers spend more time at home, recreating a shopping experience as close as possible to the physical one will increasingly give you a competitive edge. Today, AR is not only good for fun one-time experiences, it can offer consumers actionable solutions, such as a virtual try-on. For brands, especially eCommerce websites, it could mean convincing hesitant customers and reducing the volume of returns. Explore areas wherein the use of AR could benefit your customers.
Repeatability - Building a relationship with the consumer beyond the first sale
Optimise
About a third (31%) of marketers declare the purchase experience is a source of dissatisfaction for their consumers (iProspect 2020 Global Client Survey). This dissatisfaction represents a double risk: customers not returning, and a tarnished brand desirability in the eyes of potential customers reading negative reviews. To abate customer dissatisfaction, do not overlook what happens after people hit pay. For instance, develop rich content to guide their first-time use of your product, use home deliveries as a marketing channel for sampling, and ensure your support team responds to negative reviews.
Explore
Where people buy today may not be where they buy tomorrow. Often consumers make an initial purchase on a eCommerce site trusted channel, but then make repeat purchases where it is more convenient. Always monitor the evolution of platform retention and engagement metrics (e.g., repeat purchases) to analyse consumer shifts. Explore the opportunity to develop subscription-based models to increase the convenience of your offer and secure revenue streams.
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This article is excerpted from the report Future Focus 2021: Brands Accelerated.
Download it now for key insights on how brands can make the most of brand and performance to accelerate their growth.
