Earlier this month, Fresh Relevance's CRO and Co-Founder Eddy Swindell joined IRX Engage to take part in their panel discussion with fellow panelists from Facebook and Green Man Gaming on how to accelerate the move to multi-channel retail, marketplaces and DTC.
If you missed out on the live panel discussion, you can catch it on demand or check out our key takeaways below.
The effects of the global pandemic have rippled through the retail market, and as more and more consumers shift their shopping online, having an eCommerce presence is crucial.
A question on many retailers' minds is will the tendency towards online shopping continue even after the pandemic has subsided? According to the panelists, consumer behavior after two months is sticky, meaning the move to online is here to stay and retailers should accept this as the new normal and adapt as quickly as possible.
In fact, the panelists cite flexibility as one of the key characteristics of companies who are coming out on top right now, as ultimately it’s all about how quickly you can pivot online.
But whilst it’s a huge period of change, it’s also a chance for huge opportunities too.
The influx of new online shoppers was highlighted as a key area of opportunity, as this presents the chance to engage a whole new set of customers with your brand online and grow your subscriber base. Eddy pointed out that for these shoppers, joining the dots between the online and offline experience and creating a personalized customer journey is crucial. With an increased amount of online activity from these consumers, it’s important to make sure you’re capturing their data in order to tailor their experience accordingly.
Some additional tips here would be firstly to ensure your digital commerce channels are easy to use for those novice online shoppers. Secondly, these consumers will most likely be looking for substitutes for shopping inputs they typically gain from brick-and-mortar stores — namely, trying out products in person and getting advice from a sales assistant. Social proof can help recreate that person to person experience. Features such as customer reviews, UGC and crowd-sourced guidance can boost buying confidence, especially among shoppers less acquainted with purchasing online.
Finally, the panelists shared their predictions for 2021. The panelists advised that investment in technology will be key and companies that invest in the right technology now will succeed next year and beyond. Winning at logistics is also going to be live or die for retailers. Consumers expect to see accurate and credible information on eCommerce websites, such as whether an item is in-stock and how quickly it can be delivered. How companies fulfil those promises to consumers is going to be critical. It’s not just about getting the right products in front of the right people, it’s about giving them the right information and getting those products to their doorsteps.