Andrew Glor, Partner at Foresight Strategy, emphasizes the importance of ecommerce in sales and brand visibility post-pandemic, despite some tapering in growth. Brands are facing challenges in navigating the competitive online landscape, with fragmented retail environments and the need for omnichannel strategies. Data analysis can also be challenging due to limited integration with traditional sources, resulting in lower profit margins for online operations compared to in-store operations.
To overcome these obstacles, Glor suggests putting strategy first and identifying growth levers aligned with consumer needs. Understanding online consumer behavior, such as webrooming and showrooming, is essential for engaging both existing and potential customers within the digital space. Brands should focus on targeting specific online shoppers through tactics like optimizing product listings and content, as well as utilizing display ads and promotions to engage new customers.
Building availability through mobile apps and online platforms is crucial to reaching shoppers where they are. Leveraging digital tools like SEO and PPC strategies, as well as exploring partnerships with other products on retailer websites, can increase traction. Successful CPG companies are expanding their online presence through food delivery platforms and social media channels to reach a wider audience and facilitate shopping missions like stock-up and bulk-value seekers.
Creating tailored experiences, such as subscription models and personalized marketing efforts, can build loyalty and enhance the overall consumer experience. Direct-to-consumer relationships allow brands to collect valuable consumer data for personalized marketing campaigns, while companies like Stitch Fix use big data to curate personalized recommendations for clients. Building brand affinity through brand communities, like Nike and GoPro, fosters loyalty and advocacy among consumers, providing a cohesive customer journey.
Navigating ecommerce challenges can unlock benefits like increased market reach, brand visibility, customer engagement, and loyalty for brands. By crafting a well-thought-out ecommerce strategy, brands can seize opportunities for success in the digital age. For more insights on brand growth strategies and ecommerce success, organizations like Forbes Business Council offer networking opportunities for business owners and leaders seeking growth and industry connections.
