The upcoming Holiday Season and Christmas this year will undoubtedly be unlike any other, so it's only reasonable to think that a resurgence is possible beyond Europe as well. As a result retail stores along with other services are closed until further notice in many countries. We already spoke about a digital black Friday earlier in our blog here but it's likely that the overall holiday season shopping will likely be online too.
It's also likely that with the increased shopping activity during this time of the year there will be multiple challenges for brands trying to meet heightened customer demand. Adobe Analytics' report predicts that this year's online holiday season spending will reach $188 billion. This reflects a 33% YoY growth. This presents brands with a plethora of opportunities however there is no doubt that there will also be challenges for brands. Especially with the Holiday season and Christmas coming up the competition is only going to get more fierce online. Brands will need to ramp up their strategies and put the right tools in place to help them get the edge over their competitors.
The Challenges for Brands
We have established that this year's online holiday shopping is going to be the biggest yet. However to reap the benefits of this expedited growth it's critical for your brand to have an optimized and robust eCommerce strategy. A key factor to achieve this is providing a smooth consumer journey. What consumers really need and want is to be able to easily buy their choice of products. They don't want to land on your website and have to be redirected to retailer websites only to find that the product is out of stock or even worse is at a higher price than indicated on the brand website. You need to ensure that you have an optimized eCommerce strategy enabling the consumer to easily buy your products.
Apart from providing your consumers with a seamless consumer journey on retailers it's also important for you to have in-depth knowledge about your retailer portfolio. You need to know which retailers perform the best for your brand and drive the highest conversions along with knowing if there are any price violations or coverage issues. Further amidst the fierce competition you need to ensure that you have a competitive edge over your key competitors.
The Solution For Brands
The challenges we mentioned above make it clear that brands require visibility into a lot of factors when selling via retailers. Further it can be difficult to keep track and digest all the data- stock variations for retailers price variations which version of the products each retailer has and so on. The solution to all the challenges above and more is to have an e-Tail monitoring solution.
At ChannelSight we provide a world-class e-Tail monitoring solution that enables you to analyze your product's stock and pricing on all your retailers. Not only does this provide you with all the needed data but also helps to improve consistency and avoid losing out on sales. Below is a snippet of what your solution looks like.
With the upcoming Christmas season and rising competition it is clear that your eCommerce strategy needs to be on point. For example you need to indicate the availability of stock for consumers to easily purchase your products. It will be imperative to have visibility over your stock on various retailers' sites. This so that you can timely negotiate with retailers to ensure availability and also monitor the pricing. A key feature of our eTail monitoring solution is the insight you get into your competitors and their price points for similar product categories. This can further help you to build an optimized and informed strategy. You can do all of this on one single platform - our eTail monitoring solution. We present the data in a digestible manner on your personalized dashboard. This enables you to easily visualize and analyze the data.
To summarize some of the key benefits of our solution include:
- Manage key out-of-stock products
- Easily identify products in-retail
- Track price leaders
- Monitor price fluctuations during promotional periods
- Analyze the impact of price on conversions
- Compare pricing strategies across retailers
- Get insights into competitive data
Pair this with our Where to buy services and we can help you identify dead-ends in your conversion funnel. Speak to one of our experts today to learn more.
How can we help?
ChannelSight has a team of experts that can help you build a robust and data-driven eCommerce strategy to help increase your conversions. We can help you implement solutions that can optimise your eCommerce strategy. Contact us today to book a demo with our team of experts.