Innovation to drive growth
POST-PANDEMIC: WHAT DOES ONLINE RETAIL LOOK LIKE?
Valuable insights which could help set your brand apart in the e-commerce space.
When the pandemic initially hit in 2020, it created the perfect environment for the explosive growth of online retail. In measurable terms, the eretail market more than doubled from a global annual revenue of $2.382 billion (about R37.8 billion) in 2017 to $4.938 billion at the close of 2021, according to 2022 Statista findings.
The small and emerging brands must stand out now, more than ever. But how?
Speaking at the eighth ECOM Summit, Laurian Venter, sales and marketing director at OneDayOnly, provided valuable insights which could help set your brand apart from the rest in the e-commerce space.
Stabilised growth within an ever-developing environment
“The pandemic has established and cemented e-commerce as an ‘always-on’ player in the retail landscape – it’s now part and parcel of our retail repertoire, not just an in-case-of-emergency alternative,” says Venter.
“It will continue to grow, though from what we’ve seen, more steadily and stabilised (not at the same crisis-driven rate at we saw in 2020).”
The improved perception that e-commerce enjoys today should provide the means for continued growth, though this will only happen through the introduction of new, innovative technologies. Something like TikTok’s new “TikTok Shopping” is a prime example of the innovation which will continue to drive growth.
How OneDayOnly remains
competitive in an overly competitive landscape?
While it’s the innovators, movers, and shakers who are leading the e-commerce pack, the sheer volume of competition in the market as a result of the post-pandemic growth means that brands must identify and address the many hurdles they will face.
Here are a few of the prevalent issues digital brands must now tackle: Competitors are upping their game with good deals, added value and faster delivery
Customers are in an advantageous position, with more choice and options available to them.
Customers are not forced to support one brand – a few clicks and they’re buying from your competitor. Customers have more power to influence a business through social media, online reviews, and word-of-mouth.
And customer experience is
more important than ever before.
Successful marketing in a noisy landscape. What OneDayOnly have done to keep ahead of the curve and what your brand can do.
“User acquisition (filling the funnel) and customer conversion (getting them to shop) are key strategic pillars,” says Venter.
Search, social and paid media continue to be a major focus in the business, as digital give you an immediate return on ad spend, as well as great results.
Brand awareness remains a key focus. “Once people have heard about OneDayOnly, we need to use various customer journeys to educate them about who we are as a brand, take them on a journey to show them how we work, and try to get them to open our site/app on a daily basis, to ensure they don’t miss out on any unbelievable deals,” says Venter.
Collaborative Competition
One needs to remember that it is always important to understand what your customers want and how you can fulfil their needs.
Consumer expectations have intensified, and brands need to know what online shoppers want to remain competitive. –