Tag

ecommerce

Browsing

By

The global pandemic has boosted consumer appetite for shoppable video and accelerated the move towards an on-demand economy.

At The Drum’s Digital Transformation Festival, during a fireside chat, Stuart Heffernan, head of e-commerce at Pernod Ricard, and Nicola Spooner, vice-president of strategy for Unruly, asserted that post-pandemic consumption habits were here to stay and would fuel a shoppable content boom.

On-demand e-commerce

“This past year has been revolutionary for e-commerce,” said Heffernan. “In the space of a year, on-demand retail and players have boomed globally.”

Uber’s acquisition of the drinks delivery platform Drizly, Pernod Ricard’s recent stake in on-demand grocery platform Glovo and the rise of delivery apps in mature e-commerce markets such as the UK all suggest this trend will continue.

Heffernan also remarked: “On-demand will stick around because people get hooked on convenience and are prepared to pay a premium for it. Uber Eats’ alcohol sales have increased significantly – that’s a premium price point for standard products because it is pure speed and convenience.”

Connected TV growth

The two also spoke about the rise of ‘hometainment’ and how it dovetailed with the rise in super-fast, on-demand e-commerce.

Spooner said: “Consumers are accessing more content in an on-demand capacity than ever before. We don’t predict that slowing because now that people have trialled that kind of method of indulging in content, they’re not going to want to let it go.”

She added that while she could foresee a consolidation in subscription services, there would always be a thirst for on-demand quality content. “For brands, that brings an exciting opportunity because we’re delivering a lot of creative shoppable solutions.”

According to a recent study from Unruly, 72% of UK advertisers say connected TV (CTV) is a key part of their video advertising strategy. There is also a huge amount of optimism about the medium’s future, with all media agencies and 77% of brands saying they plan to invest more in CTV during the next 12 months.

The pandemic-induced boom of branded ‘hometainment’ experiences, such as showing how to make cocktails or advice on pairing food and wine, has readied consumers for shoppable content from brands.

Heffernan argued that this would continue to be the case even after lockdowns ends.

“Even if the pandemic has completely gone away by January next year, it will still be cold and wet and I will still be sitting at home. So, if a Jameson brand ambassador reaches me through the right media targeting, then yes, I will engage because it’s something to do on a Wednesday night.”

Unruly’s Spooner said that making branded content shoppable and serviceable by the on-demand apps consumers have grown to depend on during lockdown will induce impulse purchasing.

According to Unruly and research consultancy MTM, 90% of digital advertisers plan to increase their CTV spend in 2021.

“Shoppable content really opens the doors to impulse purchasing,” said Spooner. “If you are watching content around cooking and there is the contextual placement for Jameson’s cocktails or Viejo wines, I – as a consumer – could be inspired and take action immediately.”

From awareness to conversion

Both panellists agreed that TV is no longer about brand-building but about conversion, adding that advertisers should now augment campaigns with shoppable elements.

“There are plenty of ways to add shoppable elements to campaigns,” said Spooner. “It could be a light touch brand bar over the top of an amazing TV creative or an on-screen QR code so that consumers can scan it with their phone, which is location-enabled, and have that experience in their front room in moments.”

Ultimately, shoppable video will allow marketers to build video into every stage of their marketing plan rather than simply viewing it as an awareness boosting tool.

By

Sourced from The Drum

By

Videos help ecommerce businesses gain credibility, increase traffic and get more market share.

Ecommerce store owners are always looking for ways to improve the . With the customer not being able to touch and feel the product, businesses are getting more creative. First, there was a product listing with detailed specs of the product. Then images quickly became an improvement. Now, there’s .

There’s a saying that a picture is worth a thousand words, but what is a video worth?

Why video is so powerful

While a bunch of images from different angles are helpful, a video can give perspective. Video provides a deeper understanding of a product’s real world application, as customers can actually view someone using the product.

Shoppers now use to perform searches for reviews and testimonials during their research, especially when the product they are considering is a big investment. In 2020, decided to include in its organic search results. With the inclusion of videos appearing when someone searches for product information online, you can get visitors to your from your videos.

Alternative benefits from having videos

Videos can be used in efforts in many ways. For example, if a customer is viewing a product on your website, you can then retarget them on platforms like by playing the video of a customer testimonial for that very product right in their feed.

You can also use videos in Facebook ads or use them in your email marketing. Imagine if a customer was in the process of making a purchase on your website, and at the last moment abandoned checkout. You could have emails automated that go out shortly after with video reviews from your earlier customers describing how your product changed their life. Wouldn’t that be powerful?

Where to start

If you sell your own products, it’s pretty simple. You can make videos showing how to use the product, give some products out to influencers that review them on their social channels, or even create videos on how to get the best use out of your product. The list goes on.

If you’re an online reseller, you may not have the products on hand so you’ll need to be a little more creative. You can contact past customers and ask them for a video testimonial. You can also visit your supplier’s facility and create a walkthrough-style video where you show the behind the scenes of how the product is made — this example is also very good for credibility.

Once you have the first few videos

The next step is to upload those videos to Youtube and show people how to find your website. You can add a link in the description, then you add those videos to your marketing efforts. You can insert the videos on the pages most likely to make a difference. Even a few videos can increase the shopper experience, increase traffic from both Google and Youtube and your conversion rate from the existing shoppers.

Regularly add new and creative videos so the effects compound over time. This method will give you an edge over your competitors, and you’ll get more market share in your industry. Requesting video testimonials can even become a routine you can automate. Set up an email campaign that goes out to customers after 30, 60 or 90 days after delivery, depending on how long the customer needs to be using it to be able to help you with a testimonial.

This year is the year of video. Consider adding videos to your routine and you’ll look back a year from now and realize it helped generate some exciting growth.

By

Sourced from Entrepreneur Europe

By

When you launch an eCommerce, the first sale is as symbolic as it is necessary

When you launch an eCommerce, the first sale is as symbolic as it is necessary. It is not so much because of the income or because it is extremely complicated, but because of the optimism and tranquillity, it represents for the team. It can mean the biggest turning point in the life of the company. Obtaining that first customer will be a long and complicated battle, so in this article, we explain how to grow an eCommerce while spending the least. Keep reading!

How to grow an eCommerce with minimal expense

Without a doubt, the first sales are the most complicated and the most exasperating. Consumers won’t come to your platform by magic. Therefore, if you want to know how to grow your eCommerce investing little money, you must aggressively market your business and take advantage of the weaknesses of your competition to attract customers and traffic.

Take note of the following techniques that will help you achieve this. Keep reading!

1 # Presence in social networks

The first point on the list of how to grow an eCommerce could not be other than social networks. To start making yourself known, you must open an account. It is not about being in all of them, but about selecting the ones that will be useful to connect with your target audience, but how do you know which is the ideal one?

TWITTER

The simplicity of Twitter makes it one of the most effective ways to engage with your audience. A good way to find potential clients is to proactively find people who post questions about your field and reach out to them so they keep you in mind. The idea is not to present or mention your products but to help them answer their questions. If you do it right, users will investigate your existence and discover your business.

LINKEDIN

Second, Linkedin is the Internet office. On this platform you can find professionals and executives of all kinds, showing off their skills and connecting with others. Once you have configured your e-commerce profile, you can start doing the same.

You may not sell anything directly through Linkedin, but you will discover many opportunities with other companies, providers and related websites. There are dozens of public and private groups created for specific niches, allowing you to post questions and talk to other members.

INSTAGRAM, TIKTOK AND PINTEREST

On the other hand, social networks like Instagram, TikTok or Pinterest allow you to take a different approach if the audience is young. They are ideal platforms for original and creative content. Take photos of your products as well as videos and tell an engaging story.

FACEBOOK

And finally Facebook. This is still a very powerful social network. Take advantage of your professional profile and create a business page to interact with friends, family and acquaintances and make people talk about your brand. Get creative with status updates and engage in public groups and fan pages relevant to your niche. In addition, you can do paid campaigns.

2 # Create a blog

If you are not yet building a blog associated with your e-commerce or product, you are losing the unlimited potential of content marketing. Producing free and valuable content builds brand trust. It also offers you content to share on social networks and helps you rank in search engines.

To start, think about all those initial inquiries that the audience has about your products and your sector. Use the blog to answer those questions with individual articles. Plus, you can use it to provide lifestyle tips, tutorials, and resources around your products. If you can create regular content, you will soon start to see results thanks to social networks and search engines.

3 # Send your product to influencers

Third, the list of how to grow your eCommerce could not be without influencers. In recent years, influencers have become key pieces for marketing strategies. The Internet is full of bloggers, journalists, entrepreneurs and vloggers of all types specialized in all fields. You need to find the right ones. Many of them have a large following and a loyal following on their web pages.

Therefore, you can send a free sample of your product to those who best fit your brand. Hopefully, you will get a mention on one of their platforms, and you will also let them know that as a company you appreciate their work with a small gift.

In this sense, you can also conduct interviews with them. It is a good way to create original and different content. Interviews work because they are win-win situations. The interviewee gets more visibility and the interviewer has good content to post on the blog, for example. Take the opportunity to ask questions about their lives and careers, but also about the industry in general.

On the other hand, to collaborate with them, you can also run contests or raffles. We all love free stuff and if you’re looking to build trust, running a contest or giveaway could help you get there. This can be done with the collaboration of influencers or on your social networks.

4 # Public relations and communication strategy

If you want to know how to grow your eCommerce, make a public relations strategy. They have the same effect as when a video goes viral and can propel your brand to success. A sure fire public relations trick is to do something unusual, outrageous, funny, or important enough to merit media attention.

If it goes well, your eCommerce will benefit from many high-profile news source links, which is great for both short-term traffic and long-term SEO.

In terms of communication, many electronic businesses publish press releases to attract the attention of the media, although most of them fail. It is a less useful strategy than it used to be but still sire. The secret is to make sure your story is newsworthy, concise, and professional, without being too monotonous.

5 # Create a Mailing list

Email is one of the best channels for attracting leads, and it can even be free. You can create a mailing list of previous and potential customers and send them information, products and content. Include an email subscription form on your website. This is an effective way to convince visitors to sign up for your database.

Instead of just saying “sign up for our newsletter,” offer an incentive or some kind of added value for subscribing.

Another use that you can give is conducting surveys to your consumers, so you receive comments to improve. Customers often have no qualms about saying what their experience with the store has been like and whether something was done wrong.

6 # Experiment with Google Ads

To know how to grow an eCommerce you have to know what Google Ads is. In case you don’t know yet, Google Ads is Google’s pay-per-click advertising platform. It enables online merchants to place ads on almost all Google results pages, YouTube videos, and partner websites.

The biggest advantage of Google Ads is its speed and massive reach. In a few minutes, you can set up and launch an advertising campaign that makes your text, image or video ads appear. You can also set the option for them to be activated and displayed next to Google results when users search for predefined or similar keywords.

7 # Pay attention to web analytics

The behaviour of each user when he visits a web page from when he enters to when he leaves helps you understand why you are or are not selling. Your page statistics will show you what your customers are doing on your website, including the websites they enter, the time they spend on each one, and the route they choose to exit.

Some tools also display additional information. For example, how often a customer visits your website. In this sense, Google Analytics is a totally free tool that helps you measure traffic in many ways.

8 # Sponsor an event

To get good results sponsoring an event you have to give it the right approach. First, you will have to make sure that you select the right event and that the target audience is the same as yours. Will your potential clients be among the attendees? Would your product interest them? How many attendees will it have?

Once the data in hand, classify them according to the type of audience and sponsorship price. Once you attend, avoid typical marketing strategies like handing out flyers. You will have to be creative to establish and build relationships.

Show off some of your most interesting products to tell their story, get people talking about it, and offer immediate promotions like free coupons in exchange for email list subscriptions or social media follow-ups.

9 # Make use of affiliate marketing

Affiliate marketing is those actions by which you allow other people to market your products and send traffic to your website. In return, for each sale, you pay a percentage. You can track it by giving it a custom link or a unique coupon code.

The great thing about this sales strategy is that you only pay if sales are made, which makes affiliates do their best.

10 # Outperform the Competition on Price Comparison Platforms

Most consumers like to shop around before making a purchase, this includes browsing Google and sites like Amazon for the best options. The most popular platforms are Google Shopping, Yahoo Shopping, Kelkoo, idealo, etc.

To achieve notoriety, you have to follow the rules of each platform, stay competitive on pricing, and wait while you experiment to find out which platform is the best fit for you and offers the best ROI.

What did you think of this article on how to grow eCommerce? Leave your comments and share!

And if you want to set up your own e-commerce and you don’t know how to launch your project, take the Master in e-Commerce & Digital Marketing. You will learn everything related to managing electronic commerce with a comprehensive vision with the best business models and strategies. We will wait for you!

By

Author Selena is a blogger and a guest contributor for a well-known brand that includes MESHEBLE, Saveucoupon & INTHEMARKET. In her leisure time, she plays tennis.

Sourced from INFLUENCIVE

By

When talking about “the elephant in the room” these days, it’s sometimes difficult to determine which one. It depends on whether you’re speaking about ecommerce or advertising, but perhaps not for long.

Google My Business (GMB) is increasingly playing a role as a local mediator. Historically, someone would search for information online, contact a small business, go to the retail store, or look up directions. Slowly, the company has been integrating GMB into Maps and into people’s lives and their routines.

This past year, as people dealt with COVID-19 and lockdowns, the industry focused on the growth of ecommerce, but something a little more complicated and interesting happened, said Greg Sterling, vice president of marketing insights at Uberall.

“The internet is now the starting point for everything, either ecommerce or local offline transactions like food ordering, pick-up in store or curbside pickup,” he said.

Google is trying to put its services in the centre of the online-to-offline experience, which includes Maps, product inventory, and search. There’s a lot of money at stake, he said — and Google is trying to influence it all, from reviews to remarketing.

“Last year, I estimated at one point, casually, at least $10 trillion of U.S. economic activity is impacted by the internet,” he said. “That’s probably underestimating it, but if GDP is between $20 trillion and $21 trillion, at least half is impacted by the internet in some form. That’s much more than ecommerce.”

When Inside Performance asked whether Google will become an ecommerce engine, Sterling said the company is headed in that direction. Increasingly, more transactions are happening through Google, including services such as appointments.

The future is a hybrid model of online and offline, Sterling said. GMB is an important part of that strategy.

Last week, Google announced that it is on track to bring more than 100 AI-powered improvements to Google Maps, such as a feature that provides the ability to navigate through indoors spaces with Live View, powered by a technology called global localization.

The technology uses artificial intelligence to scan tens of billions of Street View images to understand the consumer’s location, and helps to understand the precise position and placement of objects inside a building such as on store shelves, in airports, or transit stations, as well as retail stores in malls.

Live View can help someone find the nearest elevator and escalator in an airport, or locate an ATM machine.

“One of the ways you compete with Amazon is you let people know where locally they can buy some of the items they search for online,” he said. “Amazon is trying to compress delivery times to remove the physical store advantage.”

While Google is trying to expose inventory online that’s in local stores to give people a sense of where they can buy it and take it home, online direct-to-consumer brands are moving offline. They got their start online. If you’re a direct to consumer brands and you online have an online stores, you’re vulnerable, Sterling said.

“You need pop-up stores — something Nordstrom is doing,” he said. “You don’t need to build out stores, but you need to give them the experience of the brand.”

By

@lauriesullivan,

Sourced from MediaPost

By

Commerce is complex and diverse, and merchants have different needs depending on their scale, what they sell and where they are in the world. Developers hold the key to removing this complexity and solving these problems for merchants, as they are driving the pace of change in commerce. When you go deep on these elements, you’ll find there are billion-dollar industries waiting to be developed within each of them.

SaaS is capturing massive amounts of VC attention and funding around the world: Klaviyo raised $200 million in Boston, as did Yotpo in NYC; Bold Commerce raised $27 million in Canada; Xentral raised $20 million in Germany; and Holded raised $18 million in Spain, just to name a few.

Based on the shifting needs of merchants, there are four areas where developers should spend time building to take advantage of these burgeoning billion-dollar industries.

Mobile-first messaging

Conversations are the lifeblood of commerce. SMS marketing in particular is an area that has seen monumental growth in recent years, and hit warp speed in 2020. That’s no surprise when you consider that the average person spends about four hours a day on their phone. Text messages have a 95% to 99% open rate, and 75% of consumers are OK with receiving messages from brands after they’ve opted in. In fact, 50% of the top 1,000 online retailers are already using SMS marketing. Itzy Ritzy, a brand that sells new-born products, used SMSBump to try its hand at this tactic, and has driven its abandoned cart recovery rate up to 19% — achieving a return on investment north of 26,000%.

It’s clear that the future of commerce is commerce everywhere, sleekly integrated so that it’s there when you need it and gone when you don’t. Increasingly, that includes mobile. Other mobile-first areas like social media have already started to integrate with commerce; we’ve seen the rise of social commerce on platforms where consumers are already spending time for connection and entertainment, like on TikTok and Instagram.

This empowers business owners to become content creators, give their brand a voice and sell a product. It’s only a matter of time before commerce and SMS meet head-on, to move beyond marketing and into selling. Platforms like WhatsApp are experimenting with shoppable messages, but the space continues to be ripe for innovation.

Bringing real life online

Last year, many retailers looked to replicate offline experiences online. And now, even as stores open back up, there’s been a permanent shift in consumer behaviour: Retailers will continue to experiment with technology to bring the in-store shopping experience online. Video, 3D and AR are great ways to do this. People want to see the couch in their living room before they buy it; they want to view the product from all angles.

Retailers surveyed reported conversion increases of more than 50%, with 25% larger average order sizes, when they used 3D and AR assets on their sites. It’s clear that video converts far higher than static images; consumers connect better with a layered experience that includes sound and moving imagery. Plus, AR/VR technology is becoming more and more accessible. Even the iPhone is compatible with this tech now.

Social commerce is everywhere

Content and commerce are coming together to power the creator economy. While this trend is not new, it is gaining incredible speed. Commerce is popping up on every social platform, including TikTok, where people can now make their videos shoppable with a Shopify integration. This is not a passing trend, this is a new way that people want to shop — especially young people.

Our Future of Commerce report found that 54% of younger consumers discover brands on social media, and 28% of them have purchased via social media. From February 2020 to February 2021, installs of Shopify’s social commerce channels grew by 76%. Watch this space, and build for it. It’s so powerful that it’s even fuelling our fourth area of opportunity.

An explosion in live-selling

Livestreaming is already a booming market, projected to reach nearly $224 billion by 2028. Such a large, captive audience is the perfect fit for commerce. Live-selling has been popular in China for some time, with sales projected to reach half a trillion dollars by 2023. North America is behind the curve, but not for long. We’ve seen steady live-selling growth in North America, presenting an upended retail industry the opportunity to breathe new life into businesses. With live-selling, a store becomes a studio, and staff members take on the role of brand advocates. This space is also a clear opportunity to work with influencers who have mastered the art of social commerce. In the future, merchants will need technology that helps them rethink their physical space in the digital world, giving them yet another asset they can leverage to reach their customers.

For people watching, live-selling is a way to feel part of something. There’s an element of scarcity, too: If a particular offer is available for a short period of time or with limited inventory, live-selling can promote a frenzied sense of urgency to make the purchase right now. For retailers, live-selling is a great way to collect real-time feedback from potential buyers: “This product is great, do you have it in red?” Some companies are already taking advantage of the potential in this space: Montreal-based livestreaming platform Livescale grew its revenue tenfold from March 2020 to January 2021.

There are near limitless opportunities for developers in 2021. Retail is ripe for building, and now is the perfect time to start.

Feature Image Credit: NurPhoto/Getty Images 

By

Fatima Yusuf is the director of partnerships for Shopify’s app developer ecosystem.

Sourced from protocol

By Andrea Hak

Hint: Less talking and more listening

Ecommerce was already a fast-growing industry at the beginning of 2020. Now it’s experiencing an unprecedented boom as billions of shoppers seek to replace their physical shopping carts with virtual ones.

What’s more, customer loyalty has been uprooted and is now up for grabs. A study by McKinsey & Company found that consumer behaviours have changed drastically across the globe with extremely high numbers of consumers having tried new shopping behaviours, including purchasing products from new brands, in the past few months.

These changes are creating new opportunities but also increased competition.

As a result, companies have been investing in new tech, from AR-generated apps being used to allow customers to ‘try on’ make-up and clothes virtually to gamified shopping promotions.

But, in the rush to adopt the latest trends and attract new customers, many companies are feeling more out of touch with their audience than ever.

We spoke with three ecommerce experts to find out what companies are getting wrong and how they can better connect with their audiences using technology. As part of Techleap.nl’s most recent batch of Rise Programme participants, these fast-growing scaleups represent the best of the best in Dutch innovation. Here’s what they had to say:

Go where your customers are

 

ChannelEngine logo and CEO Jorrit Steinz

 

When choosing a spot for a brick-and-mortar store, everyone knows the most important consideration is location, location, location. You want to set up your store where your customers like to hang out and shop regularly. According to Jorrit Steinz, CEO of ChannelEngine, your ecommerce strategy should be no different.

And just where is your audience shopping online? According to a study by Digital Commerce 360, sales on marketplace sites accounted for 62% of global web sales in 2020, with the top online marketplaces in the world selling $2.67 trillion in products.

“While consumers were first searching on a search engine, now they’re searching on marketplaces. Even if they’re searching on Google, they will still find marketplaces so it’s essential for brands to be where consumers are searching,” Steinz said.

Even if consumers do start with a Google search, individual retailers still have to compete with marketplaces for top spots in search results.

Most new webshops completely rely on Google driving traffic. Then you see the marketplaces competing for the same set of keywords. On top of that, Google itself is competing with Google Shopping. So it’s getting harder and harder to optimize for your own webshop. There’s a whole ecosystem of brands that are only selling on marketplaces, social media, and not even on their own webstore.

ChannelEngine is a software as a service platform that connects brands, retailers, and wholesalers to online marketplaces. Instead of having to manage an Amazon account, eBay listings, and a Zalando portal, companies can manage multiple marketplaces across the globe from this one platform. This means stock levels and orders can be synchronized, product updates can be made automatically, and price levels can be controlled in one place.

For brands looking to break into new markets, rather than spending time on translating websites, researching keywords, and creating specialized campaigns, the transition can be as simple as selecting the marketplace with the best reach in that country.

As Steinz pointed out, it’s not just about traditional marketplaces. Social media channels are also now transitioning towards becoming virtual shopping malls.

A lot of click channels, like Instagram, Google, and comparison sites, are all turning into transactional channels, which is basically a marketplace. So that means there’s going to be more and more entry points for potential customers.

Instead of navigating to an online shop, consumers will now have their credit cards linked to their Instagram accounts, allowing them to simply click on an ad and buy directly in the app.

“That’s going to be a massive shift for any ecommerce retailer and, if they’re not prepared, it’s going to cost them some potential revenue,” Steinz predicted.

You get the best customer insights by simply listening 

 

Wonderflow logo and CEO Riccardo Osti

 

“We’re always talking about digital data sources now online. The tendency is to think that ecommerce is something and then traditional retail is something else. This is absolutely not true,” said Riccardo Osti, CEO of Wonderflow.

BazaarVoice found that 56% of online shoppers and 45% of brick and mortar buyers read reviews online before purchasing a product. This has created a multiplier effect for some product categories, meaning that each dollar a company makes online is equal to between four and six dollars they make offline.

“Whatever happens online has an impact on the real world. When I buy something offline, I first read reviews online. Then I go to the shop already knowing which products I want to see and buy,” Osti said.

The more companies realize this and begin to combine online and offline data to inform their strategy as a whole, the better.

I think a very big mistake is that most companies don’t try to connect with their audience. Historically many brands, especially ones that have a very technical product offering, focus a lot on their product and not on their customers. But times have changed.

Customers are more than willing to share their opinion and connect with brands in the form of online reviews, NPS scores, and customer center feedback. This means there’s already a plethora of customer data at companies’ fingertips. The problem is, many simply don’t know how to translate this data into usable information.

Wonderflow is a Voice of the Customer (VoC) analytics solution that allows companies to glean insights from different customer feedback sources. Their platform leverages natural language processing to aggregate and analyze all of this feedback (both public and private) in one place.

The next, and more difficult step, is to translate this information into actionable advice and that’s where Wonderflow’s strength lies. Their predictive technology is able to take current consumer insights, and use them to create actionable predictions for the future. Osti explained:

At Wonderflow we’re now trying to predict what your future appreciation score or new star rating of a specific product is going to be in one month or in one year.

We start by analyzing what customers say about the product and we identify where there’s space for improvement. So, for example, if the star rating is 3.8 out of five, we can tell you ‘if you want to get a 4.5-star rating in the future, you need to improve features x and y.’

The second step we’re working on is the prescriptive part. This allows us to tell you which action you should take to make that improvement happen. For example, ‘run an engineering workshop to identify what the problem is with this specific component of the product.’

Perhaps one of the most exciting things about this new technology is that, by providing narrative text-based prescriptions, absolutely anybody in your company will be able to glean insights from them, not just data analysts.

“This is the big change that we will see in the industry for the next few years, moving from the old fashioned, unreadable business intelligence platforms that we’ve seen for decades, to intuitive charts and narratives,” Osti told TNW.

Embrace niche audiences

 

SocialDatabase logo and CEO Thomas Slabbers

 

Thomas Slabbers, CEO of SocialDatabase, believes that the biggest mistake companies make when it comes to connecting with their audiences is not spending enough time defining who those audiences are.

At SocialDatabase, we believe in the following formula: RESULT = CONTENT X DATA. Brands spend a lot of time creating the right content, but when it comes to creating the right audience, they often fall short. With just native targeting options available and limited access to data, brands struggle with reaching the right audience. We believe that enriched public data should be the starting point of every campaign.

SocialDatabase created a unique solution for this.

By amplifying publicly available Twitter data, we’ve created SUPERAUDIENCES. SUPERAUDIENCES allow brands to selectively target more relevant audiences through a deeper analysis of public data. These are custom audiences designed to match campaign goals, increasing receptivity and media effectiveness, without using third-party data.

But do we really want to narrow our audience? Isn’t casting a wider net better?

“First of all, the majority of social media users feel the communication coming from brands is irrelevant or unimportant to them. A more narrow audience would make ads more interesting and relevant. Secondly, reducing the waste in a target audience simply saves a lot of budget that would have been spent on the wrong audience. Finally, a more focused audience enables brands to make more impact in a shorter amount of time,” Slabbers explained.

SUPERAUDIENCES are particularly relevant for use cases where quality is more important than scale, whether you’re looking for a niche, B2B, or relevant consumer audience.

As a Formula 1 partner, Heineken used SUPERAUDIENCES to distinguish hardcore F1 fans from casual fans during the Grand Prix of Australia, China, and Spain. Meanwhile, Nutricia, a company that specializes in therapeutic food and clinical nutrition, is using SUPERAUDIENCES to specifically reach healthcare professionals.

There you have it, location, listening, and spending more time in defining your audience will help you build a stronger connection with them. Although brick and mortar stores are starting to open up again in some countries, the continued rise and preference for ecommerce is not something that’s going away. But, as Osti explained, combining your retail and ecommerce strategies is the best way to get ahead of the game.

By Andrea Hak

Sourced from TNW

By Tom Beck

Live commerce means using live stream video broadcast on the internet to sell products to viewers. Sellers can live stream on social media, specialist live stream sites or their own eCommerce website, and they often draft in the help of influencers to advertise the product.

Estimates put the market size of live eCommerce at US$60 billion in 2019, with China being the biggest market and the rest of Southeast Asia not far behind. Forrester even predicts that live stream commerce in China will reach US$100 billion by 2023, representing a compound annual growth rate (CAGR) of 45.7%.

Today, we will explore how live stream eCommerce works, why the live commerce market size is increasing, what challenges live commerce faces to widespread adoption and what the future holds.

How Does Live Commerce Work?

Live shopping is the natural evolution on the internet of home shopping TV channels like QVC and Home Shopping Network. Instead of pre-recorded sales pitches, live stream shopping relies on real-time video delivery. Oftentimes, the brand will approach a famous and popular social media influencer before the live stream event to get them to sell the product for them. Products commonly sold on live stream include cosmetics, clothing and footwear, but also sometimes food and high-end alcoholic beverages.

In China, for instance, where live commerce is most widespread and advanced, the influencers are known as Key Opinion Leaders (KOLs). According to an assessment by Forbes, they work for around 4 hours straight, advertising an average of 12 heavily discounted products every hour, while viewers and buyers can comment and call in to interact with them and ask for more details about the products. Many live streaming shows also include musical elements and celebrity guests to attract more people to watch, so it becomes about more than just shopping, but a whole entertainment experience.

taobao-live

Li Jiaqi, the Lipstick King, is a popular live streaming influencer in China

Where Can I Watch a Live Stream?

Delivery methods for live stream commerce include:

    • Social media. When this is delivered on social media platforms like Facebook, Instagram and WeChat, streaming eCommerce is an aspect of social commerce.

  • Ecommerce websites. Live commerce videos are streamed directly on the retailer’s eCommerce website.

  • Ecommerce marketplaces. Well-known marketplaces such as with Amazon Live and Taobao have their own live streaming capabilities.

  • Live stream websites. Retailers can harness the video technology of specialist live streaming platform services and live commerce apps like TalkShopLive and Brandlive.

  • Real-life events. It’s also possible to organise a live-streamed commerce action at a physical event as Nordic fashion brand Boozt did at the Stockholm Fashion Week 2021.

Why Is Live Stream Commerce Becoming More Popular?

Live commerce is a relatively recent digital shopping experience that is enabled by emerging new online video technology. According to the Gartner Hype Cycle for Digital Commerce 2020, live commerce is near the peak of the first wave of expectation and experimentation, and will take another two years to reach the plateau of widespread adoption by the general public.

Live commerce is increasing in popularity for 4 main reasons:

  • People want personalisation. Live streaming commerce has a more personal feeling than TV shopping thanks to the interactive nature of the comments section on a live stream and the instant reaction the hosts of these videos can give to viewers. It brings back the feeling of buying from a real person as we did in days gone by from sales assistants in store, helping to enhance the customer experience by bringing human warmth back into the impersonal and efficient world of next-day delivery. The desire for a personal, human touch is also partly the product of the fear and isolation of living in a world of lockdown and social distancing in 2020-21.

  • Influencers are cool. People who are into Instagram, TikTok and Twitter want to see their favourite social media celebrities. With influencer marketing, brands tap into this fandom and offer influencers vast sums of money to promote their products, not just on their profiles and in their stories, but in live selling events and sometimes even online auctions.

  • Digital commerce technology is more powerful. None of this would be possible without the increasing trend towards smarter and more accessible technology into customer-facing internet applications. While not all live streaming eCommerce takes place on social media, this is especially true of payment gateways being integrated into social networks like Facebook and YouTube, combining the two forces of live video and digital shopping.

The Challenges Facing Live Commerce

Despite these drivers of audio-visuals in digital commerce, it will still take years for shopping online by live broadcast to become mainstream. Some of the hurdles that have to be overcome are:

    • Consumer readiness. For shoppers used to browsing through product lists and comparing customer reviews as their main form of retail activity, watching live stream videos can seem like an exhausting and time-consuming chore. Having a firm idea of what you want to buy and searching for it directly seems like a much more efficient means of shopping, although it lacks some important aspect of product discovery that live streaming provides. Brands will have to convince shoppers of the benefits of live stream shopping before they try it for the first time, yet alone continue to use it regularly.

    • Choice paralysis. Once live commerce does gain a foothold in the wider world of social commerce and eCommerce, it will face that dreaded anathema of all eCommerce merchants: choice paralysis. If there are thousands of options to choose from when it comes to shopping via live stream, potential customers are just as likely to choose none of them as they are the best one.

    • Customer loyalty. Getting them ‘in the door’, so to speak, is just the beginning. The greater challenge for brands marketing and selling products via live video broadcasts is customer retention. Special discounts and coupons for return customers are just one way of ensuring repeat purchases, but the market will need to innovate new means of bringing people back again for more live streams in the future.

    • Cost of setup. As if these kinds of discounts weren’t enough, products normally sell for a heavily discounted price on live shopping streams anyway. It’s an expensive investment to set up a live stream shopping experience, and to get a reasonable ROI merchants will need to find ways to offset these costs.

“Organizations need to have a strategy to upsell from a few loss-leading products so they can justify the investment.”
[Sandy Shen, Gartner]

  • Willingness to prepare. Not only is it expensive to run a commerce live stream, but it takes a lot of planning resources too. Merchants need to be prepared to invest time, and not just money, into scene preparation, brand awareness and advertising the event to make it a success because if you’re not going to do it well, you might as well not do it at all.

  • Lack of technological integration. While it’s true that the technology for live streaming is improving on Facebook, Amazon and other eCommerce staples, it’s still not well integrated with the experience that people expect of online commerce. Until social media platforms and eCommerce marketplaces can pull together their tech ambitions with the human experiential factor, live social commerce will not take off.

What Is the Future of Live Commerce?

Live stream Photo by Nathan Dumlao on Unsplash

Live streaming shopping content on social media is set to become more meaningful and entertaining

It’s important to note here that in live commerce, as in almost all other eCommerce trends, Chinese shopping habits and technological capabilities are at least 3 years ahead of the rest of the world. Digital payments via the Chinese service provider WePay were available on eCommerce websites and social media platforms long before PayPal was linked to Facebook; shopping on mobile devices, mCommerce, first grew in popularity in China before it did in the West. For an idea of what the future will hold for live streaming commerce, look to the East.

As pointed out by The China Guys, the Chinese experience indicates that the future of live commerce includes:

  • Use by older target markets. There will be greater adoption of live commerce by more audience segments than just young people in the 18-35 bracket, but older shoppers over 35 years old too.

  • Rich video content. Content will strive to be funnier and more meaningful, designed to make consumers feel like they are receiving a more rounded shopping and entertainment experience instead of just a callously calculated sales pitch.

  • More micro-influencers. In order to deliver the most useful and informative content to viewers, brands will rely less on big-name influencers and instead seek out niche experts to attract consumers in their particular field, be it gaming, fine wines or self-help books.

  • Expansion into different verticals. Live streaming will extend to more sectors than just eCommerce sales, but will include health advice and medical consultations, too, as Baidu is planning to do with its live streaming service, Haokan. Think of an industry – any industry, from finance to engineering to government procedures – and chances are its products and services are able to be offered via live video and/or social media.

By Tom Beck

Sourced from smartosc

By

The new frontier of ecommerce is full of rapid innovation. As the face of the industry changes, entrepreneurs must change with it.

History has proven that pandemics and outbreaks have pushed forward the evolution of ecommerce.

In 2003, Alibaba had to quarantine almost all its staff due to the positive SARS diagnosis of one staff member. This period became the incubation period where Jack Ma perfected the Taobao website and launched his first C2C eCom platform. The SARS coronavirus pandemic was a buffer for Taobao and Alibaba as a whole, as they registered immense profits.

During pandemics, online transactions become habitual for a large chunk of the world’s population. The Covid-19 pandemic isn’t much different from SARS, they both originated from China and they have both caused a shift in the e-commerce space.

However, 2020 is about much more than Covid-19. The massive shifts in customer behaviour that we have observed go beyond Covid and they are so extensive that they are predicted to become the pillars of the new ecommerce frontier. These are expressions of customer behaviour that every new and old ecommerce entrepreneur should take into account in 2021 and beyond.

1. Video marketing takes centre stage

Ecommerce Marketing once revolved around text and copy, then it gradually became Image-based, now video marketing is taking centre stage as the main medium for on-site marketing for ecommerce businesses.

This was always the destination of on-site marketing and product reviews and in 2021, we just might see it take over the mainstream. Creating the perfect on-site experience is critical to ecommerce businesses’ success and is an important determinant to the final sales numbers.

Product videos are comprehensive in nature without feeling bulky or tedious. They bring storytelling to life while offering a comprehensive view of the product in action and answering customer questions all in one go.  When done right Product Videos are a combination of Marketing, Reviews, and Answers to FAQs.

The statistics now tilt overwhelmingly in the favour of video marketing, making it impossible to ignore in the new frontier of ecommerce.

These numbers reveal one clear truth, Video Marketing is going to define ecommerce for this decade and probably beyond.

2. Voice commerce has become a defining force

The increased use of voice-assisted devices like Google Assistant, Siri, and Alexa has become a defining feature of many of our lives. In the last 3 years, we have seen the reliance on these systems spread into product searches and even purchase.

This has become increasingly popular, largely due to the increased effectiveness and accuracy of this technology. With Amazon and Google now pushing regional languages, it has led ecommerce businesses to begin to adapt quickly.

It is predicted that 75% of U.S households would have smart speakers by 2025 and that sales via voice commerce will rise to a massive $40 billion by 2022.

The realities of this evolution are clear, ecommerce businesses who have their websites optimized for voice searches will have an increasing chunk of customers fall freely into their conversion funnel.

Ecommerce businesses should begin creating content that increases the probability of appearing in voice searches and should begin offering voice-based in-app and on-site navigation amongst other things. This way, you get your slice of the huge $40 billion pie beginning from 2021.

3. Social shopping and commerce becomes a mainstay

87% of ecommerce shoppers believe that Social Media helps them make a buying decision. This trend is buoyed by the rapid rise in mobile usage and shopping, with 73% of total ecommerce sales predicted to be executed on mobile by the end of 2021.

In 2019 Instagram launched its e-commerce checkout feature. This did not become an instant hit but has gradually grown popular with marketers overtime.

Facebook, Pinterest, and even Tiktok have caught on and are now beginning to integrate or popularize their in-app purchasing capabilities so that customers can buy items without ever leaving the social media app.

4. The rise of AR in ecommerce

If you have used the common silly Snapchat filters or tried to catch a pokemon before, then you have already used Augmented Reality (AR)in some way.

Augmented Reality has existed for a very long time, some even argue before social media, but it is only now coming mainstream and it is likely going to be a defining feature of ecommerce in 2021 and beyond.

A Statista study projects that by 2023, AR technology would have become an $18 billion industry. It also predicts that consumer spending on AR-embedded mobile apps will reach $15 million by 2022.

These are hard numbers, difficult to ignore, especially when we see how it is being used in ecommerce. For example, Sony electronics recently launched the Envision TV AR app as a way to “try before you use.”

One of the major criticisms of ecommerce over the years has been that customers do not get to “experience” the product before purchase. AR will solve that problem.

Ecommerce businesses in the furniture sales space are already launching AR apps or in-app capabilities that allow customers to see a 3D model of the product, check its size, consider the specs , and to fit it in their space and do their interior design virtually before deciding on buying it.

This technology is still evolving in the way it influences ecommerce, but when I consider the speed of its evolution, it’s pretty clear that it is going to trump even Video.

63% of shoppers say that AR would transform their shopping experience. Another 70% are expected to be more loyal to AR-compliant brands as part of their shopping experience.

The evolution of ecommerce is exciting and its potential is huge. However, it does call for staggering agility from ecommerce businesses and brands.

It seems to me that brands who get a head start will enjoy a larger slice of the pie. My advice? Start today to evolve with the trends.

Feature Image Credit: F.J. Jimenez | Getty Images

By

Sourced from Entrepreneur Europe

By

A pronounced pivot toward e-commerce and video has seen global ad spend bottom out quicker than expected, with forecast falls now expected hit the floor with a 7.5% contraction to $587bn in 2020 – as opposed to a 9.1% fall as initially feared.According to Zenith’s Advertising Expenditure Forecasts, the advertising sector is proving to be more resilient than expected and is now expected to bounce back by 5.6% next year to reach $620bn.No mere dead cat bounce the rise is given credence by a surge in connected TV advertising as well as the delayed Summer Olympics and UEFA tournament.

How is global ad spend holding up?

  • Zenith’s metrics show that 2021 growth of 5.6% will be fractionally behind the 5.8% uptick it forecast back in July, falling short of the $634bn spent in 2019.
  • A recovery to pre-crisis spending is not expected until 2022, when a further 5.2% growth will see spending total $652bn.
  • All these forecasts are couched under the proviso that there will be no further black swan events to snuff out the tentative recovery.
  • What factors lie behind the improving outlook?
  • A universal shift in advertising budgets towards digital channels is providing a much-needed source of growth, with global digital ad spend expected to rise 1.4% in 2020, equivalent to a 52% share of total ad spend.
  • An explosion in e-commerce growth is not expected to tail off either, with Zenith confidently predicting that digital will account for 58% of all spend by 2023.
  • Another bright spot lies in connected TV’s as people flock to streaming video-on-demand (SVOD) providers such as Netflix and Disney+, whose reach has expanded by 5% in the US as people switch off from the world outside.
  • While advertisers are locked out of SVOD, ad-funded video on demand has enjoyed the strongest growth of all, jumping 9% to reach 5.5m US households.
  • Commenting on the findings Christian Lee, global managing director at Zenith, said: “Now that it offers mass reach in key markets, it’s the right time for brands to invest in connected TV.
  • ”Brands should use connected TV for both branding and performance, exploiting its high ad recall and full targeting and tracking capabilities to drive awareness and sales conversions at the same time.”

How is e-commerce shaking up ad spend?

  • A revolution in retail is feeding through to unprecedented demand for retailer media which promote products at the point of purchase, akin to in-store displays of old.
  • Crucially retailer media is allocated from commercial rather than marketing budgets, thus expanding ad expenditure as a whole. In all, Zenith anticipates the sector will jump from $35bn spend in 2019 to $51bn in 2020.
  • Ali Nehme, global chief commerce officer at Publicis Groupe, said: “Retail platforms are powering their growth by putting pressure on brand margins. Their focus on bottom out price wars, and enhanced consumer experiences, benefit consumers while brands bear the cost.
  • “In this scenario, brands must flex their power, by selecting retailer partners who offer demonstrable value through transparent data and measurement, as well as the ability to deliver the consumers who will drive much-needed category growth.”
  • A global jump in social media ad spend of 56.4% in the third quarter has also provided a timely boost.

Are there any regional variations in performance?

  • The global picture in the report masks significant regional variations with Asia Pacific, Central and Eastern Europe expected to lead the way in terms of growth, attaining 2019 levels of ad spend as early as 2021.
  • Zenith expects ad spend in both regions to shrink by 6% in 2020 and grow by 7% in 2021.
  • Elsewhere North America is expected to prove more resilient than most, declining by just 5.3% in 2020 courtesy of a spending boost driven by the presidential election.

Feature Image Credit: A pivot toward e-commerce and video has seen global ad spend swiftly fall, according to new forecasts

By

Sourced from The Drum