5 Key Insights
1. Reimagine Brick & Mortar Retail
With the rise of e-commerce websites like Amazon.com and Jet.com, consumers are now moving away from traditional brick and mortar shopping. Physical retailers are now using different methods of attracting customers to their brand/company such as pop-up shops, niche stores (Nordstrom Men, TopMan), and drops to create a different shopping experience for consumers. The addition of partnerships for many large brands such as the one between Target and CVS/Starbucks has helped with the idea of one-stop shopping for consumers rather than segmented stops during a shopping trip.
2. Combat Retail Behemoths
The retail landscape has recently been dominated by big players such as Amazon, Target, and Walmart. Retailers now have to choose what strategy will be most effective in reaching their customers, and for the vast majority of them, the choice has been an effective e-commerce strategy. It may be tempting to just list on Amazon in order to find customers, but you run the risk of getting copied by a competitor or Amazon itself. Building a strong website can help you combat this issue without running the risk of imitation.
3. Meet Shoppers Where They Shop
Shoppers are increasingly exclusively shopping on platforms and sites that they are familiar with. Meeting shoppers on these platforms, whether they be marketplaces or social networks, is vital to staying competitive. Maximizing the number of channels that you sell on ensures that any customer, no matter what their preferred shopping venue, can find your products.
4. Make E-Commerce A Positive Experience
Even though consumers are increasingly comfortable buying everything online (groceries, clothing, electronics, and even medication), they still have high expectations about the purchase process. They want to be informed of updates (order received, delays, shipment, out for delivery), want sleek shipment boxes, and generous return and exchange policies. Making sure you have all of this in place ensures that customers keep coming back to you when their next shopping need arises.
5. Use Data & Analytics to Maximize Profit
Retail and e-commerce are one of the first industries to embrace data as a tool for growth, and that tool has only become more powerful as technology continues to improve. Making sure you are using the right data and metrics to create and measure your ads ensures that you’re not wasting money. Using consumer information to know what your customers want and tracking your revenue and cart/basket size to measure your growth allows you to be more informed when making decisions that affect your bottom line.
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- Selling tech to restaurants made Toast a $5 billion start-up — a month later, the coronavirus struck April 1, 2020
- Dollar Tree CEO says supply chains stressed — but $1 billion of goods in 'pipeline somewhere' April 1, 2020