Digital Shelf Analytics

Omnichannel Commerce – Gateway to The Open Internet Sales

Leave a Comment / Blog, Digital Shelf Analytics / Anukirti Jain

Gone are the days when customers were solely reliant on shop visits or logging into their desktops to do online shopping. Today’s customers are making purchases while in bed (43%), at work (23%), during their commute or even from the bathroom (20%), and almost at any hour of the day from their smartphones. Therefore, it is clear that for any retail brand especially in the eCommerce domain, growth lies in building an omnichannel eCommerce presence. What is Omnichannel eCommerce? Omnichannel retail is an integrated sales approach that puts customers first. Unlike the conventional practice of using marketing tactics to draw customers to a specific website, omnichannel retail integrates websites, smartphone apps, social commerce, eCommerce marketplaces, and even physical retail outlets to reach customers wherever they are whenever they need the type of products and services that the brands offer. In omnichannel retail, the different platforms don’t operate in silos, but everything gets seamlessly integrated to optimize the customer experience. Thus, building an effective omnichannel presence requires the elimination of the boundaries between different sales channels and allows customers to make the purchase through whichever touchpoint they are on. Why should brands go for Omnichannel eCommerce? It helps brands reach new customer segments – Customer preferences are rapidly changing and today, different categories of online shoppers have emerged. Despite the fluidity, there are a lot of customers who relish sticking to their preferred mode of shopping only. For instance, the millennials and Gen Z use smartphone apps to make purchases, and shopping through social media platforms like Instagram and even WhatsApp is gaining popularity among Gen Z. There are some who love to shop on eCommerce platforms as they offer massive varieties and price options, whereas others prefer brand websites as they are more concerned about the genuineness of the product than anything else. With the Omnichannel approach, brands can get all customers. Seamless Purchase – Omnichannel retail significantly reduces the risk of cart abandonment which was common in the era when shopping was done only through websites. Customers may add a product to the cart on a website and might want to purchase it hours later through the web app while commuting back home. Omnichannel retail helps convert such variable scenarios seamlessly. The customers get a hassle-free and consistent experience despite switching mediums. It also boosts customer loyalty. Better sales – The convenience of shopping through omnichannel eCommerce is helping brands acquire more customers at a faster clip from multiple sales channels. The customer being able to make a purchase when and where they see it opens up new revenue streams. Live commerce, social commerce, and eCommerce retail stores or brand online store are all new shopping avenues leading to more sales and enhancing brand visibility. This speed and convenience for the customers are also helping the brands and retailers increase cart size. Thus, there is a great boost to the sales. Future of Omnichannel eCommerce The era of Social Commerce – India is right at the cusp of a social commerce boom. Tier 2, Tier 3, and beyond shoppers are the biggest adopters, and recommendation-based, suggestion-based purchases are major drivers for brands in these areas that house nearly 70% of India’s population. It is estimated that the social commerce market size is going to grow from $8,258.8 million in 2022 to over $143,583 million by 2028. Brands in the fashion, beauty, and personal care domains are getting a lot of growth through the social commerce space, and even electronics and gadgets are witnessing a rise in shopping volumes. With the constant increase in smartphone penetration and better internet speeds, this space is unmissable for any retail business today. Live commerce Live commerce, as the term indicates is a sales channel wherein live streams are held, and customers can purchase products in real time. It is different from teleshopping because as a customer you are not watching pre-recorded content and are not bugged to make a call. You can simply watch a live stream on a social media platform, eCommerce, or live-commerce platforms, engage with the brands, enjoy the entertainment, and click on ‘buy now’ to complete seamless purchases, just the way you do on an eCommerce marketplace app. It is a new shopping avenue that is being explored by large and small brands alike. A RedSeer report estimates that live-commerce sales will grow up to $5 billion in India by 2025. Brands don’t see Live commerce as just a sales channel, but also an excellent medium of customer engagement and influencer marketing. You may see a great product in a live stream, and even if you don’t buy it then and there, you might research and purchase it later through other eCommerce options. SUGAR Cosmetics has already participated in such sessions on Myntra and Nykaa and got encouraging results. Going forward, the fashion segment is expected to achieve 60-70% live commerce growth, Beauty and personal care and other segments would make up for the remaining 30-40%. Visibility generation through such activities includes the launch of Hero MotoCorp’s Hero Xtreme 160R Stealth 2.0 bike and the session had a viewership of over 2.6 lakh. Several other Indian brands are also leveraging Live commerce sessions on eCommerce platforms. Role of social media Influencers in social and live commerce Social media influencers play a critical role in this arena. Influencers are people trusted by shoppers from all over the country, especially the Tier 2 and Tier 3 cities. When they are integrated into live commerce or social commerce campaigns, users get a personalized and familiar experience which boosts chances of conversion. The influencers are content creators with whom regular social media users engage on a one-to-one basis. Most of them conduct meetups, and live-streams to build engagement and trust among the audience. Thus, when these influencers recommend a product, those followers who are actively looking for such products are most likely to seriously consider the recommendations and make purchases. Influencer marketing is also highly instrumental in driving awareness. For instance, Amazon unveiled its live

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Augmented Reality in eCommerce: The Future of Online Shopping

Blog, Digital Shelf Analytics / Praveen Dhama

Augmented Reality is taking the customer experience to the next level with eCom platform optimization Leap imagination and turn it into reality. It might be a tough task in life but now possible with product previews on eCommerce platforms. Need not imagine how a lamp would look on the bedside table or wonder will this lipstick shade suits my lips. All you need to do is click a picture or video upload on the eCom platform and see how that product fills the blank space with Augmented Reality. The lack of a full sensory product experience is a major obstacle in online shopping. Physical stores allow you to try on clothes, feel fabrics, or visually assess the size of a couch in a space. However, with augmented reality (AR) applications, customers can gain more comprehensive product information without leaving their homes. Let’s dig deeper to understand how Augmented reality is paving new ways to optimize customer experience and eCom platforms as well. Augmented Reality in eCommerce By using Augmented Reality for product display eCommerce marketplaces and brands are steadily moving towards providing customers with a more inclusive and immersive experience. A real-world-like environment with an interactive enhanced experience via digital elements, visuals, sounds, etc. Allowing shoppers to watch products in 3D or preview in their environment virtually like placing the item say a sofa in the space in your living room. In simple terms, Augmented Reality (AR) simply augments an existing world. Augmented Reality (AR) provides previews by placing items in a real-world scenario. For example, try out frames on Lenskart after uploading your headshot video, ‘Amazon view’ which enables shoppers to try on lipsticks by uploading pictures or live video, and an AR-powered ‘view in my room’ feature. Think back to Pokémon Go, one of the most well-known applications of augmented reality. Users would be playing the game while walking down the street, looking at the real environment through their phones, which overlaid digital characters in specific places. Augmented reality is taking off rapidly. More & more advertisers and brands are deploying it to enhance customer experience. A report by eMarketer stated that over 43 million people in the United States, which is approximately 21% of social network users, were expected to use social network AR monthly. The same report indicated that 35% of U.S. respondents had used AR to customize furniture or vehicles. This is not just relevant for the U.S. but quite evident in the global digital commerce landscape, especially in India where shoppers from tier-2 and tier-3 cities are warming up to online shopping with massive buying potential. With the increase in 5G availability and improved bandwidth, retailers are expected to show more interest in AR and VR experimentation. As a result, more brands are adopting AR product previews, such as “Amazon View” and Flipkart’s “View in My Room”. AR is particularly popular in the Beauty & Personal care segment for try-on purposes and in Home Décor & Furniture placement in a room. How are eCom businesses using AR? AR previews of products help customers make a purchase decision and make the shopping experience more personalized. – Virtual Try-On: It’s just like in a brick-and-mortar shop where you see a product on a mannequin, it looks great. But trying it helps make a more accurate purchase decision. Similarly, the virtual try-on uses the shopper’s photo or video to preview how the product looks. This also helps buyers understand what they are buying and if the item works for them. – Preview placement: For the Home décor and furniture segment preview placement is the perfect tool to attract shoppers. It helps place items in your room at your desired place. Shoppers can see how a 55’ inch TV would look on the wall or will that color and design bed will suit their bedroom. The real-time preview placement of products in Shoppers’ environment will help shoppers decide whether the product suits their needs or not. – Interactive user manuals: This is the more extensive use of AR-creating manuals as a response to user actions by scanning product indicating buttons or using graphical arrows, animation, etc. – Social media filters: Generally used for fun. Filters can also be used for try-ons. That can help boost social commerce sales. It can be used to showcase a new product by enabling people to test out how it’ll look on them. According to a survey conducted by Google on AR usage among consumers, 66% of the participants expressed their interest in utilizing augmented reality technology to aid them while shopping. How Augmented Reality can help eCommerce brands? The challenge of representing a physical product in a virtual environment is one of the biggest obstacles to eCommerce. AR technology has the potential to help overcome this obstacle by providing a more accurate representation of the product and helping customers understand what they are buying. Some benefits of using AR technology in eCommerce are as follows: Increase customer engagement: By offering an interactive experience, AR technology can encourage customers to stay on your website longer, increasing the chances of a purchase. Even if they do not buy it immediately. Engagement with the brand and product can lead to better recall in the future. Reach new customers: To stand out in a crowded market, you need to create a buzz. A well-executed AR campaign can help capture attention and attract new customers. Reduce returns: AR technology can provide customers with a more comprehensive view of the product than static images or videos. By showing how a product would look in a consumer’s space, AR technology can help reduce the likelihood of returns due to unmet expectations. According to recently published data by Shopify, an eCommerce platform, products that featured VR/AR content in their advertisements experienced a 94% increase in conversion rates compared to products that did not have such content. Final Thoughts – What’s Next? Augmented Reality is interactive and helps during the product evaluation and consideration phase of the customer journey which leads to purchase decisions,

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BRAND SENTIMENT: Do You Know Who Is Saying What, Where & Why?

Leave a Comment / Blog, Digital Shelf Analytics / Anukirti Jain

Listen To Everything Said About Brands and Products Across social media eCom Platform “Kuch toh log kahege, logo ka kaam hai kehna!” (People will always have opinions, this is what they do) but the voice of an eCom shopper cannot be left unheard or dismissed as useless chatter. Opinions and experiences of shoppers matter when it comes to the digital commerce ecosystem. Brands must be aware of every single word said about them be it customer reviews, shoppers queries, lashing-out tweets, gentle words of appreciation, or simple suggestions. Every sentiment needs to be monitored and analyzed as it deeply affects brand reputation. But why? The answer to this why” is a little complicated but here we are going to simplify the brand sentiment what it means and its impact on the brand. Building brand reputation is a continuous extensive process that comprises multiple factors. Brand messaging is one such factor that drives brand sentiment. So, Let’s dig deeper and find out why it matters so much. According to a survey, 76% of customers claim they would quit a business that fails to respond to a negative social media post while 82% of customers expect brands to respond to their social media posts within 24 hours. The Good, The Bad, And The Ugly Brands must be aware of every kind of sentiment about their products and brands. Evaluating Brand sentiment is critical for brand health and the reputation of the business. Let’s presume a case where a customer got a wrong color item or some part or accessory is missing, leaves a negative review, marks for return or replacement along with venting out on social media. Just imagine what an unresolved tweet can do to a brand’s reputation. This makes social listening and quick follow-up critical to brand reputation. The digital commerce landscape is cut-throat and competitive It’s not just about social media conversation and customer sentiment about brands but even cross-platform conversation also needs to be monitored. Brand sentiment also covers understanding and analyzing what people feel about their interactions. Brands must carefully monitor this dynamic and enhance those aspects that leave a positive impact and enhance customer experience! How people feel about your business or product can have a huge impact on product sales, brand loyalty, and customer retention. Lend Your Ears Are You Listening? The most powerful element in building a brand reputation is word of mouth the experience leads to voices, and voices turn into opinions. These opinions shape the buzz about the brand. For example, let’s consider the case of TATA Nano, a pocket-friendly car with a budget of the middle class that faced a major bump in the market as it got labeled as a cheap car. It is important to ensure what the brand wants to convey about the product matches the target audience’s interpretation. Brands need to pay attention to what people are saying. Being aware of how the brands are responding is crucial to product performance in the market. Brands need to stay alert in real time to track sentiments across the digital ecosystem. This includes understanding. Context and tone of sentiment Subjectivity of sentiment Change in sentiment over time Source of sentiment Understanding sentiments will help brands categorize sentiments and grade them accordingly. Brands need to keep track of word-of-mouth mentions and respond accordingly. Perks Of Tracking Brand Sentiments Tracking brand sentiment is like social listening crisis management under one roof. According to a survey, 88% of people look for opinions online before making a purchase. Finding your brand mentions and making your presence felt is an important step toward upswinging brand digital efficiency. Turn the insights into action by monitoring and analyzing brand sentiments across the digital ecosystem. Here are some core benefits of being aware of brand sentiments: Improved Customer Satisfaction Respond swiftly to Customer feedback Ensure customer retention making customer opinion/experience feel valued Understand the target customer and what makes customers happy Understand your industry segment Identify threats or opportunities Improve marketing strategies Data Driven decision making What Brands Should Do To Improve Brand Sentiment? The reputation built by positive words about the brand or product is what propels sales and helps acquire new customers most organically. The way brand sentiment shapes up decides the fate of the product. The challenge lies in identifying sentiments and responding to them swiftly as the more time negative feedback is spent in the digital landscape the more damage it does to brand reputation. So, what can the brands do about it? Relentless Monitoring The digital space keeps on evolving at a rapid pace. The monitoring and analysis process should be relentless and continuous to keep up it. A comprehensive system should be in place for automated sentiment monitoring with actionable insights to support data-driven decisions. Swift Response Make sure customers feel valued. Personalized responses to negative feedback will go a long way in building brand trust and loyalty. This will help the brand handle the problem before it turns into a crisis. Make strategies more adaptable The strategies that can turn a crisis into opportunities. Understand customer sentiment and respond accordingly. Never miss a conversation about your brand monitor Twitter, Instagram, Facebook, YouTube, Pinterest, News, Blogs, and the entire world wide Web including the eCommerce marketplace customer feedback reviews and QAs. Track every social channel Join conversations about your brand Keep an eye on the competition Manage your reputation online Final Thoughts Be Sensitive to Sentiments ‘Whats in a name? In the digital commerce landscape everything. As any mention of brand or product name matters. Brand sentiment plays a pivotal role in building brand reputation and value across the digital ecosystem and beyond. Social Listening, digital commerce intelligence with sentiment analysis, and optimizing customer experience are the core digital efficiencies that every brand should strive for in the digital landscape. Omnichannel Shopping including Live Social commerce and expanding geographical outreach of digital commerce retail is opening up new avenues for shoppers. Now shopping has become more interactive where shoppers can directly engage with the sellers or brands. Knowing

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Amazon Buy Box: 5 Ways to Win It

Blog, Digital Shelf Analytics / Praveen Dhama

Buy Box is the fiercely contested prized possession of sellers in the eCommerce arena. The battle is for the shoppers’ attention as sellers’ success and growth on the eCommerce platform mostly depend on it. According to a research report, approximately 82% of all sales get converted due to the Buy Box. The fact clearly, reflects why every seller seeks Buy Box on the eCommerce platform. Amazon Buy Box is the most coveted need of every seller on Amazon, the world-leading e-commerce Marketplace. So, take a closer look and find out how to win an Amazon Buy Box. What is Amazon Buy Box? Simply put, it’s a CTA that takes a shopper directly to the purchase page and leads to a swift purchase. But not every seller has it. Let’s first understand why it’s so valuable and what makes sellers eligible for a chance to win the buy box. Amazon has mainly 5 types of sellers – Manufacturer & Direct-To-Consumer (DTC) Brands, which Produce and sell their products under their brand names, Private Label Brands, which Sell products manufactured by a third party under a different brand name, Factory Brands, sourced from often overseas factories and go direct to global consumers with more often at comparatively lower prices, Resellers, who buy products in bulk and often sell them at a higher price to make a profit and Aggregators, Companies that purchase multiple Amazon brands to consolidate and grow them. Broadly they can be put into two selling methods Amazon itself, 1st party sellers sell wholesale to Amazon and Amazon acts as the retailer selling to customers, and 3rd party sellers sell directly to customers via the Amazon Marketplace. Buy Box quickly takes shoppers directly to the purchase page, avoiding spending time considering whom they are buying from Amazon or 3rd third-party seller. Only businesses with excellent seller metrics can win an Amazon Buy Box. Not every seller is eligible to win a Buy Box. Why it is important? Nearly 80% of all Amazon’s sales come via the Buy Box. In 2021, $389 billion worth of sales among net revenue of over $469 billion came from Buy Box purchases. This clearly, reflects Amazon Buy Box Win boosts sales. Sellers must meet the following metrics* to win the Buy Box: Key Matrices Requirement Order Defect Rate (ODR) < 1 % Cancellation Rate (CR) < 2.5 % Late Dispatch Rate (LDR) < 4 % Valid Tracking Rate (VTR) > 95 % On-Time Delivery Rate (OTDR) > 97 % Invoice Defect Rate (IDR) < 5 % *Subject to changes as Amazon keeps raising the bar on eligibility to win Buy Box. 5 Ways to Win Amazon Buy Box Sellers having significant order volume and quality products can strive for Buy Box. Here the quality of products is measured via Seller Controllable Return Rate (returned or refunded due to product-related issues) and Customer feedback & ratings. Amazon keeps on raising the bar, The digital e-commerce Seller needs to ace the performance matrices to boost their chances of achieving more Amazon Buy Box wins. Here are a few ways sellers can boost Amazon Buy Box win percentage. High-quality products: A genuine and high-quality product can delight the shoppers reduce return requests, curb defects and enhance customer ratings which lead to higher chances of Buy Box wins. Optimize Products Listings: Product listings are like the physical storefront, where shoppers get attracted by the looks, title, and description. Create product pages accurately with high-performing keywords, bullets in descriptions with product features, and high-quality product images. Cataloging and categorizing products are also crucial to avoid customer confusion. Offer competitive pricing: According to Amazon, you can automatically increase your chances of winning the Buy Box by listing your product within 5% of the current Buy Box price. Optimize Delivery Turn Around Time: Amazon customers expect to receive their orders by the estimated delivery dates and delivery leads to a higher win box %. Respond to negative feedback: High rating & review leads to a higher boy box win percentage. Amazon always strives for a high customer satisfaction level. 92% of customers say they will buy again from a brand if the returns process is easy. That’s exactly what you need to focus on by offering hassle-free returns and exchanges, leading to a positive return experience. Final Thoughts – Keep Your Eye on The Digital Commerce Landscape The bottom line is performance optimization is key to upswing Buy Box win percentage. The massive product range and variants on Amazon means cut-throat competition. A pinch of slip-up by brands and sellers can lead to a loss of sales and customer drop-off. To prevent such fallacies and boost chances to Buy Box wins brands and sellers must plug in e-commerce analysis. Keep an eye on multiple product performance matrices like product share of Shelf, visibility share, the content of product page, product stock availability, pricing, delivery turn-around-time, etc. The actionable insights and dynamic dashboard of mScanIt, an e-commerce competitive analysis can help brands optimize their customer journey on multiple touchpoints. It keeps track of sellers’ performance and Buy Box wins across geographies and digital commerce platforms. The Buy Now button on the product page is the ladder that takes your product to the top amidst the vipers of competition waiting for you to slip up. eCom is not a game of snakes & ladders it is a place where data-driven decisions thrive and earn multi-fold sales with Buy Box wins. Get in Touch for more information about Amazon buy box.

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eCom Platform Marketing Service: “Everything Everywhere All At Once”

Leave a Comment / Blog, Digital Shelf Analytics / Anukirti Jain

Yes, you read it right. But we are not going to talk about an Oscar-winning movie. It is about a complete Marketing console in one place, eCommerce Platform Marketing Services like what Amazon provides for its sellers. The eCommerce giant Amazon has expanded and enhanced the services for its shoppers and sellers alike. The integrated comprehensive marketing console, Amazon Marketing Service (AMS), helps Seller control and monitor how the product does on the platform and organize what it needs to boost performance. The collection for several Amazon services for sellers, AMS has tools for Amazon Sponsored Brands, Amazon Sponsored product management, and Amazon Display Ads. But the question is – Is it enough for the brands and sellers?1 Let’s take a deeper look at the platform marketing services and highlight ways to optimize services like AMS. What does AMS do? Why does it need optimization? While all other eCommerce platforms are evolving in terms of Advertising Services provided, Amazon is leading or could say dominating in it. The massive presence of Amazon in the eCommerce Retail domain led to the rise of a fiercely ecommerce competitive landscape. As a brand, business, or seller here you are running against thousands of others running a race against every evolving algorithm. To stand apart and reap high profits, brands need to advertise with a clear understanding of segments and competition. Platform Marketing Services like AMS Provides Complete Amazon Advertising Console Support for Amazon Sponsored Products, Sponsored Brand Ads, and Amazon Sponsored Displays. The competition is fierce in a global marketplace like Amazon. Most online advertising platforms allow you to pay for impressions and clicks but Amazon takes a different approach. As it provides an option to choose how much you want to pay when a shopper clicks on the ads. This provides hands-on control over the ad budget. This also impacts the conversion rates based on the strong purchasing intent of the audience. They also streamline it to provide advertising reports. They may not be the best ones to get deeper insights into customers’ search patterns, but they are extremely useful to understand what works for you and what doesn’t. This created the need for optimization of marketing services provided by the platform to save time and money along with enhancing brand recognition. Challenges for Sellers using Amazon Marketing Service – No Visibility of High-Performing Keywords: Identifying high-performing keywords plays an essential role in making effective campaigns and efficient product display pages. Building a comprehensive keyword bidding strategy is key to the upscale product. Brands or Sellers must be aware of high-performing keywords that work or don’t work. – Time-consuming and prone to manual errors: The need for an auto-generated response is key to reducing the time consumed and mitigating errors caused by manual entries. Tracking performance and managing optimizations can lead to greater achievements. – No Standardized Automated Process: Standardized processes are needed to avoid hit & trail elements like keywords bidding. High returns are expected if the standard processes and data-driven decisions are used for AMS. – Missed Opportunities with Uncertain Returns: Ambiguous returns of advertising campaigns need to be consolidated and sustained with a clear process in place to boost advertising performance. Perks Of Platform Marketing Service Optimization Optimize Ad Campaign- Reduce Ad Spend Optimization of Platform Marketing Services empowers eCommerce Platform Advertising Campaigns. Full-fledged coverage is provided from setting up your different Ad Campaigns (Own, Competition, Generic) and managing your budget in Ad Groups via AI-based Automated System. Advanced Automated Solution raises your advertising game Crystal Clear Data for better understanding to drive overall sales Business decisions driven via actionable insights lead to sustained growth Saves hours of manual work by bypassing Amazon Advertising complexities 1. AI-driven marketing Optimization Amazon Advertising Campaigns gets a boost through AI & ML, keeps track of the performance of the keywords and help adjusts your campaign budget to maximize your Return On Ad Spend (ROAS). The sophisticated AI is used to automatically turn competitor keyword bidding ON/OFF depending on the stock availability of the competitor. Completely Automated Process Product code Bidding Keyword Bidding Comprehensive Budget Planning 2. Continuous Optimization of Keywords Identifying and monitoring keywords should be a continuous process as the bids need to be optimized according to the keyword performance change. The use of AI can turn on/off bids on keywords, based on Keyword performance. The campaign performance can be optimized by bidding on high-performing keywords. Brands or sellers need to be aware of keyword performance on a real-time basis to optimize the campaign and avoid waste of ad spending. The Return on Ad Spend (ROAS) can be optimized with an automated process in place. 3. Effectively Optimizing Ad Budget Platform Marketing Service Optimization boosts campaign performance not just by optimizing Campaign Spends and deciding what amount to spend but also how and when to spend it. The click and traffic analysis can help generate automated bid prices and empower budget shuffle across multiple ad campaigns for optimal ad spend utilization. 4. Adding Value to Brands The optimization of advertising services raises the brand’s advertising game. Plugging in automated solutions for optimization can add value to the services. Improvement in ROAS and Conversion Rate is a key value addition to the brand performance with data-driven decision-making. The automation of the process reduces advertising complexities and saves several hours of manual work. Final Thoughts Marketing on eCommerce platforms has eased with comprehensive marketing services provided by the platform but that’s too much manual work considering the massive number of products and wide geography to cover. The Optimization of platform marketing services automate systems and reduce ad budget by making ad campaign more effective. mScanIt eCommerce Intelligence Solution can help guide brands or sellers to automate and optimize advertising strategies on the eCommerce platforms. With the pace at which advertising is evolving, it’s important to get hold of things swiftly as any lag in strategy can push back your brand way behind other sellers or brands. The digital commerce universe is so much bigger than you realize. Brands need

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Uncover New Opportunities: Fill the White Space in eCom Landscape

Leave a Comment / Blog, Digital Shelf Analytics / Praveen Dhama

The cursor blinking on a blank page is the writer’s white space waiting for sweaty palms and dry throat to relax and get over the excruciating writer’s block. In business, things are not that different or as nerve-wracking yet very exciting. It is all about identifying the target and formulating strategies to acquire these white spaces on the eCom landscape and uncover new opportunities. Is it that easy? Certainly not. Brands need insights and comprehensive analysis of competition or lack of it in the geography or pin-code to target. The omnichannel shopping avenues and new demographics turning to online shopping have opened up white spaces for brands to target and make their brand presence felt in the untapped territory. For Example, global QSR giant, McDonald’s started with just two items on the menu. They surveyed competitors and found out that they need to hyper-focus on best-seller items instead of expanding the menu to propel customer satisfaction. These were the white spaces in their industry. The insights helped them focus on customer service which was lacking among the competition at that time. Just imagine what ecommerce competitive analysis can do now for business – identifying White spaces and beyond. Understanding what was missing from the market, identifying what customers were lacking, and turning that industry gap into a success. Let’s dig deep and find out what exactly are white space opportunities, and how can they be turned into an asset. Benefits Of Digital Commerce Analysis to Identify White Space Digital commerce intelligence across e-commerce platforms, geographies, product categories, sub-categories, and variants vis-à-vis competition provides actionable insights. These insights and analysis help uplift product performance in existing space along with displaying brand untapped potential. Analysis of white space could help improve the product sales process, strengthen customer relations, acquire new customers, grow business reach, and enhance potential. Here are some key benefits brands can achieve from analysis and identifying white spaces: Expanded customer base Increased opportunities for upselling and cross-selling Improved customer relations, acquisition, and retention Refined sales approach and strategy New opportunities for innovation The white spaces are filled when the unspoken and unmet needs of the customers are uncovered by brands holding on to new opportunities, leading innovation, and expanding product reach. How to Find White Space in the eCom Landscape? Map New Opportunities It’s time to map your white space opportunities. The mapping can be done in 3 ways – internally-focused, externally-focused, and future-focused. Internally focused white space mapping – identify your brand or company strengths, abilities, potential opportunities, and competitive threats. The comprehensive analysis of own product performances across the digital commerce ecosystem provides a clear picture. It helps businesses determine how effectively act upon the market barriers, opportunities, and competitive threats. Externally focused white space mapping – identify products and services in the existing market failing to meet needs – potential gaps in the system, lack of competition, non-consumers, or new market spaces. Future-focused mapping – strategic forecasting, based on insights, devise business strategies based on actionable insights. Analyze Your Findings The compiled data on KPIs and power SKUs help connect the dots. The data tells the story of your product performance vis-à-vis competition. Brands monitoring their own and competition across platforms and geographies keep them on their toes. Understanding customer needs, finding out and plugging gaps in brand performance, discovering new areas to focus on, and identifying existing region that needs a boost based on platform, geography, and product-specific data insights. The analysis will highlight the white space and illustrate where you can target customers with better solutions. Accelerate Revenue by Identifying White Space Smart businesses take advantage of customer data, sales performance metrics, and competitor information to formulate cutting-edge strategies. Full visibility into your sales, delivery TAT, and customer sentiments find the gaps in your offerings and fill them with suitable action. This leads to accelerate revenue generation from the existing system and venturing into new untapped markets and demographics opens new avenues for revenue generation and expands brand reach. Final Thoughts – Get the Competitive Advantage There are many different interpretations of ‘white space’ in business. Some consider it to be all about unchartered territories, while others feel it is a lack of competition. The key is finding the white space in your market segment and identifying market opportunities that your business is capable of capitalizing on. Map out new opportunities that your business has the capability, resources, and drive to meet. Evaluating the competition marketing strategies find a white space and define your target customer. Figure out What you do better than our competition. And What do they do better than you? Competitive advantage helps position the brand in the eCommerce market segment. Finding white space may sound straightforward – but it is not. Plug in mScanIt, a Digital Commerce Intelligence Solution, to get real-time actionable insights across the digital commerce ecosystem. Monitor and analyze your product performances vs competition at every touchpoint across the customer journey. Your ‘white space’ lies in Identifying key needs within the target market that are currently not being met by any other provider. This is where the brand focus for growth should be. Get in Touch for more information.

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Luxury eCommerce: Making Shopper Aspirations More Accessible

Leave a Comment / Blog, Digital Shelf Analytics / Praveen Dhama

Days of dreaming to own a Prada bag or a pair of Chanel pumps & Slingbacks for years are gone. Now, no need to worry about the death stares from the sales executives when you inquire about the price. Those fears weren’t unfounded either. The luxury eCommerce has opened the door for such dreams to turn into reality. The digital commerce landscape is transforming. Luxury brands are also getting available online with exclusive offers to acquire a new range of customers, who are willing to get the taste of luxury items. India’s luxury eCom race is heating up with Fashion, Beauty & Personal Care product-specific eCommerce platforms. There is definitely a lot more to come, as the geographically widespread market is a perfect fit for online selling. Let’s take a closer look at the elite items & brands reaching out to online shoppers. Luxury eCom Segment The major benefactor of the growing online luxury segment is the Indian designers and global Luxury brands, who were exclusively available in stores only. The eCommerce marketplace variants exclusively selling luxury goods are penetrating the Indian market steadily and preparing their niche customer base. Names like Ajio Luxe, NNNOW.com, Darveys, Tata CliQ Luxury, and Nykaa.com are all opening the door of luxury brands and items to Shoppers who wish to add these to their luxurious lifestyles. India’s $6 Billion luxury goods market is finally going digital. According to the Euromonitor International report, the Beauty segment is moving at a faster pace as compared to fashion. The 12.1 percent of super-premium luxury items in the beauty and personal segment are now getting sold through the eCommerce distribution channel. The number might not look much, but in terms of order value, it is quite significant. The Luxury fashion segment on the other hand is moving slowly as only 5.5 percent of designer apparel and footwear are selling online. The pandemic shook the luxury industry hard but opened new avenues for selling beyond brick-and-mortar glamorous stores. The industry segments bank on the growing purchase capacity of millennials in tier-1 cities and fluttering expectations of new wealthy shoppers from tier-2 and tier-3 cities. The convenience and availability meet the needs of these shoppers. Another factor that is driving luxury eCommerce is investment from conglomerates like Tata and Reliance. Tata owns Tata CliQ Luxury while Reliance sells Luxury products via Ajio Luxe. This appeals to Indian Luxury consumers and brands that feature on the eCommerce platform. New Opportunities for Luxury Brands India is on the verge of a Retail renaissance. As high-income individuals and consumer wealth is growing in India the Luxury segment is all set to expand its reach. Wealth spread across the cities reflect in the fact that according to Ajio Luxe – 60 percent of its orders are from outside the top 8 cities in India. The target audience is expanding as more and more people aspire to buy luxury items. They might start with high-end luxury handbags and push a little higher the next time buy Salvatore Ferragamo handbags. The Omnichannel approach to selling is also in place, offering personal service assistance recreating luxury brand store experience online. Loyalty programs, personalized service, luxury chauffeur delivery, exclusive guarantees, warranties, etc. are what enhance the customer experience. The brands need to respond to new Indian luxury consumers and optimize the brand performance, discoverability and track availability across luxury eCommerce platforms. As the kind of services is highly personalized brands there can’t be much saved on that but brands can save on physical store costs on the high street or shopping places in the city and operate from a warehouse in one-fourth of the cost. Optimizing Luxury eCom Retail A wide range of categories is focused on by Online Luxury marketplaces. Every Luxury brand in various market segments is an established name itself. To those shoppers who know the brands and products all they look for is what’s new is launched this season. The key area to focus on here is the availability of an exclusive product range based on the personalized preferences of the customers. For someone who is new to luxury products and brands, optimizing customer experience is key. As multiple brands of luxury items compete fiercely in the same space on the eCommerce platform, unlike a luxury store in an illustrious marketplace. Online Luxury stores like Darveys push aggressively with a massive range in online fashion presenting more than 380 authorized sellers worldwide to Indian luxury shoppers. Setting discounts and pricing becomes crucial in the online luxury landscape as well, catering to Indian customers middle class or ultra-rich, discounts are a must. In the Luxury segment, these margins are really fine to hold the brand value. Even Labels like Balenciaga and Burberry are also warming up with offers exclusive to discounts to Indian customers. Home Décor & Furnishings, Beauty & Personal Care, and Fashion & accessories eCommerce are the segments growing in the online Luxury shopping space, pumping a massive amount of order volume. Nykaa, in the past year, has witnessed sales rise by 300 – 400 percent and expects next year’s gross merchandise Volume to be approximately $250 million. Exclusively venturing into the fashion market with a range of luxury products. The Competitor Tata CliQ Luxury is not far behind. They venture into home goods, beauty, and fragrances, along with exclusive fashion Luxury items. The products are a mix of Indian luxury labels along with global brands distributed in India. They are trying to tap the emerging premium designers. Once the consumer moves into that price point, the glory days for Indian emerging labels will hit their stride. The Designer Label of Ritu Kumar can also be found on Tata CliQ Luxury’s ‘Indie Luxe’ vertical. Fashion eCom Category Expansion The most accessible category in the Luxury eCommerce is handbags & accessories featuring brands like Coach, Michael Kors, and Kate Spade, etc. These high-ticket pieces work like a bridge to the luxury category, bringing in more shoppers to other categories. Another growing category is a dedicated range of sneakers that attract a

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How to Boost Engagement with Content Recommendations & Analysis?

Leave a Comment / Blog, Digital Shelf Analytics / Anukirti Jain

According to a survey, 87% of online customers said good product descriptions do influence purchase decisions. It often said visuals grab attention better than text. But what next? Once you get the shopper attention with a high-quality picture, product titles must clearly and quickly convey exactly what you’re selling, and then comes the description once your product gets discovered by the shopper. The hardest part of listing an item on e-marketplaces is setting the perfect product description to ensure visibility to the targeted customers. Finding the right words to define your product is quite a task. Let find out how brands and sellers ease this process with content recommendations and analysis and bring in more engagement and sales conversions. Product visibility on eCommerce platforms Brands need to be on their toes while listing products on digital commerce platforms. The competition is fierce, and shoppers have a shorter attention span. Brands and sellers must quickly engage shoppers with an attractive title and engaging description. High-quality A+ content with images and videos is critical to making a purchase decision. Brands can improve their organic search ranking by enhancing or let say refining the product description, with high-performing keywords and exponentially enriching the reach of their category page. 87% of online customers said good product descriptions influence their purchasing decisions Source: Salsify Survey Role of Content in the purchase decision – Content plays a vital role in shoppers making a purchase decision. Understanding the needs of the customers can help in putting up the right content recommendation. Brands and sellers need to focus on generating good content that connects with the audience. Influencing customers is a critical business goal that can be fulfilled via – Establish a lasting connection Providing relevant and useful information Building a sense of trust among customers Building a brand reputation as a market leader and an expert Being open to customer engagement Challenges in setting up the perfect Product Display Page (PDP) content There are several challenges in setting the right content for a product display page on an eCommerce platform. Some of these challenges include: – Balancing the amount of information: It’s important to provide enough information about the product to help the customer make an informed decision, but too much information can overwhelm them. Finding the right balance can be tricky. – Highlighting the most important and most relevant features: Customers want to know the key features of a product, but what’s important to one customer might not be important to another. It’s important to identify the most important features and highlight them prominently. – Providing accurate and up-to-date information in bullet form: Customers rely on the information provided on product pages to make purchasing decisions. Providing inaccurate or outdated information can lead to unhappy customers and a rise in product returns. Use bullet points to convey information. – Optimizing for search: Product pages need to be optimized for search engines to ensure they appear in relevant search results. This requires carefully choosing high-performance and relevant keywords and ensuring that the page complies with search guidelines. – Creating engaging content: Product pages that are engaging and visually appealing are more likely to hold a customer’s attention and lead to a purchase. This can be a challenge, particularly when dealing with products that are difficult to photograph or describe. – Consistency across product pages: It’s important to maintain a consistent look and feel across all product pages to ensure a seamless user experience. This can be a challenge when dealing with a large number of products or when different vendors are involved. It’s important to keep the customer’s needs in mind and to strive for consistency across all product pages. Why do brands need auto-generated content recommendation and analysis? The massive range of products listed across the eCommerce platform requires AI and ML to drive content that optimizes product performance by including SEO high-performing keywords and creating content that suits platform compliance. Brands need to move beyond manual content and switch to auto-generated content recommendations to optimize titles, descriptions, description bullets, images, and video scores. The Amazon Pi integration allows content recommendation analysis tools to fetch content and optimize overall content scores. Refines content to adhere to platform compliance guidelines. Save time in generating new content or correcting old content Identify gaps in the title & description text, and images & video content Include high-performance keywords to boost product Share of Voice across digital commerce platforms Final Thoughts – What should brands do? The manual process of refining Product display page content is neither cost-effective nor feasible for brands with a wide range of products under various categories and sub-categories across multiple eCommerce and Quick Commerce platforms. Brands need to move forward with advanced content recommendations analysis with ecommerce competitive analysis. Optimize PDP with Auto-generated content recommendations to set the right content theme that defines the product and boost product visibility with multiple content suggestions on PDPs. The brands should focus on achieving brand goals to push for more conversions with the perfect title and description and ensure your content suit every parameter defined across the eCommerce marketplaces. Comparing your product PDPs vs competition and understanding the gaps while ensuring all Government norms/ platform guidelines are met before publishing the PDP is critical to brand reputation and discoverability across the eCommerce and Quick Commerce platforms. Get in touch with our experts for deeper insights. Reach out to learn more!

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Welcome to The World of Social Commerce

Leave a Comment / Blog, Digital Shelf Analytics / Praveen Dhama

Has your brand joined the digital commerce revolution yet? No? You definitely should. Doesn’t matter how big or small a brand you are. Social Commerce is here to stay and grow at a rapid pace. New customers love making a purchase then and there. Impulse purchase drives a major chunk of social media sales. Typically, people google it or search for the item they seek on an online shopping platform. Once they discover what they want, they analyze the product and make a purchase. But social media empower them and triggers them to make a purchase instantly. Social Commerce in India The social commerce sector is rising high on the wave of new shoppers from tier 2 and tier 3 regions. Influencer-led commerce and recommendation-based or suggestion-based purchases are on the rise in smaller towns, and several large players in the space have scaled up quite rapidly in social commerce space such as Meesho. According to a report, the social commerce industry is expected to grow steadily, recording a CAGR of 62.4% during 2022-2028. India’s social commerce GMV will rise up to US$ 143,583.3 million by 2028 from US$ 8,258.8 million in 2022 There is a lot of traction in the apparel, and beauty & personal care space. Apart from that, another category that is receiving some traction is electronics. The change is in the air. Brands have now started tying up with influencers directly to promote their products. Gen Z and the millennial population who follows these influencers and brands on social media platforms are likely to contribute the most to the growth of the sector. The ecommerce market in India is poised to grow at a high speed due to the high adoption of social media platforms, and extensive smartphone penetration across the country. What Makes Social Commerce So Effective? Social commerce is a relatively new concept but has grown exponentially post-pandemic. A combination of social media and e-commerce uses social media platforms such as Facebook, Instagram, and Twitter to sell products and services directly to consumers. So, what makes social commerce so effective: – Purchase become part of social media experience – Social commerce empowers customers and enables them to make a purchase as part of the social media experience. It lures them in during micro-moments motivating them to make a purchase. – Target customers via their social media activity – Traditional digital commerce drives conversion via e-commerce advertising or search engine optimization (SEO) and optimization of customer journey while Social Commerce drives conversions via interactions, influencers, or sponsored content targeting potential customers based on their social media activity. – Doesn’t depend on traffic from searches – Social commerce across social media platforms is more effective as it’s not dependent on traffic coming from searches instead consumers are already engaged on the platform. The information known about the users is used for an algorithm to promote personalized suggestions. It makes it easier for the products or brands to feature directly on social feeds. – Ease of Making Purchase – Traditionally retailers share their products or services directly on their social media pages. They can use high-quality images or videos to showcase products and provide product details such as pricing and shipping information. But it needs users to move out of social media platforms and switch to online retail platforms and make a purchase. Things have become easier now as it takes users directly to the payment page. Users can make purchases directly from the social media platform, often using secure payment systems. Some social media platforms also offer their own payment processing services. – User-generated content and social sharing – Social commerce relies heavily on user-generated content and social sharing. Retailers can encourage their followers to share their products on their own social media pages, which can help to increase brand awareness and drive more sales. – Monitor and analyse performance – Brands can regularly monitor social commerce platforms to analyze performance, measure sales, and track user engagement vis-à-vis competition. This data can be used to optimize Social Commerce performance via ecommerce intelligence and will help formulate strategies and improve results. Overall, social commerce is a way for businesses to leverage the power of social media to reach a wider audience and drive sales. By creating engaging content, building a following, and making it easy for users to purchase products directly from social media, businesses can tap into a new revenue stream and increase their online presence. What’s Trending In The Social Commerce Segment 1. Small businesses are thriving: According to Harris Poll for Sprout Social survey, 70% of small businesses now are getting more visibility on social media and ensuring their presence on at least one social media platform. Many of their Small eCommerce businesses directly sell their products to consumers on social media. 2. It’s all about convenience: Making a purchase while scrolling through social media posts is trending. The ease of shopping and convenience of making a purchase is attracting more and more users. Products from their favorite brands and retailers can now be bought without ever leaving the platform. This makes the process quick and seamless. Personalized and targeted advertising, on social media, help consumers discover products relevant to them and suit their interests & needs. 3. Rise of mobile commerce: In the omni-channel retail ecosystem, businesses are focused on optimizing the customer journey and product performance across shopping platforms. Using tools to optimize not just on the eCommerce marketplace but also on their websites and social media for mobile. The high penetration of smartphones among widely distributed Indian demographics has led to a rise in mobile commerce. This pushes the popularity of social media as a shopping destination further with easier shopping on the go. 4. Influencer marketing on a rise: People Trust the words of the people they follow. Influencers or personalities with a large following on social media are now not just promoting brands on social media but also selling their product on social media to a highly targeted audience. Many consumers view

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Live Commerce – Buy it when you see it

Leave a Comment / Blog, Digital Shelf Analytics / Anukirti Jain

Indian eCommerce players are swiftly moving towards Live Commerce to connect with new shoppers The rules of the game are changing! Online shopping is no longer limited to eCommerce marketplaces. The digital commerce landscape has expanded to new swift shopping avenues. Now shoppers can make a purchase while scrolling through their social media or just buy an item from a sponsored Live stream. The Omni Channel Shopping is the way forward for brands and sellers. Live Commerce is one such hot avenue attracting new shoppers and influencing brands to go Live with their products. Wondering what next for eCommerce Industry and brands? Let’s dig deep into Live commerce segments and Trends to find out the answers. Buy Live! Tune in to Live Commerce The first question comes that strikes the mind is – “How Live commerce is different from traditional eCommerce?” First, itLive. Second, itmore than just social commerce. It gives a Live view of the product to the shoppers. Live commerce involves the use of live-streaming videos to sell products in real time. Not like those teleshopping shows bugging you to call and buy again and again. Itthe influencer marketing and promoting the product Live with an option to buy now. This can be done through a variety of platforms, including social media, eCommerce websites, and dedicated live commerce platforms. The basic idea is to create an interactive shopping experience that allows consumers to engage with brands and products Live. The Rise of Shopatainment The immersive shopping experience provided by Live Commerce allows brands to engage at a deeper level with users. The charm of influencers and interactive shopping experiences makes it entertaining for digital natives and a new generation. According to a recent report by RedSeer, the Gross Merchandise Value (GMV) of items sold on Live Commerce mediums via short videos is all set to rise up to $5 billion by 2025 in India. A new shopping avenue – The retailers are also moving swiftly towards Live eCommerce not expecting massive sales but to enhance user engagement and boost sponsored product visibility. The delivery style of the influencers connects with the user and makes it a more personal experience. It gives shoppers certainly more than the product description. All they need to do is trust what they see and click on the buy now button. Brands and retailers are coming together for such Live Commerce sessions. A prominent brand like SUGAR Cosmetics participated in Myntralive commerce session and did another one with Nykaa, the beauty product portal to boost their product visibility and sale by featuring in this growing shopping avenue. The results were promising. Fashion products are expected to contribute 60-70% in Live commerce growth in GMV followed by the Beauty & Personal Care segment and others making up 30-40%. Even the automotive giants are also not far behind. On Flipkart hosted Live commerce event, Automaker companies like Ampere, BGauss, Bounce, and Hero showcased their wide range of electric and petrol 2-wheelers. Hero MotoCorp’s Hero XTreme 160R Stealth 2.0 was launched via Live Commerce and witnessed a viewership of more than 2.6 lakh people. The adoption of Live commerce is significant as 65% of shoppers on these Live streams are from tier-2 cities and beyond. The new shoppers are making their presence felt in this growing segment of omnichannel digital commerce. Amazon India also launched its live commerce feature ‘Amazon Live’ with over 150 content creators to cash in on the festive season. The reason for such traction is quite simple Live commerce reduces the friction for the less digital savvy new users who find it easy this way to consume content and make shopping decisions. Key aspects of Live Commerce Ability to Build Trust with Customers – One of the key benefits of live commerce is the ability to build trust with customers. Live video allows consumers to see the products in action and get a better sense of what they are buying. This can help overcome some of the skepticism and uncertainty many people feel when shopping online. Create a Sense of Urgency – Another benefit of live commerce is the ability to create a sense of urgency. By broadcasting live, retailers can create a feeling of exclusivity and scarcity, which can encourage consumers to make a purchase on the spot. This can be particularly effective for limited-edition or time-sensitive products. Live Commerce trends are gaining traction as consumers look for more engaging and interactive ways to shop online. The Future of Live and Social Commerce The future of Live and social commerce is bright, as both trends continue to gain momentum in the eCommerce industry. In the coming years, we can expect to see more retailers embracing these new ways of selling products, and more consumers embracing the convenience and interactivity of live and social commerce. Augmented and Virtual Reality – One of the key areas of growth for live and social commerce is in the use of augmented and virtual reality. These technologies allow consumers to see and interact with products in a more immersive way, which can help to drive sales and create a more engaging shopping experience. For example, a customer could use an AR app to try on clothes or see how furniture would look in their home, before making a purchase. Artificial intelligence and Machine Learning – Another area of growth for live and social commerce is the use of artificial intelligence and machine learning. These technologies can help retailers to personalize the shopping experience, by providing tailored recommendations and offers based on a consumer browsing and purchasing history. This can help to increase engagement and drive sales, while also improving the overall customer experience. Final Thoughts Live and social commerce are two exciting trends that are changing the way we shop online. These new forms of eCommerce offer a more engaging, interactive, and personalized shopping experience, and are likely to continue to grow in popularity in the coming years. As retailers continue to innovate and experiment with new technologies, brands can expect to see even

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