Frustrating shoppers by showing them unavailable products does much more than wasting ad dollars and losing a sale. Out-of-stocks decrease basket sizes, cause VIP customers to leave loyalty programs, damage brand reputation and take customer service members away from helping customers who already bought an item.
After two years of rapid change in ecommerce and retail, what do consumers want? Trust me, they’ll tell you, via Voice of the Customer (VoC) data, and you should be asking and listening. Now that a great customer experience is table stakes, retailers need to know more about them to stand out, making VoC data that much more critical.
Unfortunately, the increase in ecommerce has led to a wave of all kinds of bad actors. In 2020 alone, online retailers lost over $3.8 billion to click fraud on ecommerce ads. To stop click fraud, brands must be knowledgeable about it, learn why they tend to be the primary targets, and be aware of the various schemes.
Focusing on ecommerce sustainability initiatives can help you set your company up for success by focusing on the planet, while also creating more opportunities to boost sales. Therefore, it behooves you to step up your ecommerce sustainability game or risk being overlooked by increasingly values-conscious consumers.
Channel expansion can quickly lead to customer disappointment, poor reviews and high returns if incomplete and/or inaccurate information floods the market. For channel expansion to be successful, CPG brands need to put product data at the center of their omnichannel strategy to drive revenue growth and customer engagement.
It’s no surprise that transmission of ecommerce logistics documents is turning digital, and in particular, via blockchain. It is a platform that seeks to connect the full ecommerce supply chain ecosystem from start to finish: Ports, ocean/air/rail/truck carriers, customs, freight forwarders, package shippers and more. The reward is massive.
As shoppers are back in stores, retailers now need to determine which COVID innovations they will keep and how those measures will mature over the long term. This will help maximize the value of COVID innovations, bringing the benefits of digital to brick-and-mortar and scaling capabilities to accommodate long-term needs.
As inflation continues to slam consumers worldwide, alternative payment options such as Buy Now, Pay Later can go some way to helping alleviate the pain of higher prices. BNPL is an increasingly popular payment option, with loans usually incurring neither interest charges nor fees, and few require hard credit checks.
For CPGs, it’s no longer a matter of if but when the circular economy will supplant the traditional linear take-make-use-dispose model of consumption. The race to tap emerging sources of value and capitalize on the circular economy is well underway. The edge likely will go to companies that mobilize to take these seven steps.