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.
Loyalty programs are essential to the overall brand experience. A transactional “do/get” value exchange establishes functional bonds, but this tactic alone is not enough to build deeper emotional connections and weather future storms. Emotional loyalty strategies will be among the most successful in a post-pandemic world.
Some say shrinkflation is a sneaky strategy because businesses use the same packaging but give customers less, arguing it’s an attempt to deceive them. But many are making sure changes are available for consumers to see in some format. It’s the consumer’s responsibility to check the pack, but communication with buyers is key.
The boredom of ecommerce was first identified 24 years ago when CNET proclaimed, “Ecommerce is getting boring these days, and that’s a good thing.” Enter livestream shopping, which has proven to be a great diversion and option for consumers. It energizes through a mashup of live TV shopping, social media and direct interaction.
Even as consumers return to physical stores and discover newfound enthusiasm for in-person shopping, ecommerce will continue to grow. But several major aspects of doing business have changed for ecommerce brands – customer, competition and operations. To stay competitive, become attuned to what these mean.
Direct to consumer or DTC was hot as a firecracker a few years ago, as brands like Allbirds and Warby Parker flew high by bypassing the retail channel. Now the tide seems to be turning as several of these marquee DTC brands have stumbled. CNBC contributor Alex Kantrowitz helps us break it down in our MCM CommerceChat podcast.
Marketplaces are no longer just for deep-pocket companies. With headless commerce and API-driven marketplaces, and platforms like Salesforce, Adobe and Shopify, retailers looking to layer in a marketplace to sell 1P/3P products have never had it easier. Hear from two who made it happen, and what the journey looked like.
In ecommerce, we formerly used revenue, market share and similar metrics to gauge success. But if customer experience is going to be the touchstone of success, customer lifetime value (CLV), or the amount a brand can expect from any given customer over time, should be our guiding principle.
Carro has created a spin on the traditional dropship model, allowing brands to easily network and cross-sell on other brands sites, while allowing social influencers to create their own marketplaces to further monetize large followings by offering recommended products on their own sites.
How can retailers and CPG brands ensure successful collaboration to boost profits, protect margins and adapt to the digital landscape? Use these best practices in agreement lifecycle management to create an ecosystem based on trust and ongoing communication.