It’s no secret that E-Commerce is growing at an accelerated rate; current Statista projections anticipate a global growth rate of 32% between 2021 and 2025.
As eCommerce booms, evolving customer demands, and global trends continue to shape the future of digital retail at a staggering pace. Businesses wanting to capitalise on the opportunity will need to be agile, consumer-obsessed, and data-led to compete
For all companies, including large traditional retailers and DTC (Direct to Consumer) challenger brands and entrepreneurs, the rapid pace of change is presenting both challenges and opportunities – and many will agree that access to faster and nearer real-time sales, customer and advertising data can easily tick either of those boxes.
So how can you regain control of your data and future-proof your eCommerce business?
As digital retail investment and resource allocations increase, the importance of understanding channel performance and contribution at a holistic level is more important than ever before.
Aggregating data across digital retail channels, logistics, sales, marketing contribution, finance and consumer profiles is definitely a challenge, but it is critically important in ensuring your company can turn data into intelligence and the right decisions for your business.
By analysing multi-channel datasets together, retailers can measure holistic performance KPIs including customer lifetime value, paid vs organic sales and best return on ad spend while answering questions such as ‘is Amazon or Takealot cannibalising my direct to customer sales?’ or ‘which channel drives the most new-to-brand customers?’ amongst many others. Ultimately ensuring you can make better-informed decisions on where to allocate resources and how to optimise for long-term success.
With increasingly rich consumer data sets evaluating combined data sets across shopper marketing and paid media, enables brands to develop more insightful metrics and measures of success. Additionally, combining shopper marketing and paid media investments will generate improved marketing performance and improved efficiencies through the development of omnichannel strategies, measurement, attribution, consumer experience and ultimately sales.
Consumers like buying from marketplaces such as Amazon and Takealot, it’s easy, they are protected, fulfillment is fast and consistent, and there is a sense of community via reviews and ratings. Brands need to develop a cohesive shopper experience across owned and 3P marketplace properties. Those that do will see consideration, conversion rates and loyalty grow significantly across all channels.
The use of more applications, the increase in the number of trackable consumer touchpoints and the exponential growth in data availability requires brands to review internal and external technology capabilities. There is a massive opportunity in building consumer cohorts, and shopper insights and in leveraging 1P data for more targeted media.
In a lot of cases, brands have siloed enablers that are somewhat black-box and have been onboarded over several years. However, it is time to review and reset and to ensure a clean and effective infrastructure to support building longer-term omnichannel success.
Once in place, machine learning can be applied to accelerate automated performance algorithms, data analysis and decision-making that will have an exponential impact on business success.
Ignite is our SaaS and managed services solution to omnichannel reporting, measurement and performance capabilities backed by our team of experts that will provide strategic advice on how to get the most out of your online retail channels and expedite your growth.
If the above points resonate with you and for your business, we’d love to connect.
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