Praveen Dhama

awareness-phase

Awareness Phase: Road to Reach The Top Shelf

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The first phase of the customer Journey is all about being discoverable across the e-commerce platforms Are your products the top draws on the eCommerce marketplace? In simpleton terms, Does your product pop up in the top search results and get picked up first? No?   Just being a known name in the brick-mortar shops and marketplace does not transpire the same way in the eCommerce arena. Unless the shopper is looking for a specific product of your brand.  So how does it work in the eCommerce ecosystem? Let’s take the first step on the journey and start charting your path to reach the top of the digital Shelf. Brand Efficiency in the Product Awareness Phase The spot on the top shelf is what drives brand efficiency. The fierce and feisty competition on the eCommerce landscape put immense pressure on brands to push for more and do better in digital marketplaces. But all efforts can turn to dust if your product does not reach the intended segment of shoppers. The brand being efficient in the Awareness Phase is key to getting on the top in organic search. So, what are the things your brand needs to do to be efficient in an awareness phase? Analyse and optimize content to create a perfect product detail page. Enhance Product Discoverability with Keywords Analyse & Optimize Banner Keep track of existing and new competitors in your segment Looks simple right? Not at all. In this preliminary phase of the customer journey making the product more discoverable and enhancing awareness is like starting from scratch which starts with getting the Product Display Page (PDP) content right. Efficiency Checkpoint 01 – Content Discoverability Check Pick the right words. What you write in the Product Title & Description is key to making the product more discoverable than competitors. Brands need to perform content audits regularly to ensure that the product pages are engaging on eCommerce platforms. To know more about what makes the content description more effective click here. PDP content Audit typically involves evaluating various aspects of content to assess its effectiveness and identify areas for improvement. This includes: Image Analysis: Involves evaluating the images used to ensure they are visually appealing, relevant, and optimized for performance. Let the pictures speak for the product. Brands need to conduct Image Analysis on product images and ad banner images to check for performance and compliance. Perfect Page Analysis: Focuses on evaluating the effectiveness of individual pages. It involves assessing various aspects. The goal is to identify any issues or areas for improvement that might be hindering the page’s performance and user engagement. Keyword Recommendation for PDP (Product Detail Page): Identifying relevant and high-impact keywords that can optimize the page’s visibility. The recommended keywords should be strategically incorporated into the PDP’s content to improve its ranking and attract more organic traffic. Optimizing listing needs accurate, effective, and engaging content with the right set of high-performing keywords to boost rankings. Brands need to keep track of keywords to bid on their brand and competition for organic, sponsored, and generic keywords. Efficiency Checkpoint 02: PDP Discoverability Check Making your product discoverable on the eCommerce marketplace requires a lot of factors to come together and help optimize product performance. Optimize Brand-wise Discoverability Share: Analyzing how well your product content is being discovered and shared across different platforms. It involves assessing your brand’s visibility and tracking its performance over time. Role of Keywords: The key to boosting discoverability is the keywords. The keywords play an important role in making your products under various sub-brands, categories, and sub-categories pop up among the top searched results. Use of high-performing keyword Banner Performance: Analyzing eCommerce ad banner performance is essential for enhancing brand discoverability across different platforms. By evaluating the effectiveness of category page banners, banner themes, and keyword themes, brands can optimize their strategies to capture the attention of their target audience, increase brand exposure, and drive sales. With a data-driven approach to banner analysis, brands can refine their design, messaging, and targeting strategies to stand out in the competitive eCommerce landscape. (a). Category Page banner: Category page banners play a significant role in capturing the attention of potential customers as they navigate through eCommerce platforms. These banners are strategically placed within specific product categories, attracting users who are already interested in those particular items. By understanding which banners generate the most engagement and conversions, brands can optimize their designs and content to increase brand exposure and drive sales within relevant product categories. (b). Banner theme: The theme of an eCommerce ad banner refers to the overall visual and messaging concept it conveys. Analyzing the performance of different banner themes helps brands determine which styles resonate most effectively with their target audience. By identifying the most successful banner themes, brands can refine their design strategies to align with customer preferences and increase brand recognition. (c). Keyword Theme: Keyword themes are an integral part of eCommerce ad banners as they influence the ad’s visibility when users search for specific terms. By understanding which keywords are most relevant to their target audience and driving the desired actions, brands can optimize their ad campaigns for improved discoverability. Additionally, analyzing keyword themes helps brands refine their search engine optimization (SEO) strategies, ensuring their ads appear prominently when customers search for related products or services. Efficiency Checkpoint 03: Competition Discoverability Check Competitive insights and analytics across brands, sub-brands, product categories, sub-categories, and variants lead to data-driven business decisions that boost brand efficiencies on the eCommerce platform. Constant monitoring and performance tracking are required to stay updated on market trends and developments made by competitors across eCommerce marketplaces. Brands need to track new and existing competition brands and the product performance vs competition to upswing their performance and formulate effective business strategies. This analysis process goes beyond the Awareness & Discoverability phase of the brand. We shall cover that aspect of the customer journey and various touch points for a follow-up piece. Final Thoughts Awareness is just the first step in optimizing the customer journey, and ably the most crucial one as it’s a phase where

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Bricks to clicks: Brands expanding their footprints

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It’s not about the wings, it’s about the will to fly high. Shopping has been traditionally about look & feel, banking high on customers’ needs, and getting assured by trusting what they see. But times have changed Brands, digital-first, or offline stores, all are moving to the new sky of digital retail expanding their wings and flying high with massive boosts in omnichannel sales in the post-pandemic new normal. Let’s explore how brands are expanding their digital footprints, what’s then towards it, and the perks of going digital. Big Brands Moving to Digital Stores and Luxury eCom Marketplaces The implementation of lockdown measures has not impacted people’s expenditures significantly; rather, it has led to a shift in their spending habits. In response to this change in consumer behavior, well-known fashion brands have adapted by investing in their online shopping platforms and eCommerce stores. As a result, major players in the fashion industry, such as H&M, Puma, Hugo Boss, and Zalando, have witnessed a remarkable surge in sales and an expansion of their customer base over the past few months. For example, H&M, the Swedish fashion retailer that ranks as the world’s second-largest, managed to recover from a 57% decline in local sales through a nearly one-third increase in online sales. Puma, the world-known sportswear firm has decided to invest more in online logistics after they saw their e-commerce sales grow by around 40% in the first quarter and by 77% in April. Showcase For Offline Sale In today’s digital landscape, where a majority (63%) of shopping instances commence online, it has become crucial for businesses to establish a strong online presence to reach potential customers. Even if these customers ultimately make their purchases from local brick-and-mortar stores, it is vital for companies to showcase their products or services on the web. However, the rising costs associated with digital marketing and the need for eCommerce adjustments have raised concerns about the sustainability of exclusively direct-to-consumer (DTC) business models. According to the State of Fashion 2023 report, brands will need to diversify their channel strategies beyond DTC to foster growth and success. Why do brands need to expand their online footprint? Most brands across the world are available online now in the post-pandemic world, even the luxury stores and houses of brands are also available on niche luxury online platforms or selling via their own online store. The ease of accessibility is the key. The ease of purchase and expanding reach to new shoppers who prefer online stores even for luxury shopping. Customer experience. Seamless transition from offline to online saves on massive inventory management costs and store costs. It translates the offline shop experience to online with more consumer-friendly options. What do brands need to do when they decide to go online? Understand the eCom landscape & competition: When a brand goes online, it needs to get hold of the market first to understand what & where it wants to sell and who it is targeting. Understand competition various product performance matrices as it has sharp contrast, starkly different from a brick and mortar sales competition. Know your target: The target customers need to be identified as the brand decides to move into new territory in the online segment. What future holds? The future looks bright as brick-and-mortar stores can co-exist with online marketplaces. The brands on the shelf of the store now making a smooth transition to digital shelf with more control over product performance. The growing digital retail marketplaces with new technology like augmented reality are enhancing the shopping experience like never before. Brands also moving towards competitive intelligence to stay ahead of market trends with insights and analysis vs competitors across geographies and platforms. The sales channels on the online shopping spectrum are also evolving with new avenues with on-the-go shopping potential – Live commerce and Social commerce are extending the reach of brands beyond the bounds of platforms. But still, eCommerce marketplaces remain the key for a brand to boost sales. The rise of Digital Native Brands (DNB) has also opened door the to an innovative set of products and more options for customers along with Brands which has both online & offline presence. The race to reach the top shelf is heating up but the future looks exciting for more Brands across industries and sectors on the eCommerce landscape. Conclusion To sum it up – the World is changing and brands need to change with it. Marketing strategies and sales channels are expanding and online sales is the bandwagon they need to hop on. Expanding digital footprints in the eCommerce arena is the right move. But brands need to back the decision with data-driven decisions, getting that top spot on e-commerce marketplaces is not that easy. Gear up with digital commerce intelligence, and make your marketing strategies based on insights & analytics while keeping a sharp eye on market trends and competitors’ activities. Spread your winds in eCom Sky, fly high, and make your journey more worth it. Click here to connect with us and learn more about what your brand needs to expand its digital footprint in the global digital commerce ecosystem.

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Consideration Phase: What Makes Shoppers Pick Your Product?| mFilterIt Blog

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The second phase of the eCom Customer Journey is where shoppers evaluate and consider your product The job is not done yet. Creating awareness and generating interest in your product is just the beginning. To truly win over shoppers and make your product the top bargain, you need to excel in the consideration phase. “ACCORDING TO A SURVEY REPORT, 85% OF CONSUMERS COMPARE PRODUCTS BEFORE MAKING A PURCHASE ONLINE” This is the phase where shoppers evaluate your product for their purchase decision. They go beyond the product description and start asking questions like: Is the product available? Does the price suit their budget? What are other customers saying about the product? When will it be delivered? These are the key questions that need to be addressed during this phase. Checkpoint I: Quest for the perfect price Pricing plays a crucial role in a shopper’s decision-making process. It is essential to analyze and determine the perfect price point for your product. Conduct thorough market research and competitor analysis to ensure your pricing is competitive and attractive to potential customers. To optimize their performance with the right pricing brands need: Identify and monitor pricing & discount trends Boost market positioning with the better pricing decision Identify MAP violations across platforms “ACCORDING TO A SURVEY REPORT, 57% OF CONSUMERS CITE PRICE AS THE MOST IMPORTANT PURCHASE CRITERION” Checkpoint II: Stock it up Product availability is a significant factor influencing purchase decisions. Nothing turns away a shopper more than finding their desired product out of stock. Implement a robust inventory management system to track and ensure sufficient stock levels. Anticipate demand patterns and replenish stock accordingly to avoid missed opportunities. Being aware of their stock situation across geography and platforms brands need: Insights on competitors Out-of-Stock (OOS) gives for pushing own brand on such geographies The optimized stock status also ensures that competition does not eat up their brand market Upswing buy-box wins with improved availability across geographies “44 PERCENT OF CONSUMERS CHOSE TO PURCHASE THE PRODUCT AT A DIFFERENT RETAILER WHEN THE PRODUCT WAS OUT OF STOCK.” Checkpoint III: Lend Your Ears Listening to your customers is vital in the consideration phase. Analyze customer feedback, reviews, and ratings to gain valuable insights into their experiences with your product. It helps brands address any concerns or issues promptly and make necessary improvements based on their feedback. This not only builds customer trust but also helps in product refinement. To understand customer sentiment brands need: Provide actionable insights for every department in the company to improve product pricing, packaging, and logistics Optimize product experience for the customer and thereby reviews and ratings Insights unraveling what’s working for the brand and where need to improve in terms of price, quality, quantity, packaging, taste/flavor, genuineness, delivery, etc. “ABOUT 70% OF CONSUMERS HAVE CHANGED THEIR PERCEPTION OF A BRAND BASED ON IF AND HOW THE COMPANY REPLIED TO AN ONLINE REVIEW” Checkpoint IV: Seller Check Collaborating with reliable sellers is crucial for maintaining a positive brand image. Regularly monitor and evaluate the performance of your sellers. Ensure they meet your brand’s standards in terms of product quality, customer service, and adherence to pricing policies. Take appropriate actions if any issues arise to maintain consistency and reliability. To stay updated on seller activities your brand need to: Monitor Best performing brand in the sub-category Actionable insights for making effective decisions to upswing product into being a best seller Boost the brand’s positioning in the market Checkpoint V: Deliver on time Timely delivery is a key factor in customer satisfaction. Monitor and optimize your delivery process to ensure that orders are fulfilled promptly. Set realistic delivery time frames and communicate them clearly to customers. By consistently delivering on time, you build trust and enhance the overall customer experience. For uplifting delivery performance and build customer trust your brand need to: Optimize delivery time/TAT Ensure faster delivery across product categories especially for the best sellers Upswing Amazon Buy Box win percentage Checkpoint VI: Stay SKU healthy Each stock-keeping unit (SKU) represents a unique product variant. It is crucial to track the performance and health of your SKUs. Analyse, identify underperforming SKUs, and take necessary actions such as promotions, marketing campaigns, or discontinuation of low-performing SKUs. By optimizing SKU performance, you maximize profitability and align your product offerings with customer preferences. Understand your SKUs and optimize performance through: Deep Insights into Perfect Page Analysis of SKU Monitoring inventory, and financial analysis at the SKU level Find new ways to push products based on perfect page scores and better the product experience Final Thoughts To be on top of the competition, brands need an extra impetus to stay ahead. Digital commerce intelligence provides that edge by optimizing every touch point across the customer journey. The consideration phase is a make-or-break moment for brands as customers evaluate and make purchase decisions. Imagine a scenario where your product goes out of stock during a holiday season sale, or your competitors are driving more sales through dynamic pricing and discounts. To avoid such scenarios, it is crucial to optimize the consideration phase using mScanIt digital commerce intelligence and rewrite your brand’s success story. Wait! It’s not over yet the final phase purchase phase is still due. Follow up and discover what your brand needs to optimize the customer journey and boost efficiency across the three phases.

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How to boost product discoverability with keyword recommendation

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Most shoppers know what they want, approximately 43% of shoppers go straight to the search bar Whenever we want to buy anything online whether it is a grocery item, a gadget, or a pair of shoes, we would invariably type in the words that describe what we are looking for. It could be ‘black running shoes’ or ‘basmati rice,’ or ‘best smartphone under 50k’ and so on. Typically, what customers look for is the type of products and often not a specific product from a particular brand. In the eCommerce setting, the search results will show a brand’s product in response to a query containing such organic keywords only when the brand has integrated the right approaches toward SEO keywords along with key elements that makes products more discoverable. What is Product Discoverability? In the e-commerce landscape, large aggregator marketplaces have such extensive options for each type of product that the customers can’t look at each offering that matches the search. Even if you sell a white shirt and the customer is looking for the same on Amazon, they might not see your product. That is why brands need to understand the customers, and their intent to purchase a product, and then present the product closest to what the customers seem to be looking for. Smart product discoverability tactics enable brands to display the products likely to be the best matches for the customer’s search. When customers can see the right products faster and get better offers, chances are that sales conversions will be higher. Role of Keywords in Product Discoverability 1. SEO Optimization Product discoverability is critical for digital commerce players. Whenever customers search online for your type of products, they should be able to see the brand. This is what we can achieve through SEO optimization. The first thing that a brand needs to do is to use the right keyword. A keyword analysis is key to identifying the relevant keywords that the audience is most likely to use for searching the products. These tools would analyze search volumes, competition, and various other factors that can improve the search rank of the keywords that you use. Companies also need to analyze the keywords that competitors are using. When a competitor’s products are ranking high, you can analyze and find out what keywords are working best, and use similar keywords in your product listings. However, it must be kept in mind that the content used in your product description should appear genuine and contextual, and you must not stuff keywords for the sake of it. Usage of long-tail keywords (phrases that are more specific than generic) in product descriptions, titles, or tags, enables greater product discoverability to the real-time audience. Product titles are a vital aspect of this strategy and they must always be optimized through high-ranking keywords. Regular, real-time performance analysis of keywords would boost the share of the shelf in the digital commerce ecosystem, and the brand would be able to scale search rank in a way that reduces the need to spend more on keyword bidding. Most shoppers know what they want, according to a survey by Catalyst Digital  43% of shoppers go straight to the search bar which makes keywords more important for product discovery. Further, several obstacles in product discoverability can be overcome by smart SEO strategies. For instance, the search ranking of product pages is affected by the content, imagery, and information that is provided on the page. By using good quality images, text that is easy to understand, relevant, and authentic and the addition of further details about the product can lead to superior discoverability. 2. Expand The Reach of Products Expanding the reach of the product implies that it is made available to a larger audience through multiple channels. You can optimize product listings on e-commerce marketplaces like Amazon and Flipkart etc by improving titles, and tags, and adding images and videos that can better display the products. Another key channel to expand its reach is social media. Most digital commerce brands use platforms like Instagram, Facebook, and YouTube to engage audiences across different regions and boost sales opportunities. Running advertising campaigns featuring sponsored keywords on Google Ads is likely to help find more customers looking for products in the category that you offer. Such campaigns should also integrate discounts and promotions as consumers relish great deals that save money and deliver value. Such promotions also help in generating buzz and increase brand visibility. One of the most impactful options to expand product reach is to optimize the product listings for mobile viewers. Mobile commerce through smartphone apps is already big and enables users to find products. 3. Monitor the Brand’s Organic and Sponsored Discoverability Once the brand’s organic and sponsored discoverability is boosted, it is also important to monitor the same and continually analyze the performance for improvement areas and greater outcomes of the keyword bidding activities online. It is important to regularly revise and monitor keyword performance and keep replacing low-performing keywords with other relevant options. Using advanced AI-powered digital commerce intelligence tools with keyword recommendations to monitor search rankings, keyword performance, and discoverability with a comprehensive dashboard can exponentially boost discoverability. 4. Monitor keyword-based digital Share of Shelf performance Digital share of shelf performance monitoring requires constant tracking of the product/brand visibility in the SERP. Setting up tracking through an advanced digital tool that would help in tracking search volumes, and analysis of snippets, images, and videos to help in the identification of best-performing content is essential. At the same time, one needs to monitor the share of the shelf for the competitors and as mentioned earlier, analyze their keywords and content strategies. 5. Track and analyze discoverability trends vis-à-vis competition across e-commerce marketplaces It might be challenging to track and analyze the discoverability of your products on eCommerce marketplaces, especially in comparison to the competition, but through a smart and strategic approach, it is doable. What you need is to clearly define the metrics that have to be tracked. Whether

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Augmented Reality in eCommerce: The Future of Online Shopping

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Augmented Reality is taking the customer experience to the next level with eCom platform optimization Leap imagination and turn it into reality. It might be a tough task in life but now possible with product previews on eCommerce platforms. Need not imagine how a lamp would look on the bedside table or wonder will this lipstick shade suits my lips. All you need to do is click a picture or video upload on the eCom platform and see how that product fills the blank space with Augmented Reality. The lack of a full sensory product experience is a major obstacle in online shopping. Physical stores allow you to try on clothes, feel fabrics, or visually assess the size of a couch in a space. However, with augmented reality (AR) applications, customers can gain more comprehensive product information without leaving their homes. Let’s dig deeper to understand how Augmented reality is paving new ways to optimize customer experience and eCom platforms as well. Augmented Reality in eCommerce By using Augmented Reality for product display eCommerce marketplaces and brands are steadily moving towards providing customers with a more inclusive and immersive experience. A real-world-like environment with an interactive enhanced experience via digital elements, visuals, sounds, etc. Allowing shoppers to watch products in 3D or preview in their environment virtually like placing the item say a sofa in the space in your living room. In simple terms, Augmented Reality (AR) simply augments an existing world. Augmented Reality (AR) provides previews by placing items in a real-world scenario. For example, try out frames on Lenskart after uploading your headshot video, ‘Amazon view’ which enables shoppers to try on lipsticks by uploading pictures or live video, and an AR-powered ‘view in my room’ feature. Think back to Pokémon Go, one of the most well-known applications of augmented reality. Users would be playing the game while walking down the street, looking at the real environment through their phones, which overlaid digital characters in specific places. Augmented reality is taking off rapidly. More & more advertisers and brands are deploying it to enhance customer experience. A report by eMarketer stated that over 43 million people in the United States, which is approximately 21% of social network users, were expected to use social network AR monthly. The same report indicated that 35% of U.S. respondents had used AR to customize furniture or vehicles. This is not just relevant for the U.S. but quite evident in the global digital commerce landscape, especially in India where shoppers from tier-2 and tier-3 cities are warming up to online shopping with massive buying potential. With the increase in 5G availability and improved bandwidth, retailers are expected to show more interest in AR and VR experimentation. As a result, more brands are adopting AR product previews, such as “Amazon View” and Flipkart’s “View in My Room”. AR is particularly popular in the Beauty & Personal care segment for try-on purposes and in Home Décor & Furniture placement in a room. How are eCom businesses using AR? AR previews of products help customers make a purchase decision and make the shopping experience more personalized. Virtual Try-On: It’s just like in a brick-and-mortar shop where you see a product on a mannequin, it looks great. But trying it helps make a more accurate purchase decision. Similarly, the virtual try-on uses the shopper’s photo or video to preview how the product looks. This also helps buyers understand what they are buying and if the item works for them. Preview placement: For the Home décor and furniture segment preview placement is the perfect tool to attract shoppers. It helps place items in your room at your desired place. Shoppers can see how a 55’ inch TV would look on the wall or will that color and design bed will suit their bedroom. The real-time preview placement of products in Shoppers’ environment will help shoppers decide whether the product suits their needs or not. Interactive user manuals: This is the more extensive use of AR-creating manuals as a response to user actions by scanning product indicating buttons or using graphical arrows, animation, etc. Social media filters: Generally used for fun. Filters can also be used for try-ons. That can help boost social commerce sales. It can be used to showcase a new product by enabling people to test out how it’ll look on them. According to a survey conducted by Google on AR usage among consumers, 66% of the participants expressed their interest in utilizing augmented reality technology to aid them while shopping. How Augmented Reality can help eCommerce brands? The challenge of representing a physical product in a virtual environment is one of the biggest obstacles to eCommerce. AR technology has the potential to help overcome this obstacle by providing a more accurate representation of the product and helping customers understand what they are buying. Some benefits of using AR technology in eCommerce are as follows: Increase customer engagement: By offering an interactive experience, AR technology can encourage customers to stay on your website longer, increasing the chances of a purchase. Even if they do not buy it immediately. Engagement with the brand and product can lead to better recall in the future. Reach new customers: To stand out in a crowded market, you need to create a buzz. A well-executed AR campaign can help capture attention and attract new customers. Reduce returns: AR technology can provide customers with a more comprehensive view of the product than static images or videos. By showing how a product would look in a consumer’s space, AR technology can help reduce the likelihood of returns due to unmet expectations. According to recently published data by Shopify, an eCommerce platform, products that featured VR/AR content in their advertisements experienced a 94% increase in conversion rates compared to products that did not have such content. Final Thoughts – What’s Next? Augmented Reality is interactive and helps during the product evaluation and consideration phase of the customer journey which leads to purchase decisions, but a good interactive

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Amazon Buy Box: 5 Ways to Win It

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Buy Box is the fiercely contested prized possession of sellers in the eCommerce arena. The battle is for the shoppers’ attention as sellers’ success and growth on the eCommerce platform mostly depend on it. According to a research report, approximately 82% of all sales get converted due to the Buy Box. The fact clearly, reflects why every seller seeks Buy Box on the eCommerce platform. Amazon Buy Box is the most coveted need of every seller on Amazon, the world-leading e-commerce Marketplace. So, take a closer look and find out how to win an Amazon Buy Box. What is Amazon Buy Box? Simply put, it’s a CTA that takes a shopper directly to the purchase page and leads to a swift purchase. But not every seller has it. Let’s first understand why it’s so valuable and what makes sellers eligible for a chance to win the buy box. Amazon has mainly 5 types of sellers – Manufacturer & Direct-To-Consumer (DTC) Brands, which Produce and sell their products under their brand names, Private Label Brands, which Sell products manufactured by a third party under a different brand name, Factory Brands, sourced from often overseas factories and go direct to global consumers with more often at comparatively lower prices, Resellers, who buy products in bulk and often sell them at a higher price to make a profit and Aggregators, Companies that purchase multiple Amazon brands to consolidate and grow them. Broadly they can be put into two selling methods Amazon itself, 1st party sellers sell wholesale to Amazon and Amazon acts as the retailer selling to customers, and 3rd party sellers sell directly to customers via the Amazon Marketplace. Buy Box quickly takes shoppers directly to the purchase page, avoiding spending time considering whom they are buying from Amazon or 3rd third-party seller. Only businesses with excellent seller metrics can win an Amazon Buy Box. Not every seller is eligible to win a Buy Box. Why it is important? Nearly 80% of all Amazon’s sales come via the Buy Box. In 2021, $389 billion worth of sales among net revenue of over $469 billion came from Buy Box purchases. This clearly, reflects Amazon Buy Box Win boosts sales. Sellers must meet the following metrics* to win the Buy Box: ​Key Matrices Requirement Order Defect Rate (ODR) < 1 % Cancellation Rate (CR) < 2.5 % Late Dispatch Rate (LDR) < 4 % Valid Tracking Rate (VTR) > 95 % On-Time Delivery Rate (OTDR) > 97 % Invoice Defect Rate (IDR) < 5 % *Subject to changes as Amazon keeps raising the bar on eligibility to win Buy Box. 5 Ways to Win Amazon Buy Box Sellers having significant order volume and quality products can strive for Buy Box. Here the quality of products is measured via Seller Controllable Return Rate (returned or refunded due to product-related issues) and Customer feedback & ratings. Amazon keeps on raising the bar, The digital e-commerce Seller needs to ace the performance matrices to boost their chances of achieving more Amazon Buy Box wins. Here are a few ways sellers can boost Amazon Buy Box win percentage. High-quality products: A genuine and high-quality product can delight the shoppers reduce return requests, curb defects and enhance customer ratings which lead to higher chances of Buy Box wins. Optimize Products Listings: Product listings are like the physical storefront, where shoppers get attracted by the looks, title, and description. Create product pages accurately with high-performing keywords, bullets in descriptions with product features, and high-quality product images. Cataloging and categorizing products are also crucial to avoid customer confusion. Offer competitive pricing: According to Amazon, you can automatically increase your chances of winning the Buy Box by listing your product within 5% of the current Buy Box price. Optimize Delivery Turn Around Time: Amazon customers expect to receive their orders by the estimated delivery dates and delivery leads to a higher win box %. Respond to negative feedback: High rating & review leads to a higher boy box win percentage. Amazon always strives for a high customer satisfaction level. 92% of customers say they will buy again from a brand if the returns process is easy. That’s exactly what you need to focus on by offering hassle-free returns and exchanges, leading to a positive return experience. Final Thoughts – Keep Your Eye on The Digital Commerce Landscape The bottom line is performance optimization is key to upswing Buy Box win percentage. The massive product range and variants on Amazon means cut-throat competition. A pinch of slip-up by brands and sellers can lead to a loss of sales and customer drop-off. To prevent such fallacies and boost chances to Buy Box wins brands and sellers must plug in e-commerce analysis. Keep an eye on multiple product performance matrices like product share of Shelf, visibility share, the content of product page, product stock availability, pricing, delivery turn-around-time, etc. The actionable insights and dynamic dashboard of mScanIt, an e-commerce competitive analysis can help brands optimize their customer journey on multiple touchpoints. It keeps track of sellers’ performance and Buy Box wins across geographies and digital commerce platforms. The Buy Now button on the product page is the ladder that takes your product to the top amidst the vipers of competition waiting for you to slip up. eCom is not a game of snakes & ladders it is a place where data-driven decisions thrive and earn multi-fold sales with Buy Box wins. Get in Touch for more information about Amazon buy box.

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Uncover New Opportunities: Fill the White Space in eCom Landscape

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The cursor blinking on a blank page is the writer’s white space waiting for sweaty palms and dry throat to relax and get over the excruciating writer’s block. In business, things are not that different or as nerve-wracking yet very exciting. It is all about identifying the target and formulating strategies to acquire these white spaces on the eCom landscape and uncover new opportunities. Is it that easy? Certainly not. Brands need insights and comprehensive analysis of competition or lack of it in the geography or pin-code to target. The omnichannel shopping avenues and new demographics turning to online shopping have opened up white spaces for brands to target and make their brand presence felt in the untapped territory. For Example, global QSR giant, McDonald’s started with just two items on the menu. They surveyed competitors and found out that they need to hyper-focus on best-seller items instead of expanding the menu to propel customer satisfaction. These were the white spaces in their industry. The insights helped them focus on customer service which was lacking among the competition at that time. Just imagine what ecommerce competitive analysis can do now for business – identifying White spaces and beyond. Understanding what was missing from the market, identifying what customers were lacking, and turning that industry gap into a success. Let’s dig deep and find out what exactly are white space opportunities, and how can they be turned into an asset. Benefits Of Digital Commerce Analysis to Identify White Space Digital commerce intelligence across e-commerce platforms, geographies, product categories, sub-categories, and variants vis-à-vis competition provides actionable insights. These insights and analysis help uplift product performance in existing space along with displaying brand untapped potential. Analysis of white space could help improve the product sales process, strengthen customer relations, acquire new customers, grow business reach, and enhance potential. Here are some key benefits brands can achieve from analysis and identifying white spaces: Expanded customer base Increased opportunities for upselling and cross-selling Improved customer relations, acquisition, and retention Refined sales approach and strategy New opportunities for innovation The white spaces are filled when the unspoken and unmet needs of the customers are uncovered by brands holding on to new opportunities, leading innovation, and expanding product reach. How to Find White Space in the eCom Landscape? Map New Opportunities It’s time to map your white space opportunities. The mapping can be done in 3 ways – internally-focused, externally-focused, and future-focused. Internally focused white space mapping – identify your brand or company strengths, abilities, potential opportunities, and competitive threats. The comprehensive analysis of own product performances across the digital commerce ecosystem provides a clear picture. It helps businesses determine how effectively act upon the market barriers, opportunities, and competitive threats. Externally focused white space mapping – identify products and services in the existing market failing to meet needs – potential gaps in the system, lack of competition, non-consumers, or new market spaces. Future-focused mapping – strategic forecasting, based on insights, devise business strategies based on actionable insights. Analyze Your Findings The compiled data on KPIs and power SKUs help connect the dots. The data tells the story of your product performance vis-à-vis competition. Brands monitoring their own and competition across platforms and geographies keep them on their toes. Understanding customer needs, finding out and plugging gaps in brand performance, discovering new areas to focus on, and identifying existing region that needs a boost based on platform, geography, and product-specific data insights. The analysis will highlight the white space and illustrate where you can target customers with better solutions. Accelerate Revenue by Identifying White Space Smart businesses take advantage of customer data, sales performance metrics, and competitor information to formulate cutting-edge strategies. Full visibility into your sales, delivery TAT, and customer sentiments find the gaps in your offerings and fill them with suitable action. This leads to accelerate revenue generation from the existing system and venturing into new untapped markets and demographics opens new avenues for revenue generation and expands brand reach. Final Thoughts – Get the Competitive Advantage There are many different interpretations of ‘white space’ in business. Some consider it to be all about unchartered territories, while others feel it is a lack of competition. The key is finding the white space in your market segment and identifying market opportunities that your business is capable of capitalizing on. Map out new opportunities that your business has the capability, resources, and drive to meet. Evaluating the competition marketing strategies find a white space and define your target customer. Figure out What you do better than our competition. And What do they do better than you? Competitive advantage helps position the brand in the eCommerce market segment. Finding white space may sound straightforward – but it is not. Plug in mScanIt, a Digital Commerce Intelligence Solution, to get real-time actionable insights across the digital commerce ecosystem. Monitor and analyze your product performances vs competition at every touchpoint across the customer journey. Your ‘white space’ lies in Identifying key needs within the target market that are currently not being met by any other provider. This is where the brand focus for growth should be. Get in Touch for more information. 

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luxury-eCommerce

Luxury eCommerce: Making Shopper Aspirations More Accessible

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Days of dreaming to own a Prada bag or a pair of Chanel pumps & Slingbacks for years are gone. Now, no need to worry about the death stares from the sales executives when you inquire about the price. Those fears weren’t unfounded either. The luxury eCommerce has opened the door for such dreams to turn into reality. The digital commerce landscape is transforming. Luxury brands are also getting available online with exclusive offers to acquire a new range of customers, who are willing to get the taste of luxury items. India’s luxury eCom race is heating up with Fashion, Beauty & Personal Care product-specific eCommerce platforms. There is definitely a lot more to come, as the geographically widespread market is a perfect fit for online selling. Let’s take a closer look at the elite items & brands reaching out to online shoppers. Luxury eCom Segment The major benefactor of the growing online luxury segment is the Indian designers and global Luxury brands, who were exclusively available in stores only. The eCommerce marketplace variants exclusively selling luxury goods are penetrating the Indian market steadily and preparing their niche customer base. Names like Ajio Luxe, NNNOW.com, Darveys, Tata CliQ Luxury, and Nykaa.com are all opening the door of luxury brands and items to Shoppers who wish to add these to their luxurious lifestyles. India’s $6 Billion luxury goods market is finally going digital. According to the Euromonitor International report, the Beauty segment is moving at a faster pace as compared to fashion. The 12.1 percent of super-premium luxury items in the beauty and personal segment are now getting sold through the eCommerce distribution channel. The number might not look much, but in terms of order value, it is quite significant. The Luxury fashion segment on the other hand is moving slowly as only 5.5 percent of designer apparel and footwear are selling online. The pandemic shook the luxury industry hard but opened new avenues for selling beyond brick-and-mortar glamorous stores. The industry segments bank on the growing purchase capacity of millennials in tier-1 cities and fluttering expectations of new wealthy shoppers from tier-2 and tier-3 cities. The convenience and availability meet the needs of these shoppers. Another factor that is driving luxury eCommerce is investment from conglomerates like Tata and Reliance. Tata owns Tata CliQ Luxury while Reliance sells Luxury products via Ajio Luxe. This appeals to Indian Luxury consumers and brands that feature on the eCommerce platform. New Opportunities for Luxury Brands India is on the verge of a Retail renaissance. As high-income individuals and consumer wealth is growing in India the Luxury segment is all set to expand its reach. Wealth spread across the cities reflect in the fact that according to Ajio Luxe – 60 percent of its orders are from outside the top 8 cities in India. The target audience is expanding as more and more people aspire to buy luxury items. They might start with high-end luxury handbags and push a little higher the next time buy Salvatore Ferragamo handbags. The Omnichannel approach to selling is also in place, offering personal service assistance recreating luxury brand store experience online. Loyalty programs, personalized service, luxury chauffeur delivery, exclusive guarantees, warranties, etc. are what enhance the customer experience. The brands need to respond to new Indian luxury consumers and optimize the brand performance, discoverability and track availability across luxury eCommerce platforms. As the kind of services is highly personalized brands there can’t be much saved on that but brands can save on physical store costs on the high street or shopping places in the city and operate from a warehouse in one-fourth of the cost. Optimizing Luxury eCom Retail A wide range of categories is focused on by Online Luxury marketplaces. Every Luxury brand in various market segments is an established name itself. To those shoppers who know the brands and products all they look for is what’s new is launched this season. The key area to focus on here is the availability of an exclusive product range based on the personalized preferences of the customers. For someone who is new to luxury products and brands, optimizing customer experience is key. As multiple brands of luxury items compete fiercely in the same space on the eCommerce platform, unlike a luxury store in an illustrious marketplace. Online Luxury stores like Darveys push aggressively with a massive range in online fashion presenting more than 380 authorized sellers worldwide to Indian luxury shoppers. Setting discounts and pricing becomes crucial in the online luxury landscape as well, catering to Indian customers middle class or ultra-rich, discounts are a must. In the Luxury segment, these margins are really fine to hold the brand value. Even Labels like Balenciaga and Burberry are also warming up with offers exclusive to discounts to Indian customers. Home Décor & Furnishings, Beauty & Personal Care, and Fashion & accessories eCommerce are the segments growing in the online Luxury shopping space, pumping a massive amount of order volume. Nykaa, in the past year, has witnessed sales rise by 300 – 400 percent and expects next year’s gross merchandise Volume to be approximately $250 million. Exclusively venturing into the fashion market with a range of luxury products. The Competitor Tata CliQ Luxury is not far behind. They venture into home goods, beauty, and fragrances, along with exclusive fashion Luxury items. The products are a mix of Indian luxury labels along with global brands distributed in India. They are trying to tap the emerging premium designers. Once the consumer moves into that price point, the glory days for Indian emerging labels will hit their stride. The Designer Label of Ritu Kumar can also be found on Tata CliQ Luxury’s ‘Indie Luxe’ vertical. Fashion eCom Category Expansion The most accessible category in the Luxury eCommerce is handbags & accessories featuring brands like Coach, Michael Kors, and Kate Spade, etc. These high-ticket pieces work like a bridge to the luxury category, bringing in more shoppers to other categories. Another growing category is a dedicated range of sneakers that attract a

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social-commerce

Welcome to The World of Social Commerce

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Has your brand joined the digital commerce revolution yet? No? You definitely should. Doesn’t matter how big or small a brand you are. Social Commerce is here to stay and grow at a rapid pace. New customers love making a purchase then and there. Impulse purchase drives a major chunk of social media sales. Typically, people google it or search for the item they seek on an online shopping platform. Once they discover what they want, they analyze the product and make a purchase. But social media empower them and triggers them to make a purchase instantly. Social Commerce in India The social commerce sector is rising high on the wave of new shoppers from tier 2 and tier 3 regions. Influencer-led commerce and recommendation-based or suggestion-based purchases are on the rise in smaller towns, and several large players in the space have scaled up quite rapidly in social commerce space such as Meesho. According to a report, the social commerce industry is expected to grow steadily, recording a CAGR of 62.4% during 2022-2028. India’s social commerce GMV will rise up to US$ 143,583.3 million by 2028 from US$ 8,258.8 million in 2022 There is a lot of traction in the apparel, and beauty & personal care space. Apart from that, another category that is receiving some traction is electronics. The change is in the air. Brands have now started tying up with influencers directly to promote their products. Gen Z and the millennial population who follows these influencers and brands on social media platforms are likely to contribute the most to the growth of the sector. The ecommerce market in India is poised to grow at a high speed due to the high adoption of social media platforms, and extensive smartphone penetration across the country. What Makes Social Commerce So Effective? Social commerce is a relatively new concept but has grown exponentially post-pandemic. A combination of social media and e-commerce uses social media platforms such as Facebook, Instagram, and Twitter to sell products and services directly to consumers. So, what makes social commerce so effective: Purchase become part of social media experience – Social commerce empowers customers and enables them to make a purchase as part of the social media experience. It lures them in during micro-moments motivating them to make a purchase. Target customers via their social media activity – Traditional digital commerce drives conversion via e-commerce advertising or search engine optimization (SEO) and optimization of customer journey while Social Commerce drives conversions via interactions, influencers, or sponsored content targeting potential customers based on their social media activity. Doesn’t depend on traffic from searches – Social commerce across social media platforms is more effective as it’s not dependent on traffic coming from searches instead consumers are already engaged on the platform. The information known about the users is used for an algorithm to promote personalized suggestions. It makes it easier for the products or brands to feature directly on social feeds. Ease of Making Purchase – Traditionally retailers share their products or services directly on their social media pages. They can use high-quality images or videos to showcase products and provide product details such as pricing and shipping information. But it needs users to move out of social media platforms and switch to online retail platforms and make a purchase. Things have become easier now as it takes users directly to the payment page. Users can make purchases directly from the social media platform, often using secure payment systems. Some social media platforms also offer their own payment processing services. User-generated content and social sharing – Social commerce relies heavily on user-generated content and social sharing. Retailers can encourage their followers to share their products on their own social media pages, which can help to increase brand awareness and drive more sales. Monitor and analyse performance – Brands can regularly monitor social commerce platforms to analyze performance, measure sales, and track user engagement vis-à-vis competition. This data can be used to optimize Social Commerce performance via ecommerce intelligence and will help formulate strategies and improve results. Overall, social commerce is a way for businesses to leverage the power of social media to reach a wider audience and drive sales. By creating engaging content, building a following, and making it easy for users to purchase products directly from social media, businesses can tap into a new revenue stream and increase their online presence. What’s Trending In The Social Commerce Segment Small businesses are thriving: According to Harris Poll for Sprout Social survey, 70% of small businesses now are getting more visibility on social media and ensuring their presence on at least one social media platform. Many of their Small eCommerce businesses directly sell their products to consumers on social media. It’s all about convenience: Making a purchase while scrolling through social media posts is trending. The ease of shopping and convenience of making a purchase is attracting more and more users. Products from their favorite brands and retailers can now be bought without ever leaving the platform. This makes the process quick and seamless. Personalized and targeted advertising, on social media, help consumers discover products relevant to them and suit their interests & needs. Rise of mobile commerce: In the omni-channel retail ecosystem, businesses are focused on optimizing the customer journey and product performance across shopping platforms. Using tools to optimize not just on the eCommerce marketplace but also on their websites and social media for mobile. The high penetration of smartphones among widely distributed Indian demographics has led to a rise in mobile commerce. This pushes the popularity of social media as a shopping destination further with easier shopping on the go. Influencer marketing on a rise: People Trust the words of the people they follow. Influencers or personalities with a large following on social media are now not just promoting brands on social media but also selling their product on social media to a highly targeted audience. Many consumers view influencers as trusted sources of information and are more likely to

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marketplaces

What the Future Holds for Retail Media And Marketplaces

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let’s begin with the burning questions – Why there is so much buzz about retail media now and why retail media is so important? The answer is not that complex. Simply put– the rapid growth in online shopping and the need of personalized customer experience has directed more focus on optimizing retail media. More than 33.3% percent of the world’s close to 2.64 billion people shop online. This leads to more shopping and the need for more digital advertising. Retail media is the actual advertising placed on a retailer’s media network. The impending demise of 3rd party cookies has drawn marketeers’ interest toward first-party data with the retailers to place targeted ads and boost customer engagement. This is fuelling the rise of Retail Media Networks (MNOs) and a treasure trove of first-party shopper data. Giants like Amazon have their marketing services. But is this enough for brands? Let’s dive deep to know why Ecommerce Marketing Services and brands need optimization and what the future holds for retail media. Grab the customer’s attention at the right moment with Retail media In the new age of online retail media, when the average attention span of consumers is shrinking. Getting your product noticed among fierce competition becomes critical. Brands need to Strike the right moment and the right place to instantly grab customers’ attention. Retail media is a form of advertising that intend to capture consumers’ attention at the moment when they’re nearly ready to make a purchase or close to the point in the customer journey. The decision phase is where they pick the product among its competitors. Online, retail media is far more sophisticated than what we see at the grocery store. The insights on online retail media help brands understand consumer behavior, product segments, and trends in a better way. This will enable brands to deliver more impactful messages to the customers and optimize performance at multiple touchpoints across the customer journey. Retail media can be used for a variety of purposes, which include Product Promotion: Retail media allows brands to promote their products directly to customers while they are shopping online. This can include displaying product ads, providing product recommendations, and offering deals and discounts. Awareness: Retail media can be used to increase brand awareness by displaying ads to a retailer’s audience and customer base. Customer Acquisition: Retail media can help brands acquire new customers by targeting their ads to specific audiences, such as those who have recently shown interest in similar products. Customer Retargeting: Retail media can be used to retarget customers who have previously interacted with a brand’s products or website, reminding them of products they have shown interest in and encouraging them to make a purchase. Overall, the use of retail media can help brands increase sales, improve the customer experience, and gain valuable insights into their customers’ behavior and preferences. Retailers offer digital ads on their eCommerce websites, apps, and on retailers’ sites to boost product visibility to the relevant audience. Bain co report estimates that the retail media market will grow by 25% per year to over $100 billion in the next five years and will account for over 25% of total digital media spending by 2026 which implies how massive the retail media could be in near future. Perks of Retail Media For growing brands, digital retail media offers several potential benefits. Through targeted placements, brands can leverage the existing online presence of larger retailers to gain new visibility and connect with highly relevant consumers who are actively looking for products to purchase. There are several benefits of eCommerce retail media: Additional Revenue: Retail media allows retailers to generate additional revenue by selling advertising space to brands. Targeted Advertising: Retail media enables brands to reach highly targeted audiences, based on data such as browsing and purchase history. Improved Customer Experience: Retail media can enhance the customer experience by presenting relevant and personalized ads to customers, leading to higher engagement and conversions. Increased Brand Awareness: Retail media can help brands increase their visibility and reach new customers, as well as reinforce brand messaging to existing customers. Better Data Insights: Retail media provides valuable data insights to both retailers and brands, enabling them to better understand their customers and optimize their marketing strategies. But brands need more than that to edge ahead in the competitive digital commerce landscape. Plugging in digital commerce intelligence will provide deep insights into what your product needs to be more visible and what it needs to be more visible. The Retail Media Trends Shaping Digital Commerce First-Party Data is Gold In the Cookie less future, brands will reduce their reliance on third-party data. First-party data emerging as a vital tool for advertisers to provide personalized customer experiences. Retail media networks help brands access a huge volume of first-party data on customers’ search, browsing, and purchasing habits. But still, brands need a digital commerce intelligence solution to optimize the retail media based on valuable actionable insights. Machine Learning Powers Retail Media Success Artificial intelligence and machine learning ameliorate brand performance and guide advertisers/brands to optimize their campaigns for specific metrics and enhance retail media. The targeted click-through rate (CTR) or return on investment (ROI), can be achieved with data-backed decision-making and effective retail media advertising campaigns. Comprehensive competitive analysis and machine-learning capabilities will play a wider role in the growth of retail media networks in 2023 and beyond. Retail Media Strategies Will Focus on Diversification The diversification in retail media targets will help companies from being overly reliant on a single source to distribute their efforts across a variety of ad formats, audience segments, and target markets, depending on each provider’s specialty. Advertisers are expanding their retail media efforts into new technologies like connected TV (CTV). Video Will Take Over Retail Media Ad Placements As more online retail marketplaces are developing their own retail media Network platforms, placements like sponsored products and sponsored searches have become the norm. To edge out the competition in the competitive digital commerce landscape advertisers need to turn to more engaging formats like rich media and video ads. The dynamic nature

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