Retail Analysis
The key to attracting
shoppers and converting them into buyers is through quality imagery and copy, including titles and bullet points which improve algorithm rankings to maximise the product’s visibility. In addition, video has been proven to be particularly effective in creating brand and product awareness, as well as being a successful sales conversion tool. Finally, comprehensive product and keyword research and an in- depth competitive landscape analysis further assists in developing persuasive sales, style, and backend keywords – all of which aid in optimising your products within search results.
2. Increase average order value: Having a high average order value (AOV) can offset your advertising costs and create higher profit margins. Instead of offering blanket discounts you can bundle products based on buyer preferences, offer new products, and create unique bundles based on customer insights. When you give customers what they want at an attractive price, you’ll be in a position to pique their curiosity and interest. In addition, another way to increase AOV is to offer exclusive seasonal bundles at various times of the year such as Prime Day, Black Friday, etc.
If you’re in the consumer electronics business, you already know
that Prime Day is one of the most popular shopping days for consumers. What happens when your competitors undercut your prices and whisk your customers away from you? It goes without saying that pricing can be the difference between a purchase and customer churn. Your competitors are most likely already using pricing tools to
increase their customer base. While repricing your products using automated tools is becoming a common strategy, there are other factors you need to be aware of to grow customer loyalty and receive premium payment. The two most important strategies for you to embrace are shipping time and product reviews. To start, take a look at your track record of customer satisfaction.
Typically, customers will pay more to a brand they trust and will guarantee delivery faster than the competition. Be sure to look at your shipping processes and partners and do what you need in order to reduce delivery times. Next, check your social media standing. If you’re receiving less than ideal reviews or if you’re receiving a mix of high and low ratings, the first order of business is to promote positive customer feedback and ensure that it’s easy for potential customers to find the new and positive reviews and ratings you’re receiving.
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3. Enhance underlying technology: Attracting customers to your online site requires a user-friendly interface (front end), however what’s “under the hood” (back-end) is of equal importance. Headless commerce is the decoupling of the front-end website presentation layer from the back-end eCommerce functionality. In order to effectively track sales and competitor performance, brands require a technology that provides experience-driven commerce that is underpinned by an analytics platform in order to receive accurate demand forecasts by product and the market. By using shopping behaviour data, brands will be in a better position to understand their customers’ digital footprints and will have the insights needed to improve their selling strategy.
4. Provide frictionless delivery: As the number of online shoppers continues to rise, “last mile” delivery services will be key in meeting customer demands. Brands and retailers need to provide more flexibility when it comes to providing buyers with options for deliveries, pick-ups, and returns. In fact, customers are increasingly requesting drop shipments, which is compelling brands to modify their fulfilment models and supply chains. The move from traditional warehouse fulfillment to using drop- shipping companies provides benefits for both the customer and the brand. Essentially, the brand simply sells the product and passes the sales order to a third-party for fulfillment and shipment.
5. Build trust through social commerce: Brands with exceptional social media are better able to build trust with target buyers, as well as use the platform to showcase their products. Although social commerce is still a growing trend for consumer electronics brands, those that are using the platform are in a better position to drive sales and increase the lifetime value of customers. This
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