eCommerce has observed massive growth on a global scale. It provides a boost to retailers listed all over the world. While talking about its scalability, eCommerce is a highly scalable solution for businesses looking to expand their reach throughout domestic or international markets.
With eCommerce giants such as Amazon, Tesco, Rakuten, Shopee, Walmart, Target, and Tencent operating in multiple regions, businesses now have access to a vast customer base. These platforms offer end-to-end services, from branding to the final consumer, streamlining logistics, and inventory management, ultimately saving businesses significant money.
Despite global uncertainties and turmoil, the eCommerce market has continued to thrive and make significant strides. Recent technological advancements and a higher degree of integration have propelled the industry’s robust growth.
According to a study by Morgan Stanley, the eCommerce industry now accounts for around 22 percent of global retail sales. As customer purchasing habits evolve, the industry is transforming, and the rise of digital commerce has led to a shift towards eCommerce solutions. This trend is expected to continue, with predictions estimating that the eCommerce market could reach $5.4 trillion by 2026. This presents a significant opportunity for businesses to capitalize on the trend and meet evolving consumer needs
When discussing digital sales of categories, the electronic segment is projected to scale up from 38% to 45% of global retail sales shortly. As the industry is expanding and people are penetrating deeper into the marketplaces, the industry is also experiencing frequent addition in sales of recently added verticals such as grocery and food.
eCommerce Marketing Gaps Need to Be Filled by the Ecommerce Brand
- Ensuring Retail Readiness
To make the product flourish on the platform, it is important to list the product as per the platform’s requirements. Every platform has different requirements when it comes to listing products. But what does retail readiness signify? A product is ready for sale when it meets all of the requirements for listing on an eCommerce marketplace. The information provided on the product page helps the buyer make informed decisions.
Unlike a brick-and-mortar store, the personal touch is absent for a person who is making online purchases. In this scenario, your product page is the sole driving force for the conversion to take place. Using the right keywords equally helps offer a smooth shopping experience and gives you a chance to land in the “Buy Box.”
Ensuring retail readiness isn’t as easy as it sounds; it requires a lot of details to be taken care of, starting from the product title, description, images, and A+ content to ratings and reviews, and inventory. Check out how we helped one of the leading FMCG brands drive higher conversions and organic visibility on Amazon. Read here.
- Ensuring all the ads are running correctly
Ads could prove to be the primary business accelerator. The idea behind running ads is to make the product reach the right audience, which leads to higher conversions. To make the most of them, strategies should be formulated in such a way that a brand gets the best ROAS.
If you are a brand that relies heavily on marketplaces like Amazon, Walmart, and eBay to reach customers and sell their products, these marketplaces can be highly competitive, and brands need to ensure that their ads are running correctly in order to stand out and drive sales.
Overseeing ads in marketplaces means monitoring for errors or issues with ad campaigns. For example, if an ad targets the correct audience or the ad’s landing page needs to be fixed, it can significantly reduce the campaign’s effectiveness and lead to wasted ad spend. By regularly monitoring ads and troubleshooting any issues, eCommerce brands can ensure that their ads reach the right people and drive sales.
To ensure the brand’s intellectual property is not being used by others, eCommerce brands need to monitor for unauthorized sellers. This includes checking for counterfeit products and ensuring that others are not using the brand’s logos or trademarks without permission. By regularly monitoring discrepancies and taking steps to protect their intellectual property, eCommerce brands can ensure that their products and brand are represented accurately and legally in the marketplaces.
With the continuous advancements in the advertising industry, the posed risks and threats are also increasing, so one must be cautious while running ads and ensure that campaigns are not being run for just the sake of it. At Paxcom, we work toward driving successful campaigns across marketplaces. We offer detailed analysis per the brands’ requirements and 360-degree advertising support.
- Analyzing the data to connect all the dots
Data Analytics ensures the connectivity between the consumer & retailer. It helps in drafting strategies better according to the audience’s preferences. Data helps understand consumers’ shopping behavior and competitors’ pricing patterns. It brings opportunities, as it allows you to make predictions based on consumer behavior and incorporate them into future sales.
You can make data-driven decisions and improvise when managing your inventory. The reports also help you eliminate your stock by giving you unique and competitive pricing ideas. There are numerous tools available on the market; how do you know which is the right fit for your business? The right tool will not only help you with consecutive reports; instead, it will give you specific insights about your business and products.
In this highly competitive eCommerce landscape, it is of the utmost importance to draft the strategies beforehand and stay updated with all the upgrades and alterations being practiced in the market. Analytics will help you get a glimpse of what could benefit your business. Managing inventory will be at ease as through data; you will be able to get an approx idea of the stock that might be needed for any big-sales event. The data will also help you decide how to price and market the products.
The accurate analysis also opens new doors for the business. Based on facts, you can launch new products or build a brand around market demands to transform your business. Through the data, you can draw better conclusions.
- Fulfillment options
Fulfillment encompasses the process of receiving, processing, and delivering orders, as well as handling post-order delivery queries such as exchange or return. Timely delivery and active executive support help with building brand loyalty. The fulfillment is directly linked to the business’ daily functions and impacts its growth.
Whether it is an in-house, 3PL, drop-shipped, or hybrid mode of the fulfillment process, all of these play a vital role and have similar key duties to perform. The model is chosen as per the company’s size and business. Most of all, the strategies need to be drafted and followed in such a way that they hit all the right notes, and for this to happen, choosing the right fulfillment practice matters the most.
Every business has its own requirements, which may or may not be distinct from those of other businesses. Looking for the right option could be disastrous; you will either hit rock bottom or a perfectly blended practice.
eCommerce retail giants like Walmart, Amazon, and many more offer speedy shipping and hassle-free returns or exchanges, but it is to be taken into consideration that speed and shipping expectations for consumers are constantly fluctuating.
- Lack of personalization
Keep your customers happy, and they will become your biggest promoters. Well, customer service in an online entity is an important form of communication, and it is the retailers’ responsibility to offer the missing personal touch to their consumers. Being a customer-centric brand does not only mean providing them consultation over a call or chat, but it is much more beyond that.
Do you know that 63% of consumers often expect businesses to understand their expectations and needs? It has been noted that when a personalized experience is offered to the consumer, the conversion rate increases by roughly 8%.
The consumer seeks individual attention, and if they are not provided with that, then automatically, they’ll divert to another brand for the same. With a wide range of products and services available, consumers can easily opt for the same thing elsewhere. The world is small, and so is the possibility of finding the same product in a more personalized manner.
People die for attention, and they love when they get undivided attention; hence, the absence of personalized customer service irks them and leaves them feeling disrespected. Once the customer feels annoyed, building brand loyalty also gets harder, as the consumers will not stick around in the long run.
The gathered data helps you analyze and draft strategies to give consumers the missing personal touch. Everyone has a different taste when it comes to shopping on eCommerce platforms. Through, personalizations, you can target the consumer through notifications or providing recommendations of similar products or maybe combos, the person might be interested in.
Addressing the Underlying Gaps
The marketplace is becoming increasingly competitive, and to set yourself apart, it is important to bring something different to the market. When the brand starts exploring and expanding its reach across eCommerce platforms, huge requirements need to be carried out, and it is natural that the gaps are often overlooked while trying to meet other parameters.
As we conclude, let us highlight how Paxcom can elevate your brand by bridging any gaps and enhancing your campaigns. We provide comprehensive management solutions tailored to meet your specific objectives and needs. Our adept team employs customized strategies to effectively manage millions of dollars in various categories and markets. Want to surpass your competitors? Get in touch with us by emailing email@example.com or filling out the form for further assistance. Let Paxcom be your partner in success.