EXECUTIVE INSIGHTS
Coresight Research’s Deborah Weinswig and eShopWorld President Cynthia Hollen share their perspectives on what it takes to be an e-commerce “power player.”
WWD: What makes these “power players” stand out?
Deborah Weinswig: These digital leaders are setting the standard in global e-commerce with a deep understanding of their local and global consumer constituencies. They drive locally relevant campaigns with the right products that engage shoppers. And, they aren’t sitting still! They are visionaries who execute, drive team performance and create brand promises that resonate with their consumers and attract new ones. Success in digital retail comes from the details – just as it does in physical retail. The job of today’s e-commerce leaders is delivering thoughtful digital marketing and seamless execution that enhance the brand at every touch point. Post-purchase is as important – if not more important – than the initial interaction, as it creates another touchpoint to re-engage with the consumer and get valuable feedback.
Cynthia Hollen: These e-commerce power players are hyperfocused on what their customers need to have a great brand experience. They start by focusing on how to delight customers, and then innovate solutions across products, technologies, payments, logistics and services to best meet those goals. These companies tend to share certain qualities: they don’t take no for an answer, they’re able to think creatively and they’re able to find the right partners to collaborate with to create new solutions.
The companies on this list know that in every new market, a consumer who loves their brand – but has never been able to buy it at home before – is not only going to be a long-term, loyal customer, but also a brand ambassador in their home market, helping the brand grow there.
WWD: Were you surprised by the results and who emerged as leaders?
D.W.: The breadth of the list surprised me, as it spanned so many of the world’s best known and beloved brands, such as Chanel, Gucci and Nike, to leading retailers, such as Home Depot, Inditex, Sephora and Walmart, as well as digitally native brands Away and Everlane, and digital marketplaces, Farfetch and TheRealReal. It’s amazing how a nearly century-old brand like Gucci is a digital star alongside Farfetch and Away. We are encouraged to see that the evolution of commerce includes Harrod’s and TheRealReal. It’s not age: it’s a mindset.
WWD: What does it really mean to provide a seamless shopping experience?
C.H.: Nike is obviously the global leader in providing a seamless shopping experience. The company’s innovations across product, technology, payments, logistics and delivery are designed to ensure that shoppers, no matter where they are in the world, can fully experience the company’s products, understand how to buy them, how to pay for them and, when needed, how to return them. Nike also strives to offer online customers the same shopping experience they would have in a store in their own region wherever possible.
Retailers and brands can ensure a seamless experience by localizing their websites and presenting all information in localized terms, including pricing, payment, fee, duty, shipping and delivery information. They can ensure all customer service is provided in the local language, and that local payment and delivery options are available. Even returns should be localized. The key is maintaining brand consistency throughout.
WWD: What are some of the shared traits between these e-commerce leaders, and what can other retail and brand leaders learn from them?
D.W.: These brand leaders continue to excite customers with new products. These visionaries and their organizations are customer-centric, they foster open dialogue and the ability to respond to changing consumer expectations. Digital solutions are as varied as the brands. Mobile apps drive superior engagement, conversion, ticket and loyalty at Nike, Sephora and Ulta. To delight the consumer digitally, retailers have to deliver quick load times, mobile access and ease and accuracy of product search. Bringing digitalization to the physical outlet is also key: New retail enables digital shopping in physical stores, and brands such as
Nike excel in this area. Nike’s Houses of Innovation in New York City and Shanghai feature many omnichannel offerings. Small and large global brands are partnering to ensure seamless execution.
WWD: What does it take to succeed today in a global market? What are the challenges?
C.H.: Retailers must remove the friction consumers face at each step of the journey and provide a consistent brand experience, no matter where customers live.
To learn more about the Top 25 Global E-Commerce Power Players, click here.