E-Commerce Guide
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Where the industry thought e-commerce penetration would be in 2030, we're here today. Industry analysts believe that by the year 2022, underpenetrated e-commerce categories like alcohol, groceries and CPG will reach a tipping point of significant revenue contributions to total sales. In 2020 alone, grocery brands saw online traffic grow by 627% and purchase intent by nearly five times.
However, being successful at e-commerce means much more than simply having your products available online. It’s a transferral of the entire physical shopping experience—from product discovery to checking out—onto the digital aisle. To do so correctly requires understanding your consumers through data and insights. MikMak is a leading global e-commerce acceleration platform providing marketing analytics and e-commerce enablement software to accelerate online sales for brands, which can help your business meet consumers where and how they prefer to shop.
To get you started, here are three questions your e-commerce data must answer to keep your strategy consumer centered:
1. How Do My Consumers Want to Shop?
Today, your ads have about 1.5 seconds to get someone’s attention. Winning doesn’t necessarily mean going full force on every available platform. Instead, it starts with maintaining a defined channel strategy. To do that, you need to know where your consumers are and what platforms they are using at what level of engagement.
Over 80% of MikMak’s customers allocate their media spend across multiple channels. Our data shows that Facebook and Instagram are currently the top social channels driving e-commerce conversion, but different verticals also have different channel preference. Our 2021 Super Bowl data shows that Facebook/Instagram, Snap, YouTube, Verizon Media and programmatic advertising were all major channel players for grocery brands.
Gather consumer insight on what works. What are past campaigns that worked really well and why? What information do your consumers need before making a purchase? Since 2020, consumer shopping behaviors have shifted such that price is no longer the most important aspect of purchase consideration. Availability, delivery time and fulfillment method are now key pieces of information, allowing brands to capture not only impulse purchase but impulse consumption intent.
2. Where Do My Consumers Want to Buy?
In a world that’s increasingly driven by loyalty programs and retailer preferences, it is critical to ensure you are able to route all purchase intent to each customer’s preferred retailer. To do so, brands must know which major retailers consumers want to check out at. Last year, grocery brands discovered that online sales were not driven evenly across retailers, but concentrated at several major ones. Our data indicates that this trend has continued into 2021, with no signs of changing soon.
It’s also important to direct consumers to where your product is in stock. The last thing you want is for your consumers to head far down the path of purchase only to find out the item they really want to buy right now is not available. In such a scenario, brands run the risk of losing that sale. Inventory insights is key to defending and growing market share against competitors.
3. How Do My Consumers Want Purchases Fulfilled?
As the world opens back up, consumers across different geographies will maintain different levels of social distance when shopping. A customer can decide to buy the item online and either have it sent through the mail or pick it up at the store.
Many marketers consider omnichannel the next evolution of multichannel marketing. Omnichannel, meaning “all channels”, is an e-commerce approach that enables consumer choice. Consumers can choose how they want to browse, check out and receive their purchases at every stage of their shopping journey. Physical shopping features such as inventory and fulfillment become important data points to consider at the top of the funnel.
From our experience working with leading multichannel brands, winning in this world requires that a strategy begins and ends with the consumer. Brands that succeed have a solid e-commerce foundation that optimizes the entire shopping experience and customer journey across channels and retailers.
Ready to unlock your brand’s full e-commerce potential? Contact MikMak and schedule a demo today at hola@mikmak.com!
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