industryopinion


Omnichannel – the pressure is on


Orla Power, director of marketing, Luzern


eCommerce discusses how eCommerce brands can achieve growth with marketplaces and market expansion.


I


t’s no secret that today’s customers have high expectations regarding price, purchase process, returns, and delivery quality—all of which must be fast and friction-free. Adapting to


this increasingly competitive omnichannel landscape and meeting buyers where they like to shop is the most pressing challenge facing eCommerce brands today. eCommerce practitioners are under huge pressure to have a presence on multiple online marketplaces. Tis requires a comprehensive go-to-market strategy to effectively expand beyond Amazon and into more marketplaces in more markets. Branching out can become overly complicated and profit-draining if approached incorrectly. So, what needs to happen to make selling on multiple marketplaces easier, and more importantly, profitable? To succeed in a modern eCommerce world, brands and retailers


must offer an efficient and personalised customer journey to meet the high expectations of today’s always on consumer. Tey need to provide exceptional value to shoppers, which can include attractive product bundles, personalised promotions, and loyalty schemes and all must be coupled with excellent service to deliver an engaging customer experience to attract, convert and retain customers. More and more brands are looking to have a presence on


multiple platforms to maximise sales opportunities and gain an advantage over competitors. Marketplaces dominate the eCommerce sector, accounting for 62% of global eCommerce revenue in the last two years. Teir sales have grown by 29%, which is 5% points higher than other channels. With an effective strategy, brands can experience up to 10 times more growth and reach more buyers for successful transactions. Selling on Marketplaces enables brands to expand their reach and build trust with customers rapidly, but they must have the right team and strategies to ensure quality experiences. What I see from the brands we work with is that it takes


careful consideration and planning before launching products into numerous new marketplaces. Tese factors include but are not limited to: go-to-market strategy, promotion, fulfilment and logistics options, pricing – essential to avoid channel conflict – analytics, and how you will engage customers with the brand through marketplace channels without losing control of the marketplace and your brand. Focus on the back-end processes, what I call the ‘messy execution’ end of eCommerce to stand out in the crowded


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marketplace. Getting the fundamentals right is key, for example, ensuring compliance with different rules for order processing and product formatting for selling across multiple marketplaces. It is also critical to have a detailed understanding of the marketplaces’ vital operating metrics to ensure success. A Luzern eCommerce survey showed that more than 75%


of eCommerce decision-makers agree that adopting a global approach to selling is key to their long-term growth strategy. However, to remain successful, expanding into new markets requires careful consideration of various cultural, legal, financial, and compliance factors. Brands can increase their conversions and revenue by


leveraging cross-border transactions with the help of a Merchant of Record and a full-service eCommerce company. Companies should adopt a last-step conversion feature at checkout to maximise profits while also providing shoppers with clear visibility of costs and the most cost-effective currency option. Localisation is essential to ensure customers have a worry-free


checkout experience and stay competitive. To unlock the full potential of cross border, cross channel commerce, brands must strike the right balance between customer choice, transactional ease, and operational efficiency. By implementing these strategic imperatives, brands can establish a stronger foothold in new markets and reap substantial bottom-line benefits. Working for Europe’s leading eCommerce accelerator, I see


first-hand the benefits that selling on multiple marketplaces brings to eCommerce brands. It provides opportunities to reach and connect with more consumers, promote specific products, and develop targeted offerings that differentiate them from their competitors. But let’s be honest, the competition for consumer attention and


spending is enormous, and it will increase over time. Tat’s why embracing all the available online channels is critical to reach and convert potential customers. Getting ahead and staying ahead in the eCommerce world


is certainly not easy, but it is possible with the right strategy. Carefully planning the use of your resources and budget to achieve digital transformation is not only efficient but necessary for driving sales in an online marketplace. Ensuring exemplary customer experience is a non-negotiable aspect of your brand’s strategy that cannot go overlooked.


June 2023 | 17


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