Have you considered these areas in your eCommerce strategy for 2023?

Have you considered these areas in your eCommerce strategy for 2023?

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Ecommerce sales have been increasing gradually each year, and it is forecasted that all markets are going to double by 2026. However, many firms are making obsolete investments instead of looking into adapting to the times, according to McKinsey’s “Becoming indispensable: Moving past eCommerce to NeXT commerce” analysis piece

While physical stores enables a touch and feel experience between brands and consumers, the online sphere is a lot more tactical. One way to not miss out is creating a connection between products and consumers by giving consumers a connected commerce experience.  

According to Sharon Tan, head of digital commerce SEA, Kellogg’s, who spoke at Digital Marketing Asia 2022 - there are three fundamentals to introducing a product to consumers. First, there’s the social connection. Then, it’s the social proof. Finally, there is the social conversation.

From the conversation, we’ve outlined three key areas for you to consider in your next eCommerce push.

Have you considered: Group buys?

There are factors that brands have to consider before pushing out a product, such as time and monetary budget.

One inexpensive option that brands can consider is implementing a social connection via fuctions such as group buys. While group buys usually have lower unique visitor (UV) given that they are going for a more niche targeted audience, they have a much higher conversion rate because the right group of people are targeted. “This group of people generally go onto higher average border value because you are giving them what they are looking for,” Tan said. 

Another way to form social connection is by joining forces with complementary brands. When there is this added value, there is a stronger voice compared to simply trying to push out the product. It is also productive when both brands are targeting the same audience.

Have you considered: Live selling?

The second manner that can help make commerce a connected experience is social proof, said Tan. There are live selling and live shows under the umbrella “social proof.” 

Live selling is a method to connect with consumers when there’s a new launch - to gather consumers to watch the live stream to pre-hype the product. In order to have the best results utilising this method, it is crucial to allocate the right host to introduce the product to the public. 

But do keep note that live selling, and live shows are different. “What is the intent and what’s the focus? The goal of the live show is not to sell. It has some sales, but what’s the goal - does your goal engage consumers? Is your goal a pre-hyped for something bigger to come? I think that’s where the definition needs to come in,” she added. 

“In live shows, there can have be much more conversation and your host could actually be more informative - whether it’s humour or high-value. It really humanises your brand particularly when you pick your right host,” Tan shared. 

In such cases, it is important for brands to tap into the right influencers because no one would know the product or brand better than the creator. One way to coordinate this is allocating one individual from the internal team (E.g. marketing team) and partner up with the influencer or key opinion leader (KOL). 

Have you considered: Utilising your online reviews?

Lastly, there is social conversation, which is also known as conversational commerce and online reviews, or peer purchasing insights, seem to influence consumers more “than any marketing strategy,” according to a McKinsey research

There is a strategy to utilise online reviews as a way to attract consumers. These reviews are critical and there is a value to having a community of trusted reviewers. “It increases consumer trust, builds a direct line to consumers, makes the product appear higher in search engine rankings and having negative reviews build authenticity, said Tan.

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