?? Power Ahead by Looking Back

We're almost at the end of the year as I'm writing up the third (and last) edition of 2021. I'm sure I echo all of us when I ask -?is it 2022 already?

These last two years could have been a blur personally,?but?fuelled record breaking growth in?eCommerce. Worldwide, e-tail has hit?$4.9 Trillion today.

That's good news - and bad.?Unprecedented competition is the name of the game now. We're suddenly?saturated by legacy wholesalers, global retail giants, and product categories not traditionally purchased online jumping onboard.

Knowing the?landscape and understanding what brings?competitive advantage can help you & I navigate this noise to grow effectively in 2022.

So here's a round-up of?Top 3 Takeaways from 2021.?I've also paired them with?3 winning strategies?- directly from industry leaders - so that you can get a headstart as you gear up for the year ahead.

#1: Record Breaking Online Competition ??

Let's look at the data:

• Global retail giants like Walmart expand their eCommerce initiatives, digital competition is heating up. Product categories not traditionally in demand online are also competing for the same pool of eCommerce shoppers.?
• In 2021, almost half of the top 50 eComm websites have 50% of their traffic coming from foreign markets. Competition is not just local, it's coming from abroad too.
• On Facebook, customer acquisition costs spiked following the pandemic, with CPC now higher than $1. Worldwide, branded commerce and marketplace apps can now cost companies more than $30 to acquire a new customer.

??Takeaway

Your store's shopping experience becomes the key differentiator to gaining trust & winning orders.

??What you should do in 2022

Meet Adrien. He's checking out Instagram, and notices a couple of great looking color-blocked tees from your brand. He really likes the rust-colored one, and taps to buy - but when he lands on the product page, it's stocked out.?

How do you think Adrien feels?

Every time you lose Adrien, he ends up buying from another brand. A recent study found that 36% of customers instantly find an alternative brand. As a business, it's impossible to maintain a high performing funnel if your product data, inventory data etc. is not synced to your marketing, merchandising and communication?at all times.

???Solution: Intermediate

Sync product information, pricing, inventory and customer insights with your merchandising, on-site and direct marketing.?

???Solution: Advanced

Unify a customer's journey from social > to home page > to product pages > to direct marketing.

                          ?? How mason can help?        

mason?helps?you create connected omni-channel customer experiences. No drop-offs, ever.?So next time, Adrien becomes a?loyal shopper.?

#2: Marketplaces (& Roll-Ups) Dominate ??

50% of global commerce?is still happening in Amazon, Walmart and other regional marketplaces.

What does it mean?

As a brand you gotta be on Amazon. But it poses a big challenge for you to stand out from the crowd. Today 70% of Amazon searches do not include a brand name. Also, 90% of Amazon product views result from search, not branded ads or merchandising.

That's where roll-ups are eating brands, powering those who sell?exclusively?on Amazon with:

• Products:?Adding new products to meet demand, eliminating poor performers
• Presentation: Clearer product page, or enhanced with product guides to impact conversion.
• Reviews: Ensuring customers consistently share product reviews.

But what about the rest of us?

The good news is that?purpose-driven shoppers are now 40% of all consumers—and want products and brands that align with their beliefs. But satisfying this audience segment is difficult because such consumers are also used to industry-topping?shopping experiences on marketplaces. Reaching - and connecting with - purpose-driven consumers means re-evaluating your marketplace presence and offering non-marketplace experiences.

???Takeaway

Offer rich non-marketplace experiences to your customers.

??What you should do in 2022

Product presentation is the biggest differentiator for you in a marketplace.?Product highlights, ingredient cards, how-to's and guides, repackaged reviews add a personal - and unique - touch to your product details on Amazon or any marketplace. This helps create a strong brand recall too, and when they land on your web-store, you can continue cementing the relationship.?

Strong brands recognise they have to get customers from a marketplace to their own properties so they can create a relationship with them that will last over time.

Loren Padelford General Manager, Shopify

#3: Platforms Lose Trust; Ads Get Expensive

As consumers, you & I do not trust the likes of Facebook anymore - in fact,?30% of consumers think digital ads are too intrusive.

On the other hand, ads are getting more expensive. In late 2020?paid search spiked 17% and paid social advertising increased 24%. Competition—fueled by the move to ecommerce—is accelerating digital ad spend.

People continue to use Facebook and other platforms in record numbers, while trust in social & paid ads have decreased. Both together have serious implications for brands today. Every dollar spend on ads needs to be capitalised.

??Takeaway

Instead of spraying and praying, focus on delivering tailored shopping journeys to customers based on their lifetime value.

???What you should do in 2022

????Solution: Intermediate

Identify your most valuable customers, and the conversion paths they take. Focus on journeys that lead to a higher quality customer base.

???Solution: Advanced

Segment customers based on their lifetime value - and?treat each segment differently.

Create buyer segments based on the number of purchases, products bought, at what order values and which frequency. This helps you set a 60-90-120-day conversion journey aligned to customer acquisition costs.

                           ?? How mason can help?        

mason?helps?you automate the conversion cycle.

Next time you run a clearance sale, automatically send?invites 1-day in advance to customers who've browsed but not yet bought the on-sale products over?last 30-days?- all in one click.

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And before I leave...

???If you have Dutch or Italian customers, take advantage of stunning eCommerce stickers & animated badges on?ModeMagic?(@Shopify). We recently launched a unique collection specially designed for these geographies.?

???Before planning for 2022, say goodbye to?old inventory with?Automated Clearance Sale?on?mason. It's available on demand for?mason?users, and out-of-the-box for folks on Shopify through ModeMagic.?

That's a wrap for this year.?

2022 has a lot of scope for you to continue creating a?strong relationship with every customer?- no matter where they buy your products from. As you take a breather before it all starts, start gearing yourself for setting the basics in place early on, so that you can advance your eCommerce growth strategies as the year progresses.

??Wishing you?growth - and success?- in 2022.

                 
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Curated by Kausambi (Kaus / Kay), Nikitha & Riti