In Data-Driven Commerce: Winning at Commerce in the New Digital Economy, we examine how brands can use data to enhance every facet of their commerce strategy: availability, findability, buyability and repeatability.
By the end of 2020, retail e-commerce sales are expected to reach $4.21 trillion (USD) worldwide.[i] Although transactions happening offline will still represent more than 80% of the estimated retail sales, growth is shifting to e-commerce with a sales progression close to five times stronger than the rest of commerce[ii] and sustained by the growing dominance of mobile (67% of e-commerce sales[iii]). As 72% of people in developed markets and 83% in emerging markets declare they are more likely to do their shopping online in the next year compared to the past year,[iv] what should marketers do to seize the full potential of commerce in the new digital economy?
We surveyed 100 global marketers to learn more about how they currently perform in their commerce efforts, ranking their answers across each dimension of iProspect’s Commerce Success Framework (CSF). The report builds upon the results of this State of Commerce Maturity survey to explore how brands can fuel their growth by using data to grow their capabilities in each aspect of the CSF model.
Feedback confirmed that most brands are actively building upon their performance marketing heritage, adapting their skills and technology to secure the availability (2.99/5) and findability (3.17/5) of their proposition in the commerce sphere. Notwithstanding these efforts, they are having a harder time converting (2.35/5) and retaining (2.62/5) their audiences, and only a few have taken the plunge into commerce-specific technology (less than half - 46% - use Product Information Management and only one out of five - 21% - use digital shelf analytics). Asia-Pacific leads the world in every category, and industries that traditionally have access to more data (e.g., Travel & Tourism) scored significantly higher than those whose performance has been tied to offline channels such as the Food & Beverage and Media industries.
The report also includes exclusive interviews and insights from leading brands and platforms such as Danone, Google, KLM, Jumpshot, Pinterest, Beiersdorf, Jumper.ai, Diageo, Revuze and Saucony.
Availability, Meeting Consumers Where They Really Are
Although being online may have once seemed sufficient evidence of availability, too many brands spent years simply trying to get consumers out of their daily routines and into the brands’ own ecosystems without properly assessing the influence and roles of other environments in the shopping experience. This section explores ways marketers can use data to better understand how consumers navigate between shopping environments, make the most of their product inventory at scale, and monitor the activity of third-party sellers and illegitimate resellers.
Includes exclusive contributions from:
- Steve Kraus, Head of Digital Insights, Jumpshot, on how data can provide comprehensive insights into digital behavior.
- Beatrice Lindvall, Global Head of Media, Danone, and Tom Verbugt, Global Director E-Acquisition, KLM Royal Dutch Airlines,on integrating data into the organisation, bringing various disciplines together and collaborating with agencies in the future.
Findability, Ensuring Relevant Visibility When It Matters
To emerge in the ocean of search engine result pages and product listings, marketers need to ensure their brands speak the same language as consumers and are visible to shoppers at the right time with the right message. This section delves into the metrics marketers should consider before launching advertising campaigns, how harnessing data on their competitors’ marketing activity can give them the edge, and how to inspire people through discovery.
Includes exclusive contributions from:
- Jenna Spivak Evans, Global Go-To-Market Lead for Shopping & Assistant, Google, on how marketers can use data to capture demand.
- Jesus Valdelamar, Head of Consumer Planning & Marketing Communications, Diageo Mexico, on looking beyond online transactions.
- Vikram Bhaskaran, Global Head of Vertical Strategy and Marketing, Pinterest, on the importance of Return on Inspiration.
Buyability, Differentiating Products from the Competition
Now that digital shelf and product detail pages have replaced flashy packaging, compelling content, competitive pricing and promotions are crucial to differentiate a brand from its competitors and nudge users into purchasing. This section covers how product page content needs to be optimised to appeal, convince, reassure and capture the sale. It will also discuss how data can help maximise the opportunities in fast growing environments, and how retail analytics can help brands connect the dots between their online and offline shopping experiences.
Includes exclusive contributions from:
- Yash Kotak, Chief Executive Officer, Jumper.ai, on the most important components to a successful social commerce strategy.
- Don Lane, Global Chief Marketing Officer, Saucony, on integrating brand and e-commerce messaging.
Repeatability, Building a Relationship with the Consumer Beyond the First Sale
Brands need to make sure they deliver an excellent customer experience so that consumers become lifetime repeaters. In fact, marketers believe maintaining and improving the quality of the purchase experience and after-sales service is their priority for increasing trust in their brand in 2019.[v] In their quest for loyal repeat customers, it is paramount brands pay particular attention to user feedback and engage customers beyond the sale. This section explores how marketers can leverage product reviews and sentiment analysis to improve their proposition, and how they can increase customer lifetime value in a world where brand loyalty is non-existent.
Includes exclusive contributions from:
- Boaz Grinvald, Chief Executive Officer, Revuze, on the data sources marketers should consider exploring and the ways they can turn data into intelligence for every stakeholder across their organisation.
- Santiago Nettle, Regional Marketing Director Northern Cone, Beiersdorf, on creating relationships and generating loyalty.
SOURCES:
[i]eMarketer, Retail Ecommerce Sales, Worldwide, 2019-2023, May 2019
[ii]eMarketer, Total Retail Sales, Worldwide, 2019-2023, May 2019
[iii]eMarketer, Retail Mcommerce Sales, Worldwide, 2019-2023, May 2019
[iv]Dentsu Aegis Network, Digital Society Index 2019, April 2019
[v]iProspect 2018 Global Client Survey, October 2018
