All of us recognize that manufacturers need a solid e-commerce approach to survive.
Then again, not all electronic opportunities are created equal.
Some brands are extremely successful with direct-to-consumer (D2C) strategies, but others rely on strong retailer relationships to keep profit margins. 1 brand might see a good deal of sales in a specific geographic market, while another needs to concentrate on reaching niche audiences around the world. And even in the same company, different product types may require various touchpoints at different phases of the online shopping journey.
So, how do you understand which approaches are best for your brand to pursue? Where should you place your digital trade bets?
These are the Specific questions Forrester attempts to answer in the new report, Brands: Measure the Size of Your Digital Commerce Prize. This free resource is designed to help manufacturers understand regional differences in the electronic trade landscape and identify unique opportunities for driving more sales and earnings. In it, researchers take a look at:
- The numerous advantages of D2C, from cultivating lasting devotion to affecting purchase decisions across sales channels
- Important criteria to rate when designing an electronic strategy, such as product type and regional objectives, to help ensure accurate sales projections and profit margin predictions.
- Particular steps brands may take to help ensure long-term success
With so many alternatives to choose from worldwide, it is important to remember there is no one-size-fits-all revenue opportunity. Rather, brands must carefully assess various approaches to correctly gauge the size of every digital commerce prize. Whether you continue with wholesale, branch out to marketplaces or concentrate on connecting directly with clients, there’ll continue to be crucial decisions at every stage. With up-to-date advice from the electronic trade experts, you can evaluate each one more readily:
The Advantages of One E-Commerce Platform
Needless to say, that is just one of several large changes across the present e-commerce landscape. Numerous other business trends are impacting how, when and where people shop.
As the business continues to accelerate, the sheer quantity of retail media opportunities can become very overwhelming, very quickly. But getting ahead of the latest trends does not have to be hard — or perhaps take up all that time.
The rising prominence of online sales channels
As customers do more online shopping than ever before, much of this activity is happening on e-commerce marketplaces.
By way of instance, an estimated 39 percent of surveyed customers say they store on Amazon more often now than they did before March of this past year. Amazon Prime Day 2020 marked the market’s two biggest days ever for small and medium businesses, with third party sellers exceeding $3.5 billion in sales worldwide.
At Walmart, where an estimated 90 percent of Americans shop, the retail giant’s e-commerce company grew 69 percent in the fourth quarter of fiscal year 2021. And eBay closed out 2020 with 185 million active buyersup 11 million by the end of 2019.
As these online channels become the favored shopping destinations for droves of customers, the opportunities for retailers and brands are far-reaching.
However, as demand grows, so does the competition.
There are currently 1.6 million active vendors on Amazon, after 323,000 new vendors opened accounts in 2021. Walmart Marketplace also doubled in size after a surge of 50,000 new vendors, and the amount of new advertisers has increased 40 percent .
Competing on those increasingly crowded marketplaces may seem like an impossible feat. But with the appropriate strategies in place, it is possible to perform exceedingly well.
By way of instance, think about what happened at Razer. When demand for gaming gear reached an all-time large, the brand responded by doubling the amount of marketplaces in which it sells. By approaching the process and methodically, the company managed to create 10x more marketplace GMV in a year. And they did it without needing to take on plenty of extra work. In actuality, members of the online team state efficacy went up 50%.
So, how can they do it?
Streamlining retail media management
You could use unique apps and solutions for various facets of e-commerce and retail media. However, this fragmented approach leaves gaps in integrations and can make online selling much more complicated.
A better choice is to streamline all activities within one fundamental e-commerce platform. With only 1 solution to automate mission-critical jobs, it is possible to join the many unique dots of e-commerce achievement.
Consider it this way: The battle for visibility on packed marketplaces such as Amazon and Walmart hinges on lots of moving parts: appropriate product categorization, SEO-friendly names, optimized descriptions, competitive pricing and far more.
Even if you get all these right, your product could still wind up getting pushed deep into the search results. When you do land the purchase, that is only the start. There are still satisfaction expectations to fulfill, inventory quantities to upgrade, customer reviews to track…and the list continues.
The more you’re able to automate and streamline, the better positioned you will be to get the most out of each and every opportunity.
By way of instance, as opposed to tackling separate advertising campaigns in every individual market or retail website, you can view all of them holistically within a single platform. You could use automation capabilities for bid management, keyword harvesting and effort scheduling. And not only on a single market, but across dozens or even hundreds of different channels simultaneously.
And you can do it all over the same fundamental e-commerce platform used to upgrade stock amounts, create competitive pricing plans and connect to carriers.
To put it differently, using one platform to manage digital marketing along with your other mission-critical tasks, it is a lot easier to create connections with customers — and to do it on numerous channels.