4 commerce insights to take your brand to new heights in 2024
Understanding the current ecommerce landscape and its future trajectory is crucial for your FMCG brand's success in 2024. To help you navigate this, we've identified four key insights that can significantly elevate your brand.
Consumers want seamless, hassle-free experiences more than ever before. Since the pandemic, people have grown accustomed to the convenience of online shopping and now expect the same ease in physical stores. However, several friction points still need to be addressed. From searching for products online and in-store to the checkout and payment process, the entire customer journey must be more streamlined.
Many companies are focusing on technology and innovation to tackle these issues. Generative AI, image, and social search are revolutionising the shopper experience, creating multiple digital shelves where brands must effectively engage consumers.
Brands must navigate multiple digital shelves in today's dynamic digital landscape; brands must compete for consumer attention across various channels and platforms. This ecosystem includes traditional retailer digital shelves, image search results, and even platforms like TikTok.
Generative AI is changing how products appear in search results, with dynamic, visual content becoming more prevalent. Platforms like TikTok are also becoming critical places for product discovery, research, and comparison. Brands need to identify which digital shelves their target shoppers frequent and strategically place their bets to meet them where they are.
Brands must focus on the entire customer journey engaging consumers is now a holistic process that extends beyond the point of purchase. Brands must focus on the entire shopper journey, encompassing discovery, activation, and fulfilment. This comprehensive approach should include social listening, brand engagement, and optimising the post-purchase experience.
For instance, analysing customer reviews and social media content can provide valuable insights for product development. A prime example is Bayer's response to customers using Alka-Seltzer as a hangover cure, which led to the launch of a new product specifically for hangover relief.
Brands must realign their organizational structure to enhance e-commerce performance. A more democratic approach, where e-commerce functions are integrated within the broader organization, can drive alignment and innovation and foster a culture of accountability with shared goals. Creating a culture of continuous learning and experimentation is also vital.
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Brands must be adaptable, willing to take risks and ensure their teams have the knowledge, tools, and resources to achieve overall business goals. In the fast-evolving world of ecommerce, continual innovation is critical. Brands must develop capabilities to understand, communicate, and build relationships with their shoppers.
By embracing these insights and adapting to new technologies and platforms, FMCG brands can thrive in the competitive digital landscape of 2024.
What steps will your brand take to implement these insights and stay ahead in the evolving ecommerce landscape?
Tools for success to capitalise on these insights and drive your brand forward, consider leveraging the following tools: