The eCommerce landscape continues to evolve at an accelerated pace, demanding businesses to adapt and innovate to remain relevant and competitive. This is a summary of reflections and insights gained at the two-day Savant Events eCommerce conference held in Stockholm 3rd to 4th of May. The first day of the conference was marked by a fireside chat and panel discussion with industry leaders from Volvo Cars, Byggmax, Ideal of Sweden, and Readly. The second day featured captivating keynotes and panel discussion with esteemed industry leaders from Elgiganten, Telia, Matsmart, Oriflame and Lyko, focusing on unified commerce, omnichannel experiences, and the increasing relevance of sustainability and talent cultivation.
?? Here are the key takeaways from the sessions:
- Embrace Direct-to-Consumer (DTC) Approach and eCommerce????????????: Adopting a DTC approach allows businesses to establish direct relationships with customers. This leads to increased data for R&D, a better understanding of product usage, and the ability to offer more personalized experiences. Moreover, the internet has emerged as the go-to starting point for most shoppers, making a strong online presence an absolute necessity for brands.
- Leverage Customer Data Wisely and Personalize???????: Using customer data strategically is crucial for personalizing messaging and driving CRO. Businesses must segment their market by country, device type, or other relevant factors to create tailored ads and experiences. Brands that leverage data analytics and AI can enhance engagement and satisfaction by offering tailored communications that resonate with each customer's unique preferences and lifestyles.
- Understand and Cater to Customer Intent???????: Understanding customer intent is essential to serve the right content and offers. By utilizing data points, businesses can personalize the customer journey, increase engagement, and drive sales. For instance, recognizing whether a customer is looking to renovate their entire home or just purchase a single item can significantly influence the strategies employed.
- Focus on Retention, Re-engagement, and Staff-Customer Relations?????: Customer retention is essential for sustainable growth, and businesses should use data to understand lifetime value and serve timely, relevant messages. A brand's essence springs to life through its people, making it pivotal to create a meticulous, tailor-made process and journey that not only upholds the brand's integrity but also shapes an immersive experience.
- Embed Sustainability into your Core Business???????: As consumers grow more conscious about their ecological footprint, brands need to follow suit. By regularly tracking and measuring their environmental impact, businesses can identify areas for improvement and demonstrate their commitment to sustainability. Practical steps such as minimizing food waste and using biodegradable or recyclable packaging can significantly reduce their environmental footprint.
- Reach Consumers with the Right Message through the Right Channel at the Right Time???????: Brands that leverage data to understand their customers, experiment with different strategies, measure their results, and make data-driven decisions are more likely to succeed. Incentivizing customers to create accounts or log into your site can provide valuable data about their preferences and behavior.
- Build an Omnichannel Store that Aligns Online and Offline Business???????: Today's customers expect seamless, integrated experiences across all channels. By ensuring that these channels are well-integrated and offer a seamless experience, brands can meet customer expectations and drive loyalty. This means not only knowing what products or services your customers prefer but also understanding how, when, and where they want to interact with your brand. The distinction between online and in-store experiences should be virtually non-existent with options like buying online and picking up in-store (BOPIS), or having a unified view of inventory across all channels. By merging online and in-store experiences, businesses can create a truly holistic shopping experience that meets customers' desire for convenience and flexibility.??
What does this mean for a brand seeking to excel within e-commerce in 2023?
To excel in e-commerce in 2023, brands need to embrace DTC, e-commerce, and personalization, while also focusing on staff, customers, and sustainability. Brands should leverage data-driven strategies to reach consumers with the right message through the right channel at the right time. Furthermore, it is essential to build an omnichannel store that aligns online and offline operations, creating seamless customer journeys for stellar experiences that drive loyalty. By following these key takeaways, brands can position themselves for success in the competitive e-commerce landscape of 2023.???
