“If you break it, you pay for it.” That used to be something you’d only hear in brick and mortar stores. Soon, a similar warning could apply to any eCommerce business that collects or handles consumers’ personal data. We’re about to enter a new era of data responsibility.
ECommerce businesses deal with a lot of data: they process everything from customer data to locational and behavioural data. Personal information is shared with retailers or service providers every time a customer or user goes online.
So it was perhaps inevitable that new data privacy laws like the General Data Protection Regulation (GDPR) would be introduced to deal with the consequences of all this data sharing. GDPR is an EU regulation that comes into force on May 25, 2018. It will introduce more transparency, strengthen existing data protection requirements and introduce greater penalties for data security breaches.
Here’s what marketers in the eCommerce industry need to know.
Melanie FitzgeraldGDPR is Just Around the Corner: What Does This Mean for ECommerce
Forget Romeo and Juliet, if you want a real example of true love look not to rom coms or soppy dramas, but to the brands who are using an omni-channel approach to retail to ensure their customers feel loved at every step of the buyer journey.
These brands are building a relationship with their customers that is unparalleled in the world of retail. They’re listening to their needs, they’re giving them what they need, and they’re working to ensure the customer always has a great experience. As a result, their customers are more engaged, they spend more both in-store and online, and they’re easier to retain.
But what is the omni-channel retail approach and how does it work in practice?
Niall O'GormanThe Omni-Channel Approach: A Love Story Like No Other
The internet is full of stats about why content marketing works. As per Demand Metrics, 70 percent of consumers feel a closer connection to a brand as a result of content marketing. 72 percent of customers believe they form a relationship with a brand as a result of custom content.
Many luxury and fashion brands are still questioning how to bridge the ‘digital divide’. It is a very delicate path to tread for high-end brands, given what’s at stake – their exclusive brand reputation. Whilst the shift towards omnichannel is growing at a rapid pace, most revenue in the luxury brands market is still driven by offline physical channels.
The trouble for luxury brands is that a lot of what makes them luxury occurs offline, such as exclusive showrooms, personalised service and so on. However, if luxury brands don’t embrace digital they risk falling behind.
Melanie FitzgeraldHigh-End Fashion & Luxury Goods: 5 Ways Brands Are Embracing Social Media
But just what are chatbots and could they really help your business revolutionise its consumer experience? Today, we’re explaining what chatbots are, how they work, and some of the benefits associated with their use.
Melanie FitzgeraldChatbots: Can they help you revolutionise your consumer experience?
It’s been a strange year for eCommerce: American shoppers spent a record $5 billion in 24 hours on Black Friday – up 16.9 percent compared to the year before. At the time, Amazon said that sales were rolling in “at record levels,” with more than 200,000 toys selling in just five hours.
Inversely, NetElixer, a retail search agency, estimates that Amazon’s total share of holiday sales will grow to 34 percent this year – which will have a knock-on effect on other retailers, with slower than usual online sales this holiday season at 10 percent year-on-year growth.
The online space is crowded and shoppers have more options than ever to complete their purchases. While competition is stiff, e-tailers also have more options for converting one-off holiday shoppers into long-term customers.
According to forEntreprenurs, it’s 68 percent more expensive to acquire $1 from a new customer than to upsell existing customers – and 70 to 95 percent of revenue comes from upsells and renewals. It’s a consumer market, but retailers have an opportunity to leverage holiday shoppers. Here’s how:
Melanie FitzgeraldHow To Leverage Holiday Shoppers So They Become Long-Term Customers
Niall O’Gorman, Chief Strategy Officer at ChannelSight was delighted to recently join Heather Kaplan, Customer Success Director at Clavis Insight, on a joint webinar ‘Online Retail Readiness For Brands: Ensuring A Positive ROI On Your Digital Marketing Spend’. On this webinar Niall and Heather delved into key things brands can do to truly optimize their marketing spend.
In theory, digital advertising and social media can deliver ready-to-buy consumers direct to product landing pages in online retailers. However, campaigns will only produce incremental revenue if targeting is on point and products are setup correctly, and ready for sale.
If you missed this webinar, not to worry, we’ve pulled together 6 key takeaways to help you on the road to ecommerce success. So let’s take a look at some key things you can do to ensure you are retailer ready in the online store
Kate Butler6 Key Takeaways: Online Retail Readiness For Brands Webinar
Have you ever considered partnering with another online retailer to sell your products? After a long silence, you answer: “I already have my own eCommerce site.Why would I send consumers to a retailer site to purchase my products rather than my own site?!” You wouldn’t be the only brand to have this opinion. But hear us out before you make up your mind completely.
We know it may seem counter intuitive to send your customers away from your site to purchase your products, especially when you already have eCommerce capability on your site. However, teaming up with other eCommerce retailers can result in a win-win outcome for both of you. In fact, when done right, eCommerce partnerships can result in a plethora of benefits for your business.
Melanie FitzgeraldThe Power Of We: 5 Benefits For Brands Building eCommerce Partnerships With Retailers
Imagine a person planning to buy their favourite headphones with their first salary. As soon as that hard earned cash lands into their bank account they jump online, visit your website and they’re excited to see the product in stock. But wait, when they actually click on the option to buy from their preferred retailer the item is out of stock. Imagine the disappointed in their face.
Brands only get one chance to make that first impression, and this needs to be one of enjoyment rather than disappointment. Brands invest millions to capture consumer attention, and losing that customer once they finally decide to purchase your products can have a huge impact on sales and the customer mindset, all because the wrong stock information was shown.
The rise of eCommerce and customer experience has changed the face of retail. In its very early days, retail was built on a barter system. Now, retail is a relationship instead of a series of transactions.
Technology is the great equaliser and the consumer is at the centre of the new retail ecosystem. ChannelSight’s CCO and co-founder, Niall O’Gorman, talks through some of the biggest trends we can expect in retail for 2018.
Melanie Fitzgerald2018 Future Forward: Predicting the Top 9 Retail Trends for 2018