As far as innovations in the toy industry and eCommerce go, it’s baby shark eat baby shark. If you’re not elevating your eCommerce strategy then someone else will. With iconic giants in the industry like Toys R Us facing bankruptcy, many brands like FAO Schwarz and retailers like Amazon and Walmart are rushing in to bridge the gap.
ChannelSight is here with the strategies and tactics that you need to help win in the modern toy market. From Amazon and beyond, we’ll guide you through the ways in which your brand can succeed in the toy business.
Today’s Toys & ECommerce
Baby sharks aside (is it in your head yet?), no one wants to end up like Toys R Us. Struggling from fierce online competition and difficulty in joining the eCommerce world, Toys R Us have suffered from the shift from brick and mortar stores to an omnichannel experience. Could they have avoided their fate?
Shoppers have a lot more choice on Amazon. From being able to compare brands of toys, to colours and categories, the options are endless. If you look up ‘construction toys’ on Amazon over 50,000 listings appear right at your fingertips. Increasingly, Amazon is also pushing their private label, Amazon Basics, alongside the listing. Buying construction toys? In addition, maybe you need a bin to organise them. Amazon wins by anticipating what you need before you even think about it. Tie this with lighting fast shipping, competitive prices and a vast choice- it only makes sense that they would be the first choice for consumers worldwide.
What Can You Do To Protect Your Brand
With 3 in 4 US online shoppers starting their toy search on Amazon, what can you do to protect your business from ended up like Toys R Us? Look At Which Products Are Best Sellers. It’s time to optimise your stock. Take a look to see which products are best sellers and make sure that they are ranking on the first page of Amazon to ensure visibility. Amazon’s A9 search engine differs drastically from Google Search because Amazon is a buying platform. Therefore, Amazon wants shoppers to buy as much and as often as possible. So what can you do to be one of those featured products? Keep images, the content title and the price point in mind. Optimise for visibility, relevance and conversions. In other words, shoppers need to be able to find you and find you interesting.
You can even go further and ensure that your best selling products have positive reviews. Did you know that 20% of shoppers consider the presence of good reviews as influential as the basic product content? A positively reviewed product typically has more than 20 reviews with at least a 4.0 star average rating. Some markets are underdeveloped in regards to reviews. For instance, German and French markets on Amazon do not feature as many reviews as the United Kingdom. This is a great area for brands to focus their efforts on, as ensuring that their best selling products feature strong reviews can help increase traffic and conversions.
Keep An Eye On Stock Levels. You’ve put in the work and now your products are ranking in the top 15-20 positions. Now it’s time to make sure that you’re not only visible to consumers but you’re also in stock. Product content and sales are major driving forces behind search rankings. If you’re not in stock, how can you be bought? Leading brands in Europe keep a close eye on their stock levels, and the top 5 toy brands across markets average a year round availability of 93%.
We are approaching the busiest part of the year for toy sales. Similarly, during this time of year stock levels for popular toys obviously come under some pressure while parents look to surprise and delight their children. Make sure your products are available and in stock to avoid missed opportunities. Monitor and measure your key metrics daily to identify opportunities, issues and adjust stock levels.
With ChannelSight it becomes possible to track and monitor all your product prices, SKU’s and stock coverage across all retail partners. Furthermore, you’ll also be able to easily pinpoint offenders that are devaluing your brand and enforce a Minimum Advertised Price (MAP) when necessary. Don’t find your brand missing out.
Finally, have you considered bridging the gap between online shopping and physical stores? It might be worth considering incorporating Buy Now Pickup In Store (BOPIS) as part of your omnichannel strategy. Did you know that shoppers that were notified of their order within 4 hours were 19% more likely to use the services again? We’ve written a great piece about how BOPIS could be the secret to making a truly omnichannel experience. You can read it here. Parents are looking for a convenient way to complete their holiday shopping. In conclusion, offering consumers all of the information required to purchase a product online and pick up in store, brands can further enhance their consumer experience while capturing interest at its peak.
Feeling overwhelmed like a kid in a candy shop? Don’t worry. We are here for you. Contact us today to learn about how our eCommerce solutions can help you and your brand today. You can even book a demo to see our wide variety of products in action. In other words, what are you waiting for?