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Over the past two years, retailers, brand owners, and basically most consumer businesses have set their sights on ecommerce and digital. Adidas reported “exceptional growth in online sales” in Q2 2020 as the company saw sales through its ecommerce channel jump 93 percent. Nike put all its effort into its own retail website after withdrawing from Amazon, resulting in an 80 percent year-over-year increase in its ecommerce sales — and it doubled its market capitalization. New brands, such as Brooklinen, have used the Internet as leverage to jumpstart their businesses.
Countless buzzwords and new ideas are flying around these days. Commercial services have also become crazier than ever. Taking all these into consideration could offer some positive impact on your business. These may even help you improve your performance marketing, grow your number of users, boost your conversion rate, increase your revenue and lower your costs. However, as leaders, we need to go back to the basics and determine the most suitable strategy that would cater to and prioritize the unique demands of our organizations. Here are some questions we may need to clarify first.
Related: Can E-Commerce Save Retail?
1. Who is your customer and what does their customer journey look like?
After solid definition, think about:
Multichannel but centralized management
Different companies will of course have different customer journeys. For example:
- First you watch Tiktok, then you visit the offline retail store and buy the product.
- First you check Facebook and see product promotion, then you go Amazon to search and purchase.
- First you search Google for a certain product, then you watch a tutorial on Youtube, then you go to the brand’s website to purchase.
Any or all of these could be the customer journeys of your target customers, depending on their shopping preferences and how they are guided through the process. Brand owners certainly do not want to miss out on any selling opportunities or channels. However, we need to have a clear picture on which platforms are valuable to us and how to manage these effectively. Glossier recently launched a software as a service (SaaS) platform with subscription to test their new ideas. The beauty company’s initiative provided them with huge benefits on agile and personalized marketing across multiple channels, which were especially valuable during this pandemic.
Shorten and optimize for each touch point
Traditionally, marketers have believed that consumers would only get an impression of a brand after seeing it four to five times. Only then would they consider making a purchase. However, this has changed in the digital era. Examples that demonstrate this shift in the buyer’s journey can be seen in China’s…
Read More: 3 Questions to Ask Yourself as the New Normal Takes Hold in Retail