Noopur Mathur

customers

Listen to Your Customers: They Know the Best.

How analyzing reviews helped an FMCG brand to optimize their packaging? In India, we have a saying, “ग्राहक हमारे भगवान हैं” which means “customer is our god.” Ratings and reviews are invaluable sources of getting to know your customers. The shoppers share their personal buying experiences through them. They share the qualities and experience they love with the product, things they are disappointed with, inform about unfocused or undermined USPs of the product, at times talk about better experience with competitor products and lot more. The information customers provide through reviews is invaluable for brands as it helps to understand buyer personas, find new trends, and resolve brand / authorized seller or product issues, influencing the buying decision of the on-lookers. Brands constantly need to weigh the value of their customer’s positive, negative, or neutral reviews to figure out the change in market perception, competitive edge, outcomes, and more. A couple of interesting facts that showcase the impact of reviews for eCom brands: 19-25% of customers believe in the authenticity of customer reviews, and a large proportion makes final purchase decisions based on them. 92% of customers stay away from brands with negative reviews. We also analyzed the impact of reviews on a few brands and discovered that packaging was a significant issue constantly faced by one of our FMCG clients. Our analysis revealed the following challenges: The Struggles of the Brand Even after over 50 years of serving their customers, the FMCG brand was having trouble assessing the challenges that people were facing in context to their products. They wanted to deep dive into the feedback by the customers to understand the market sentiment for their products. The lack of transparency in feedback, which in offline case used to be from the distributors, made it difficult for the brand to identify the source of issues, whether the production issues or the delivery issues. E-commerce platforms have become mediums, wherein brands can directly understand the customers’ feedback of the product, brand, or seller by analyzing the reviews and ratings section. Unfortunately, the rapidly growing rate of reviews on multiple product variants made it challenging for their marketers to develop a subjective view, and sight the biggest problem or categorically segregate the riveting pain points of the reviewers. This was the time when collaboration between the brand and mScanIt started. How Listening to Customer Helped them Grow? Our eCom Analytics solution, mScanIt was deployed and collected data from all of the areas that affect a brand’s performance. This information helps in understanding customer personas and scaling up the consumer base. Using these insights, brand could make more intelligent decisions based on the data, and eventually, propel the growth in terms of revenue. Let us explain the step by step approach: Our program gathered and analyzed consumer evaluations and ratings of a product, sorting them into categories such as delivery, taste/flavor, quantity, packaging, and availability. It further classified the comments and assigned a sentiment value (Positive/Negative/Neutral) to them based on the consumers’ purpose of leaving a review. We reflected this data on the dashboard & showed the complete listings and all the comments made by consumers. We also analyzed the word clouds of negative reviews fetched from the website. This way brand can notice the negative keywords being used for its negative reviews. Interactive Insights from this data are shown through charts, which helps the brand to understand the areas of improvement. Success Enjoyed by the Brand The brand witnessed huge success in terms of brand equity and customer satisfaction. The insights provided by our solution helped them create a strategy to manage product reputation. The issue with packaging was highlighted and corrective measures were taken resulting in drastic reduction of negative reviews. The competitive analysis helped the brand to gain a competitive edge. Our technology assisted the business in to get insights about the page content, convincing shoppers to buy their products. The accuracy of data is 92-95 percent. Furthermore, the firm was able to keep an exact account of its product feedback because of the real-time updates and daily reports it received. The dashboard of our solution displayed sentiment values, sentiment scores, and themes based on consumer reviews enabling them to create relevant strategy. Conclusion Ratings and reviews are fantastic ways to get feedback. Keeping an eye on ratings & reviews daily enables the brand to keep a competitive advantage. Besides this, mScanIt’s dashboard reveals key takeaways under the insights segment, allowing brands to take corrective measures at the right stage. E-commerce marketplaces have a high competition among brands. A single source of truth and trust that delivers insights into competitive intelligence metrics like share of shelf, stock availability, banner visibility, etc., can become crucial in making business decisions. Our eCom solution, mScanIt, is a one-stop solution for monitoring such metrics of your products vis-a-vis the top competitors and gain competitive edge. Get in touch with us to schedule a demo and avail the advantages of eCom Competitive Analytics for your brand.

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Online-Banner-Ads

Brand Building Through Online Banner Ads

Display banners are one of the best ways of communicating and catching consumers’ attention, especially on e-commerce platforms like Amazon, Big Basket, and Flipkart. A banner ad is an image accompanied by text and could either be animated or static. Customers who find the banner ad’s content and display interesting often click it to visit the landing page, i.e., usually a product or company page on an eCom website. It reduces search efforts and helps the consumer to reach the desired product directly while communicating the best offers for the product. Brands have realized that banner ads remain memorable for a long time and have a higher recall value. According to Statista, the overall digital display ad spending in 2021 reached $1,633 billion, and ecommerce accounted for 14% of the ad budget. Moreover, as per another report, the share of display banners was 10% of the ecommerce digital ad expenditure in 2020. Banner ads help in creating brand visibility which eventually lifts the business performance. According to a source, customers retargeted through banner ads often convert 70% of the time, and they are 33% more effective than billboards. Banner ads also help a new brand to build its identity. Besides, customers build trust in a brand and learn about innovations through banner ads. However, the advantages of banner ads extend beyond these reasons for marketers and advertisers. 3 Main Reasons Brands Use Banner Ads on eCom Platforms Large Visibility of the Brand Advertisers can use 728×90 pixels for desktop & tablet users and 414 x 125 pixels for mobile users on Amazon. Given the maximum size of the image, it is inevitable that the brand’s visibility will also match the dimensions to meet the consumer’s eye. As a result, ecommerce spaces offer an opportunity to display large brand logos and increase the brand’s visibility. Moreover, consumers are often targeted through such banner ads on eCommerce marketplaces, which increases the retention of the brand in the minds of the consumers, association of a brand with a product/feature, and directly impacts the conversion rate. Great banner ads can uplift conversions by 2%, according to a source. Given that the quarterly conversion rate in 2020 was 2.17%, such a boost would undoubtedly make a difference in revenue/sales. Cost-Effectiveness According to a source, the minimum average cost per click on Amazon is $0.03 but can vary based upon the industry, competition, and your brand’s ad budget. Similarly, another source reveals that the minimum cost per 1000 impressions (CPM) can be 50 cents. Therefore, a display ad on an ecommerce website can be visible to the targeted audience for thousand times for as low as 50 cents. Moreover, the CPC and CPM for banner ads on ecommerce are relatively lower than TV ads, billboards, press releases, and physical newspaper ads. So, it doesn’t put a hole in the brands advertising pocket. Improved Market Response Rates According to a source, targeted displays enhance conversion rate by 30%. Moreover, display ads increase brand recommendation by 10%. eCommerce websites often have product launches, including registrations, early-bird offers, one-day early access, etc., as events. A source states that display ads like banners can enhance event registration by 25%, which could essentially include such events on ecommerce websites. However, banner analysis requires a solution that helps create & evaluate different banner strategies, and learn about the competitor practices, wherein eCom Competitive Analytics comes into play. How mScanIt Banner Analysis Helps Brands? eCommerce Competitive Analytics, a.k.a., mScanIt, encompasses banner analysis, enabling brands to evaluate the best positioning for the ads to boost reach to the target audience. Doing so helps brands to decide on their advertising budget. Moreover, mScanIt, powered by mFilterIt, can categorize the communication mentioned on the banners into different themes like discount, sale, festive offer, and cashback, which can trigger the brands to use the best keywords in their campaigns. Conclusion Developing an effective banner ad is crucial for ecommerce brands; however, so is measuring the results of the display ads. Simultaneously, eCom brands must know the practices of their competitors to acquire an edge, build new strategies, optimize budget, etc. eCom Competitive Analytics helps brands across continents to achieve complete banner analysis on prominent online marketplaces like Amazon, Big Basket, Flipkart, etc. By doing so, brands achieve a full-scale measure of the effectiveness of their banner ads. The insights triggered through the solution also display measures/actions that can enhance the performance of the banner ads on ecommerce stores.

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top-keywords

Top Keywords: It all begins with Identifying them, Correctly!

Generally, consumers find new products on eCommerce platforms like Amazon, Flipkart, Shopee, etc., by navigating or searching on the platform itself. Whenever users type an alphabet or word in the search query, it displays head/short-tail, long-tail, and LSI keywords, which most users have used to find their desired product and the brands bid to rank their products. Brands also optimize their product pages by using the top searched keywords in their product page so that the listings display on the top. According to a source, 38% of global customers use Amazon to find their desired products. Top keywords are the ‘most popular searches’ under a category of an eCommerce platform. The popularity is based on the keywords with the highest search volume. Ranking high on such words or phrases ensures a higher share-of-shelf on the top pages as well as higher visibility, brand awareness, click-through rate, add-to-cart, and conversions/sales. Today, brands need to measure the search performance of their product’s top generic, brand, and competition keywords under a category to achieve a higher market share. Searches on eCommerce marketplaces have navigational, commercial, transactional, or informational intent. For example, navigational intent keywords consist of brand names with the product type, enabling consumers to find their desired product faster, e.g., ‘MIVI earbuds.’ Similarly, transactional intent could mean ‘t-shirt under 799’ or ‘shoes under 15000,’ wherein the online shopper is searching for products under a defined price tag and could desire a specific brand too, e.g., ‘Levis t-shirt under 1200’. Likewise, commercial keywords refer to comparative searches, like ‘Batman t-shirt’ – here, the brand is non-specific, but the intent to buy a specific product type is clear. Informational keywords refer to ‘best shoes for football’ or ‘best gaming smartphones.’ Identifying Top Keywords Using AI and ML Keywords can entice, hook, or allure consumers to check out a product on the eCommerce platform. Finding the top keywords of your brand can offer insight into the consumer’s mindset while searching for your product and that of your competitors under a category. Many marketers might suggest that traditional methods of using URLs, suggested keywords, consumer intent keywords, etc., could help to find keywords, but these methods have limitations. Now, brands can easily identify and analyze their performance on top generic, competition, and sponsored keywords and the competition using our eCommerce Competitive Analytics tool, mScanIt. This tool enables the brands to see their share at a deeper level compared to their competition by using the multiple filters given in the tool such as brand, sub-brand, variants, SKU, etc. Moreover, the brand could also use a keyword planning tool to find the keywords with the highest share and optimize the Product Detail Pages (PDPs) accordingly. On the other hand, the highest-grossing competition keywords would help the brand find areas of improvement across platforms or ask whether the product needs to have this keyword. A few common questions that brands can answer using mScanIt capabilities: What is the overall SOS of your brand compared to the competition on the top keywords of the eCommerce platform? Are the ongoing page optimization delivering successful SEO (Search Engine Optimization) and SERP (Search Engine Results Pages) on e-commerce platforms? Can/Should the brand add new keywords to its product page copies? Which keywords are the competition brands more focused upon, and what is its impact on the brand’s SOS on the eCommerce platform? Are any keywords with high competition share more relevant than your existing ones? Is there any other keyword that is more consumer intent-centric than your existing ones? Which keywords are most of your competitors using – long-tail, short-tail, or LSI? Are the competitors spending more on paid or relying on organic searches? Discoverability becomes vital to brands as eCommerce platforms are built for purchasing products. Understanding the relevance of the top keywords by measuring your brand’s Share-of-Shelf becomes crucial for enhancing the product discoverability. Some marketers suggest that monitoring reviews offers insights into the pros and cons of a product, which is certainly true and simultaneously enables one to find long-tail keywords. Unfortunately, identifying keywords relevant only through a single source doesn’t offer perspective. Therefore, brands need to identify the top keywords from every possible source. Using multiple filters, the solution also sights the most promising/critical aspects of a brand and its competitors. (Read here) A single category page on Amazon could consist of up to 50 product listings, which means your brand’s single variant competes with 49 other listings, some of these could be of your brand as well. Analyzing the top keywords on the eCommerce marketplace’s digital shelf helps the brand increase its page positioning/ranking and enhance visibility. Bottom Line Targeting top keywords has become necessary for increasing the brand’s discoverability and thus, sales on e-commerce platforms. Our solution, mScanIt, makes it possible for brands to weigh the relevancy of their relevant keywords on eCommerce marketplaces, especially when paid searches get involved in the business. Today, brands need to focus on the top keywords for measuring their SEO and SERP, making the PDPs more consumer-centric, assessing the keywords the competitors are focused upon, and more. Get in touch to learn more about the advantages of eCommerce Competitive Analytics for your business.

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