How eCommerce ready is your brand anyway?
- According to research by Nasdaq, 95% of all purchases will be made online by 2040 – eCommerce is paving the way for countless entrepreneurial oppor tunities.
- New entrants have managed to snatch over 2% market share from leading brands
Here's the good news: this becomes manageable with a holistic view of data
Here are the top 8 things you should be prioritising in 2022 to grow and secure your online market share:
Pay close attention to your availability.
Because going out-of-stock hurts your brand more than you think. 85% of consumers remember unavailable products they searched and avoid going back, making recovery from out of stock a lengthy process. Letting your stock drop below 30% could result in over 40% potential sales loss.
Content is king. Ensure your photos portray that.
27.6% of the world's population buys online, a number that represents about 2.14 billion people. With 90% of those online buyers considering photo quality the most important factor in an online sale, can you really afford not having an awe inspiring hero image.
Have just the right amount of text.
Retailer websites work just like search engines. Your product descriptions and titles play a significant role matching what you offer and what customers are looking for. The good news is, 57% of brands still share unoptimised content with retailers so there is plenty of room for you to set your own rules.
Monitor your share of search.
Organic search directly impacts your sales volume. It is your identifier of how popular your brand is through retailers and a vital KPI to keep track of. It combines everything we discussed above and more, like ratings, reviews and pricing that can help your drive more sales by up-to 10%.
Make it a mission to stay on first page results.
75% of people never scroll past the first page of search engines. Modern consumers really want instant results. Attention span has dropped significantly and patience is on the ropes. Those are your customers. It's easy to imagine why the top 5 products on the first page of each category receive almost 67% of all product page views
Knowing your shopper preferences is key.
Shoppers are 33% more likely to buy product bundles that are on offer. But which products go well together? By analysing product correlations within baskets you can find opportunities for bundles or cross-sells that you can run as targeted activations with your retailer. Well executed targeted activations can increase your ROI by up-to 5%.
Have a way to measure activation effectiveness.
Benchmarking your activation campaigns against the total market to gain competitive intelligence can lead to an over 12% improvement in your marketing spend. Using day and time data to select the best performing hours for your activations gives you better clarity when measuring your marketing success
Don't keep data to yourself.
Major players streamline collaboration with retailers by sharing actionable metrics that enable more meaningful commercial discussions. Setting common goals, KPIs, and growth plans allows them to secure better deals and achieve up-to 2% LFL growth.
Want to stand out and measure your eCommerce success like a pro?
With eRetail Content you have full control of your Digital Shelf Analytics and with eRetail Audit Panel you can benchmark your success against the market to measure the impact of your investments. Both combine to give you the ultimate eCommerce toolkit to apply all the best practices listed above