Digital Shelf Analytics

What the Future Holds for Retail Media And Marketplaces

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

let’s begin with the burning questions – Why there is so much buzz about retail media now and why retail media is so important? The answer is not that complex. Simply put– the rapid growth in online shopping and the need of personalized customer experience has directed more focus on optimizing retail media. More than 33.3% percent of the world’s close to 2.64 billion people shop online. This leads to more shopping and the need for more digital advertising. Retail media is the actual advertising placed on a retailer’s media network. The impending demise of 3rd party cookies has drawn marketeers’ interest toward first-party data with the retailers to place targeted ads and boost customer engagement. This is fuelling the rise of Retail Media Networks (MNOs) and a treasure trove of first-party shopper data. Giants like Amazon have their marketing services. But is this enough for brands? Let’s dive deep to know why Ecommerce Marketing Services and brands need optimization and what the future holds for retail media. Grab the customer’s attention at the right moment with Retail media In the new age of online retail media, when the average attention span of consumers is shrinking. Getting your product noticed among fierce competition becomes critical. Brands need to Strike the right moment and the right place to instantly grab customers’ attention. Retail media is a form of advertising that intend to capture consumers’ attention at the moment when they’re nearly ready to make a purchase or close to the point in the customer journey. The decision phase is where they pick the product among its competitors. Online, retail media is far more sophisticated than what we see at the grocery store. The insights on online retail media help brands understand consumer behavior, product segments, and trends in a better way. This will enable brands to deliver more impactful messages to the customers and optimize performance at multiple touchpoints across the customer journey. Retail media can be used for a variety of purposes, which include Product Promotion: Retail media allows brands to promote their products directly to customers while they are shopping online. This can include displaying product ads, providing product recommendations, and offering deals and discounts. Awareness: Retail media can be used to increase brand awareness by displaying ads to a retailer’s audience and customer base. Customer Acquisition: Retail media can help brands acquire new customers by targeting their ads to specific audiences, such as those who have recently shown interest in similar products. Customer Retargeting: Retail media can be used to retarget customers who have previously interacted with a brand’s products or website, reminding them of products they have shown interest in and encouraging them to make a purchase. Overall, the use of retail media can help brands increase sales, improve the customer experience, and gain valuable insights into their customers’ behavior and preferences. Retailers offer digital ads on their eCommerce websites, apps, and on retailers’ sites to boost product visibility to the relevant audience. Bain co report estimates that the retail media market will grow by 25% per year to over $100 billion in the next five years and will account for over 25% of total digital media spending by 2026 which implies how massive the retail media could be in near future. Perks of Retail Media For growing brands, digital retail media offers several potential benefits. Through targeted placements, brands can leverage the existing online presence of larger retailers to gain new visibility and connect with highly relevant consumers who are actively looking for products to purchase. There are several benefits of eCommerce retail media: Additional Revenue: Retail media allows retailers to generate additional revenue by selling advertising space to brands. Targeted Advertising: Retail media enables brands to reach highly targeted audiences, based on data such as browsing and purchase history. Improved Customer Experience: Retail media can enhance the customer experience by presenting relevant and personalized ads to customers, leading to higher engagement and conversions. Increased Brand Awareness: Retail media can help brands increase their visibility and reach new customers, as well as reinforce brand messaging to existing customers. Better Data Insights: Retail media provides valuable data insights to both retailers and brands, enabling them to better understand their customers and optimize their marketing strategies. But brands need more than that to edge ahead in the competitive digital commerce landscape. Plugging in digital commerce intelligence will provide deep insights into what your product needs to be more visible and what it needs to be more visible. The Retail Media Trends Shaping Digital Commerce First-Party Data is Gold In the Cookie less future, brands will reduce their reliance on third-party data. First-party data emerging as a vital tool for advertisers to provide personalized customer experiences. Retail media networks help brands access a huge volume of first-party data on customers’ search, browsing, and purchasing habits. But still, brands need a digital commerce intelligence solution to optimize the retail media based on valuable actionable insights. Machine Learning Powers Retail Media Success Artificial intelligence and machine learning ameliorate brand performance and guide advertisers/brands to optimize their campaigns for specific metrics and enhance retail media. The targeted click-through rate (CTR) or return on investment (ROI), can be achieved with data-backed decision-making and effective retail media advertising campaigns. Comprehensive competitive analysis and machine-learning capabilities will play a wider role in the growth of retail media networks in 2023 and beyond. Retail Media Strategies Will Focus on Diversification The diversification in retail media targets will help companies from being overly reliant on a single source to distribute their efforts across a variety of ad formats, audience segments, and target markets, depending on each provider’s specialty. Advertisers are expanding their retail media efforts into new technologies like connected TV (CTV). Video Will Take Over Retail Media Ad Placements As more online retail marketplaces are developing their own retail media Network platforms, placements like sponsored products and sponsored searches have become the norm. To edge out the competition in the competitive digital commerce landscape advertisers need to turn to more engaging formats like rich media and video ads. The dynamic nature

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The heart of the matter: Strategies to increase Valentine’s day sales!

Blog, Digital Shelf Analytics / Anukirti Jain

Wait Wait…. It’s not just another article on sale week and it’s not about flowers and teddys. So, what’s different about it? Here we are to give brands a peak into what they can do to make some serious sales on Valentine’s Day. It’s not just an occasion for chocolates and gifting brands to acquire new customers. It’s time for brands across industries to connect with the young generation. Let’s drown in the ocean of customer sentiments to find pearls to shine sales. Valentine’s Day Beyond Chocolates and Teddies No offense to the gifting eCom industry – It is indeed their time to peak sales, but we are here to look at how other products flourish during Valentine’s week. Spending close to Valentine’s Day bumps up as the week brings in new customers looking to buy beyond gift items, but the gift items are not just limited to chocolates and common gift items. On the world’s largest e-marketplace, Amazon bands are pushing to connect with the young generation. A connection that will benefit them in the long run establishing a brand for the youth. Offers like “sound of love” on Amazon featuring brands like JBL, Bose, etc. are what attract new customers who are not just looking for roses. Brands need to up their game in product categories that are more searched on this day but also push products that connect with the demographics. The day has quite a significant and revenue-driving force in all essential sectors. Be Available to Witness The Shower of Love on e-commerce Platforms Time to dress for the occasion with the insignia of Love. The Fashion eCom lit up in the season of love with special combos and clothing to help couples dress up for the occasion. Clothing and accessories flood the eCom market. But brands and sellers on eCom platforms need to boost their product discoverability first to boost sales among the cutthroat competition. Be it Valentine’s Day or any other sale week brands need to be on top of sale trends and competitors’ pricing and discount offers to become the top pick. Brands need to optimize their Product display page content, set banners at the right spot to boost visibility and know the right price to be the top pick. The biggest factor that can help brands boost revenue during Valentine’s week is being able to meet the demand on the day. Brands need to ensure their product availability across the eCommerce platform. Can’t Buy Love But Can Buy For Love You can groove to the Beatles ‘Can’t Buy Me Love’ on the V-day but you should buy something for your Love to keep that intact. Americans plan to do exactly that as does the rest of the world. According to a report on Valentine’s Day 2023, the United States is all set to spend $25.9 billion. The National Retail Federation survey predicted sales to be around $2 billion higher than the previous year. Things To Do For Brands – Equip Well For V-day Sale and Beyond What can brands do? Simple just ride the sale wave – make your products stand out during this week and beyond. Yes, you read it right ‘beyond’ like love eCommerce game is not just T20 brands need to be an all-format player to edge ahead of your competition. Gear up with the right tools to go the extra mile and score big. Here are some things brands could do on a sale week across e-commerce platforms and even on Social Commerce space Refine your content to boost product visibility Know your customer sentiment Target the right demographics Target Tier 2, and 3 cities to acquire new customers Track competitors across product categories and sub-categories on eCommerce platforms Ensure product availability across geographies on eCommerce platforms Optimize delivery time Ensure sellers do not go overboard and violate the threshold price Brands need to optimize customer experience to acquire new customers and build on by tracking customer feedback. Final Thought – Pluck The Rose But Beware of Thorns Brands need to be careful when to target these sale events. Strategies need to be based on insight and comprehensive competitive analysis to shine through with a boost in revenue. Know your customers and competition to edge ahead. Gear up with mScanIt, an Ecommerce Intelligence to get deep actionable insights across KPIs (Key Performance Indicators). Start tracking your competition and your product performance across platforms. The race is heating up to grab shoppers’ attention. Dress to impress and make shoppers fall in love with your products. Get in touch with our experts for deeper insights. Reach out to learn more!

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MAP Violations: Roadmap to Prevent Pricing Violations

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

Summary According to a study, 50% of the time unauthorized sellers violate Minimum Advertised Price (MAP) policies. MAP violations hamper the brand reputation and dent the profit margin. Brands need to be aware of pricing on every product listing across the eCommerce marketplaces. Tracking MAP violations is the right way forward to build brand trust & loyalty. Why do brands need MAP policies? The pandemic has pushed the boundaries for digital commerce and accelerated its adoption. The wave of evolution in the digital ecosystem has opened doors to enormous growth opportunities. But with great opportunity comes great challenges. Brands need a set of ground rules or policies in place to maintain their brand reputation. The Indian digital ecosystem has been on the flyer with high demand for a convenient and seamless shopping experience. In a race to provide lucrative discounts, brands must ensure they do not lose out on brand reputation and value. Brands need to set a threshold value for Advertised Selling Price (ASP) and track any violations on the minimum advertised price (MAP). According to a study conducted by Harvard Business Review on manufacturers, unauthorized sellers violate Minimum Advertised Price (MAP) policies 50% of the time, while authorized sellers do that 20% of the time. Of course, this is in the US scenario, but the fact is quite relevant in the global digital ecosystem and the Indian eCommerce market as well. How can a brand prevent MAP violations? The growing demand has led to a rapid rise in the number of 3rd party marketplaces online. Now, products are being sold by multiple sellers and resellers across the digital commerce ecosystem. This makes it essential to formulate MAP policies. The Map violations not only hamper the brand reputation but also dent the profit margin. Brands need to be aware of pricing on every product listing across the eCommerce marketplaces. MAP Policy – A must For Brands in Today’s Digital Ecosystem. MAP or Minimum Advertised Pricing policies are set forth by the manufacturer or brand to set the lowest price point for sellers to advertise the product. Sellers can only advertise on the price set via an agreement between manufacturers and distributors. MAP policies safeguard brand interest and reputation creating a perfect price perception across the digital ecosystem. What are the Benefits of monitoring MAP violations? Brands need to show alacrity and turn towards technology to track pricing and discount violations. The key challenge is monitoring the massive range of products on multiple eCommerce marketplaces. The diversion from the set threshold could be monitored if every listing on the eCommerce marketplace is tracked. Tracking at what price sellers are advertising the product will help brands identify and act upon any pricing violation across their product listings. Switch to Digital commerce intelligence systems to analyze products on multiple KPIs and provide actionable insight to act upon brands to enhance product performance and optimize the customer experience. Track the performance of sellers across platforms and pin codes. The tracking pricing and discount violations will maintain the brand reputation in terms of pricing & discount offered across the digital commerce ecosystem. How to effectively enforce Minimum Advertised Price? Even the thought of monitoring MAP compliance manually is out of context in the ever-evolving digital ecosystem. Every brand with an extensive online presence needs comprehensive MAP policies and a data-driven system to enforce MAP violations. The ecommerce competitive analysis with price monitoring across listed product categories and sub-categories on eCommerce platforms can ease the burden of brands by tracking non-compliance and identifying authorized sellers. Brands enlist numerous sellers who advertise and sell their products online. The widely distributed scale of products means there is more need for monitoring MAP violations across all online channels. A comprehensive system deployed to prevent MAP violations will protect the brand Image and save the profit margin of loyal authorized sellers. The actionable insights on violators will protect the brand interest and allow them to act against non-compliant sellers. Final Thoughts Tracking MAP violations is of utmost importance to protect brand reputation. Brands need to stay a step ahead of their competitors in this cutthroat competitive digital ecosystem and be equipped with the right tools to optimize the customer journey at multiple touchpoints. mScanIt, an eCommerce intelligence solution via its pricing analysis tool tracks any pricing & discount violations across sellers and geographies along with conducting comprehensive pricing analysis across eCommerce platforms. It Identifies which seller is the outlier in the average price threshold. It also main the violator list for product Original Equipment Manufacturer (OEM) codes across brands, sub-categories, cities, and eCommerce marketplace. As someone rightly said there is no advertisement as powerful as a positive reputation – words travel fast. Plug MAP violations to build brand loyalty and maintain your brand value among retailers and customers. Get in touch with our experts for deeper insights. Reach out to learn more!

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Fashion Industry – Setting new trends in India’s eCommerce Landscape

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

The fashion-conscious GenZs and millennials are leading the astronomical rise of Fashion eCom Fashion is like having a meal, you can’t stick to the same menu every time. Fashion eCommerce has revolutionized the segments. The new generation is the driving force behind the dynamic fast-paced industry. The fashion eCommerce Industry has grown beyond expectations with a 59.7% growth in order volume in FY’22 as compared to FY’21. The clothing & accessory brands need to capitalize on the immense growth potential of the fashion industry. In the words of Myntra’s CEO, the contribution of e-commerce to most of the fashion businesses is 10-12 percent. This is expected to grow to 30%, meaning almost a third of fashion in India will be sold online in the next five years. “Fashion e-commerce will become a $30 bn market in India in five years” – Myntra CEO Let’s take a deep dive into how fashion is cementing its position in the Indian eCommerce landscape. Growing from Strength to Strength The Indian Fashion ecommerce market segment was so far dominated by Myntra. It is one of the biggest players that revolutionized the fashion eCommerce space in India. But the rise of AJio and Cliq has spiced up the competition. The marketplaces are backed by mighty conglomerates like Reliance and Tata group respectively. Online Fashion Platforms like AJio and Cliq have made their presence felt and gradually their market share grew in the online space. The battle for consumer attention is getting fierce with sale seasons and regular lucrative offers. Every brand needs to deal their cards strategically. Take swift action on setting pricing and discount based on market trends. Staying on top of pricing and discount trends across platforms and geographies has become essential to slice through the cutthroat competition. Building brand loyalty reaps high reward and ensure customer retention. Indian fashion eCommerce has enough scope for multiple marketplaces to co-exist and continue to grow. The more competitive fashion eCom space will lead to massive growth opportunities. To capture these opportunities, brands need to gear up with the right digital commerce intelligence tool to stay ahead. The Changing Lifestyle with Fashion eCom The new generation lives and breathe Fashion Trends. Yes, you read that right. They not only shop just for occasions but also turn to online marketplaces for their daily clothing needs. The massive clothing and accessories range is available online to attract younger generations. The brands need to be aware of their sales across demographic and set the pricing and availability to match the needs of shoppers suiting their budget bracket. Digital commerce intelligence can help brands understand the need of their consumers and make data-driven decisions. Getting Smarter with Data-driven Digital Commerce Intelligence ‘One size fits all’ is not relevant anymore. Every individual now seeks what suits their own sense of style, occasion, and accessories accordingly. The industry is shaping toward providing a personalized experience and optimizing the customer journey is paramount. The frequently changing online shopping trends set new milestones every month. Digital commerce intelligence keeps brands in tune with what is going on in their domain across the product range, categories, and even sub-categories. Optimization has become essential be it – awareness, consideration & evaluation, or the purchase phase of the customer journey. Brands need to be on their toes to engage new customers across eCommerce platforms. Invest In Technology – Strengthen Your Supply Chain The post-purchase delivery experience of customers is also crucial in the digital ecosystem. As the brands pump huge volumes to meet the demands. Customer satisfaction in product delivery has become imperative. The reward of an enhanced post-delivery experience are good ratings & reviews. Positive customer sentiments result in customer retention, build brand trust, and attract new customers. Good reviews are the most organic way to boost product visibility on the eCommerce marketplace. Brands need to invest in technology to optimize the experience. A comprehensive monitoring system is a must for every brand to strengthen the supply chain. The solution to monitor sales & order tracking, the performance of sellers, and optimize delivery turn-around-time with comprehensive reconciliation is indispensable in such a competitive Fashion eCom segment. The tech-enabled process solutions ensure convenience and transparency in purchase and post-purchase. The reconciliation across multiple warehouses streamlines order processing and leads to operational efficiency in the system. Final Thoughts The fashion and accessories segment generates the maximum order volume share among e-commerce industries. The prospects seem bright for trendsetter fashion eCommerce, and it is expected to keep leading in the coming years with its continuous innovations and technology adoption. The brands need to step up and tap on every touchpoint on the customer journey. Be it setting the right prices, offering discounts, enhancing content to boost visibility, increasing the Share of Shelf, or ensuring availability or post-purchase convenience Brands should be updated on any market trend. mScanIt, the digital intelligence solution, could give brands an edge over the competition. The end-to-end digital commerce intelligence provides real-time actionable insights with a dynamic dashboard. It even takes a step further with tools like Content recommendation which auto-generates content for optimizing product display page (PDP). Technology is the key growth driver for the entire digital commerce ecosystem.

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eCommerce Challenges 2023: Demystifying the competitive eCom landscape

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

Gear up to face the challenge with a refreshing approach driven by technology! The eCommerce landscape has hit a massive new high thanks to the pandemic-induced lockdowns years of change occurred in a matter of months – business transformation led to the rise in the digital ecosystem. The rapid rise of digital-first brands is now leading the immense competitive digital marketplaces. During the times when everything seems hunky dory, there are challenges that behest the brands and retailers in the digital ecosystem. Let’s dig a little deep and find out the eCommerce challenges posed in 2023 and ways to move past them. According to a study conducted, by 2040, it is estimated that 95% of purchases will be made online. Thus, this is the perfect time for retailers to confront challenges and seek solutions to edge ahead. With the increasing dependence on online shopping, eCommerce is breaking the door open with enormous opportunities. As there is no rose without its thorns. Here are some challenges with the new opportunities. 1. Targeting the right customer The options for shoppers are immense with a flurry of offers. Pampered by options and impulse buys. It is imperative to target customers at the right place with the right product. So, how do you make sure they pick your product? And how will make sure your product is among the option. Solution: The solution is digital marketing with targeted customers and geographies paired with digital commerce intelligence to boost product discoverability and visibility. Optimize product display pages, and monitor pricing, availability, and other KPIs vis-à-vis competition to reach out to the right customer. 2. Optimizing Customer Experience User experiences or customer experience is one of the major challenges in the digital ecosystem. The shopper looks for a more convenient shopping experience and personalization based on their preferences. Solution: Brands are recognizing the need of optimizing the customer experience for 2023 and beyond. The data-driven business decision could optimize the customer journey at multiple touchpoints. This includes tracking customer sentiments – acknowledging their feedback and concerns. The practice to track positive and negative segments will enhance brand trust and loyalty. For example, let us consider a use case – of an Indian multination brand known for its products like water purifies tracked customer sentiment with mScanIt, Feedback analysis. The brand tracked genuine customers with negative reviews and connected with them to rectify their issues. Such positive initiatives bring a lot of positive value to the brand. 3. Build Brand Trust Loyalty The challenge of building brand trust loyalty is eminent for every brand. The cost of acquiring a new customer is multi-fold higher compared to retaining an existing one. Selling to a current customer is much easier with a 60-70% success rate as compared to a new customer with a 5-20% success rate. The above-stated facts are a testament to the importance of customer retention. So, how can Brands need to build trust and loyalty to retain customers? Solution: There could be multiple ways to customer retention. Providing quality services is of course paramount. The key is staying connected with your current customer and leverage their positive feedback to build trust. Make sure they know about your products, promotions and provide exciting offers to the existing customers. To build trust brands should ensure clarity, accuracy, and transparency in product display page content. 4. Convert visits to purchases! One of the biggest challenges is boosting conversions. Turing the visitors to paying customers. There could be multiple reasons for not converting like pricing, delivery time, and not enough information on the product page. How can a brand make sure once shoppers view the product, they could easily make a purchase? Solution: The answer is quite simple yet complicated – First and foremost understand why your shoppers aren’t converting. What do they seek? Turn to digital commerce intelligence to get actionable insights on multiple KPIs with customized tools to find out what needs to be done to boost product performance on eCommerce platforms. Optimize the shopper’s journey and target the right demographic sentiments. 5. Competition Competitor Analysis How do they stand out from the crowd with so many options available to the customers in your segment? What makes them buy a similar product from a competitor instead of buying from you? Do you know your competitive performance across the platform? Solution: Know your competition! The cut-throat eCommerce market needs brands and retailers to be a step ahead and updated on market changes. The key is to stand out – having a good product is not good enough – your need to tell why you are that good with refined product page content and set the right price and discount in line with trends. Brands need to gear up with solutions like mScanIt, a digital commerce intelligence to set the right content with auto-generated content recommendation, boost the brand share of the shelf based on keywords, optimize SKUs, and track product availability across platforms. Every phase of the customer journey needs to be optimized to stay ahead of competitors. Final Thoughts The growing smartphone penetration and new geographies opening up to online shopping have led to a massive influx of opportunities. To cash in on the opportunities the brands and retailers need to combat challenges at every touchpoint of the customer journey. eCommerce has propelled rapidly in the last few years and conducive conditions of 2023 will push it further. Do not get left behind switch to digital commerce and pave your way through challenges. It’s a year full of exciting and positive changes, but there are still multiple businesses going online or starting digital-first that struggle with the challenges that eCommerce brings. There is no quick fix, but tech-solution are fixes that can help any eCommerce business inch closer to its ideal customers and achieve target sales.

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Beauty & Personal Care Industry: Trends accelerating BPC eCommerce growth in India

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

The astounding rise in the eCommerce segment in Beauty Personal Care (BPC) segment could be credited to the changing lifestyle of the young Indian demographic. The products are not just exclusive segments but daily need products. The Indian beauty and personal care market stands 8th among the top countries in the world with an estimated value of USD 15 billion and growing at a steady rate of approximately 10%. (Based on Euromonitor International Study). The Market is all set to get double by 2030 with skincare products and cosmetics driving growth. The penetration outside metros into Tier-1 and Tier-2 cities has been a major advantage to the Indian BPC market. This provides the Indian BPC e-commerce market with significant headroom to grow and scale up. Lucrative Market with growth opportunities The online BPC market in India expanded significantly in the last few years driven by a steep increase in e-commerce adoption. Across the digital shopping platforms, the beauty personal care segment continues to show accelerated growth post-pandemic. The consistent year-on-year growth over the last 2 years has been the hallmark of the segment. As compared to other emerging segments beauty personal care reported maximum growth with a 143% rise in order volume compared to 2021 along with a rapid rise in order value as well up to 132% in FY22. The emergence of many digital-first brands in the last 2 years has helped the beauty personal Care segment outperform with robust growth. The rising number of “House of Brands” and the flurry of investors hogging on segment potential has been the key factor in its growth. Even the traditional players are leveraging the BPC eCommerce high. eCommerce segment-wise order volume – FY 2021 vs FY 2022 | Source: Unicommerce Report 2022 Technology adoption boosts the BPC e-commerce Segment The adoption of technology has been another factor that led to the rapid rise of the beauty personal Care segment. The Brands switch to a more personalized customer-centric approach to optimize customer journey at every touch point. The move to improve supply chain and logistics with competitive intelligence has led to rapid strides with technology. Solutions like mScanit ensure that beauty and personal care brands optimize their discoverability, pricing analysis, and track availability across multiple touchpoints. The technology is not just limited to purchase experience monitoring sales and reconciliation but also makes the customer feel valued with a seamless post-purchase experience. Build on Brand Trust and Loyalty In changing eCommerce landscape brands across segments need to build a strong presence online. The goal is to connect with the customer. In the beauty personal care segment customers like to trust the brand they use and seek more of what their trusted brand has to offer building a bond. This ensures conducive customer retention. The Brands need to ensure an elevated shopping experience on their website and in the eCommerce marketplace to develop a connection with consumers. Gen Z and millennials stay quite aware of the options they have and offers available on various channels. This makes having digital commerce of paramount importance. Competitive analytics give brands an added edge over the cut-throat competition. The faith of customers reflects in year-on-year stronger growth on the top brand’s website purchases as compared to marketplaces. The stronger growth above 80% in FY22 on the brand websites is indicative of their potential. Brand Trust and loyalty across platforms leads to astonishing customer retention and positive feedback leads to potential new consumers. The competitive analysis of customer sentiment is key to elevating brand loyalty. eCommerce Watershed Moment Post-Pandemic High Demand in Tier-2 and Tier-3 Cities The hinterland of India is steadily getting attracted to convenient shopping. Beauty and personal care products have been the top pick among Tier-2 and Tier-3 new eCommerce shoppers. The remarkable progress and e-commerce penetration have led the shoppers from these cities to make up the major chunk of market share across e-commerce shopping avenues. Post-pandemic the year-on-year growth has been remarkable in Tier- 2 and Tier- 3 cities while the growth rate and slightly lost pace. E-commerce penetration across Indian cities in 2022 | Source: Unicommerce Report In the post-pandemic era, faster delivery and optimized shopping experience have been the driving factors for eCommerce growth. Internet penetration and rapid growth in Tier-2 and Tier-3 cities are the driving forces leading to this new demographic towards the e-commerce marketplaces. Final thoughts – Target the right consumer The beauty personal Care industry has a major challenge in terms of reaching out to the right customer. High demand in tier 2 and tier 3 cities has opened the door to a massive range of new customers with varied shopping potential and budget brackets. Brands need to tap into these new geographies with ecommerce competitive analysis paving ways to edge ahead. The end-to-end digital commerce intelligence at every touch point can enhance customer experience and boost sales across the digital ecosystem. mScanIt, a digital commerce intelligence solution provides actionable insights and analytics across multiple KPIs for the brand. Tools like content recommendation help brands go beyond analytics with auto-content generation for product display pages and optimize the content across platforms. In the last few years, new business models and multiple segments have emerged across the eCommerce ecosystem. Brands should keep track of new opportunities opening to target consumers across the digital commerce landscape. Get in touch with our experts for deeper insights. Reach out to learn more.

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Think young… Gen Z the future of eCommerce

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

Tap on the right demographics sentiment to upswing the conversion rate Change is the only constant. Be it life or shopping behaviour. The different age group has different shopping patterns. The way people in their 20’s shop draws quite a contrast from how people in their 30s shop online. The post-pandemic world has been forced to take rapid strides as does the shopping environment and platforms. We have come a long way from browsing items across the crowded marketplace to browsing the products on your phone across the omnichannel eCommerce landscape. The new generation is driving the new shopping pattern across the eCommerce ecosystem. Even influencing millennials to follow their trait to catch up with the trend empowered with hefty purchase capabilities. Brands need to up with energy-driven restless shoppers pampered with options. Evolve with your shoppers and think young! The turn of a new decade marred with the Coronavirus outbreak has changed the way people shop across the world. Spoilt for choices, just getting a product delivered on time is not enough. Gen Z seeks a seamless, secure and omnichannel eCommerce purchase experience. The competition is more cutthroat than ever. Brands need to be on their toes and optimize every touchpoint of their customer journey. So, what are we waiting for let’s dive deep into what goes behind this change in consumer behaviour, explore the idea and Think Young! Tap on Gen Z Shopping potential – Understand Online Consumer Behaviour A massive wave of evolution has hit online shoppers. The new-generation shoppers are more aware of their options. This evolution in consumer behaviour is a by-product of pandemic lockdowns which brought drastic changes in the eCommerce ecosystem triggering the new age of e-retail on a global scale. What is Consumer Behaviour? In simple terms the process of how consumers make decisions to purchase products on an eCommerce ecosystem. The task is simple – Identify a problem your consumer face while deciding to make a purchase and understand the constantly evolving need and expectations of the consumers. The expectations could be regarding availability, transparency, affordability, or a convenient purchase journey. Brands need to be on their toes and keep track of changing behaviour across platforms, demographics, and a wide range of products. Brands need to be aware of what drives their customers and ensure end-to-end optimization of the eCommerce shopping journey. We can’t generalize the shopping behaviour of the entire generation, as preferences and behaviour could be diverse. How behaviour and consumption patterns have evolved from Gen Y to Gen Z Changing Consumer Behaviour – Think Young for 2023 and Beyond The accelerated pace at which unimaginable changes have happened in the eCommerce marketplaces, what otherwise might have taken a decade happened in days during and post-pandemic. The fact that we are still wondering about it as the curtain draws on 2022 is humongous. Digitization, ordering online, swift delivery and remote working became part of our lives practically overnight. Now, business leaders are moving towards long-term strategic moves, in the new normal scenario and beyond. The challenge is to put the finger on the pulse of evolving consumer sentiment and adapt to data-driven ways to optimize the customer journey. The trends in evolving consumer behaviour are driven by the rapid rise in Gen Z demographics that are more concerned about the convenient shopping experience. The key is to think young tap consumer sentiments and optimize consumer journey at multiple touch points. Shape your strategies to meet consumer expectations and focus on customer journey optimization. The digitally native, mobile-first generation, Gen Z exhibits Search for Convenience and speed Preference for mobile shopping Price sensitivity Choices influenced by social media Omnichannel Shopping If you are looking to reach out to Generation Z or Millennials, do consider the fact that they are well aware of what they need, and the majority of these cohorts already shopped across various eCommerce platforms and have high expectations. Convenience is king. Gen Z and Millennials shoppers bargain for convenience. According to a study, 76% of shoppers vouch for an enhanced shopping experience with convenience being a top priority. Cross-device seamless omnichannel buying experience. Gen Z shoppers do not limit themselves to one shopping avenue. Their buying pattern is all about check-out items when and where they see them in case of tempting impulsive buy. But for focused needs, they check multiple avenues before making a purchase. According to a study, 81% of shoppers are looking for a frictionless, cross-device eCommerce buying experience. According to research, 9 out of 10 shoppers look for seamless and flexible payment options as it speeds up their purchase decisions. To succeed in 2023 and beyond build your visibility across multiple channels and target demographics with competitive intelligence. Invest in creative content and ideally implement media strategy to upscale traffic. Source: Based on McKinsey Gen Z Survey Report Final Thoughts Put your foot on the pedal to keep up with the Gen Z! Do you know what your customer thinks about your product? Are you tracking what they say about it? If you are not, then you are missing out on a lot more than what you think – Rather than shooting in the dark switch to a data-driven digital Intelligence solution to combat new challenges in the new year. Track trends across omnichannel eCommerce to monitor consumer behaviour across platforms. Be there at the right time at the right place with the right price to attract the consumer. Don’t miss out cater to the needs of a rising caravan of new shoppers with mScanIt, ecommerce intelligence solution. Understand what they want and cater to the growing Gen Z demographic. The massive rate of high-speed internet penetration has led to an incredible rise in new shoppers. The tier-1 and tier-2 cities are riding the wave of online shopping over the bustling market rush and Gen Z is leading the way. The new narrative of optimizing the customer journey will shape the eCommerce ecosystem in 2023 and beyond.

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Delivery TAT – Should You Be Careful About It?

Leave a Comment / Blog, Digital Shelf Analytics / Expert Opinion

The agile eCommerce businesses in India have always been on the ascending side. The bars heightened with the pandemic-induced rise in online shopping. According to Statista, in 2019 online sales were $42.58 billion. The same study shows that e-retail sales will rise up to $83.75 billion by the end of 2022 and are projected to reach $145.07 billion by 2025. Highly likely, no signs of downfall! The above statistics are quite evidence that Indian eCommerce is robust and booming for its immense potential of enhancing consumer buying experience. It broadened the scope for major brands to aggressively endorse themselves on eCommerce marketplaces to expand their realms. They shook hands with these platforms to capture a larger market share. With customer satisfaction in focus, brands display discounted prices, lucrative offers, and other such deals which, no doubt, help them keep up their reputation. However, delivery turnaround time also has a crucial role to play. They must honor the importance of tracking delivery turnaround time as numerous strategic and profitable decisions can be made based on the analysis. Tracking Delivery Turnaround Time to Stay Competitive Delivery Time Identification for a Particular City and Pin Code Delivery time tracking for a brand is in part tracing how fast a product reaches a specific city and pin code. It is a geo-analysis of the delivery time trend for a brand giving a clear bifurcation as per the locations, cities, and pin codes, where your brand is present. Now, this analysis can open up insights into optimizing the delivery time. Once you have the respective delivery time for different locations, you are at the epicenter of strategizing for reducing delivery time, wherever possible. It can be through the choice of shipment, scaling up the warehousing in an area, or perhaps, leasing new warehouses. Delivery Time Analysis for Brand SKUs and Variants Your SKU performance is contingent on delivery time to a large extent. Delivery time analytics forms the basis of categorizing your SKUs with a higher delivery time, SKUs with an average delivery time, and SKUs with less delivery time. This raises some questions How can I maintain less delivery time for my performing SKUs? What factors can cause a delay in the delivery time of my SKUs? Why is the delivery time for this particular SKU higher? How can reduce the delivery time for my SKUs? Is it even possible to reduce the delivery time for my SKUs? You can actively participate in the supply chain for full visibility of your SKUs. This way you might have possible reasons for higher delivery TAT of your SKUs and work out a plan of action to maintain as well reduce the delivery time, wherever possible. For the SKUs that cannot be delivered before the time span of say 5-7 days keep your customers pre-intimated. Tracking Delivery Time of Your Product Verses Your Competition As mentioned before, the delivery time of your product is one of the determinants of its performance. With delivery time analysis you get a better understanding of the number of days your competition is taking to deliver the product. Also, your competition’s delivery TAT data with respect to different cities and pin codes is also available. You can use these insights to have an edge over your competitor. For Example, you can tap the locations for which the product delivery time of your competition is higher by using faster shipment methods like airways or railways. Expand the warehousing facility to stock products in regions where your competitor is lacking in delivery performance. Delivery TAT Tracking For Best Seller Analysis The role of authorized sellers in eCommerce marketplaces is not limited to supplying goods. Their market expertise can legit expand your consumer base. These sellers specialize in spotting the right audience, promoting your product, and delivering customer satisfaction which translates into larger sales, more profit, and brand recognition. Delivery TAT tracking can, to a great extent, can make your search for the most reliable marketplace seller quick and easy. Is your delivery product delivery time high even when your seller has enough stock available? If yes, you can raise a question on the credibility of your seller and begin searching for authorized sellers. Reducing Delivery TAT – Concluding Thought A brand got delivery TAT analysis done versus its competition on Amazon and Flipkart for a specific month. It basically recorded the percentage delivery TAT in relation to the number of days taken to deliver the product. This data would have been instrumental in creating strategies to streamline the supply chain and eventually, optimizing the delivery time. Now, this brand would have utilized TAT analysis to reduce delivery time because it knows that customer satisfaction is highly dependent on quick delivery, within a day or two maybe. It tactically adapted to the changing customer behaviour in the era of growing eCommerce. The brand might have keenly monitored the entire supply chain process, worked on key problematic areas to ensure seamless and timely delivery. With this brand story, the purpose was to communicate the happy customer base is directly proportionate to lower delivery TAT. With our proprietary eCommerce intelligence solution mScanIt, brands can easily scan their delivery TAT. It performs delivery time analysis for the brand versus its competition and gives actionable insights.

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eCom Pathway to 2023

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

A Guide to Maximizing Sales, Improving Efficiency and Optimizing Your Customer Journey Time to switch from classic front foot drive to 360-degree play – The world of eCommerce is changing being proactive about trends and evolving customer experience is key to edge ahead of your competitors. The post-pandemic world is riding on a new high to elevate eCommerce business around the world. The massive rate of high-speed internet penetration has led to incredible rise in new shoppers. The tier- 1 and tier-2 cities are riding the wave of online shopping over the bustling market rush. The new narrative of optimizing customer journey will enlighten pathway for eCommerce ecosystem in 2023 and beyond. Here is your complete guide to maximizing sales, improving efficiency, and optimizing customer journey by hopping on to the trends. Speed up on the right path As per the Brain & Co. report, online shoppers in India have crossed well beyond 180 million and all set to surpass the United States to become second-largest shopper base in coming years. The brands need to latch on the opportunity step up their game to cater the new potential customers, understand their need and stay ahead among the stiff competition in eCommerce ecosystem. This profane growth is backed by strong underlying rudiments: A large consumer base with growing affluence Low data prices prompting – growing Internet and smartphone penetration Low shipment costs to back swift order delivery Brands need to align themselves with consumer need and work towards enhancing customer experience for sustained growth in sales. Indian e-retail market is estimated to grow at more than 25% per annum to scale to $150–$170B by 2027 Source: Statista Make it a smooth ride – Optimize your Customer Journey The Evolution of eCommerce retail in India: Phase 1 (Before 2015) – An Era of cautious early adoption. Limited to typically affluent at metro and tier-1 cities with major categories being mobile and fashion. Phase 2 (2015-2020) – An Era of growth & massification. The expansion of eCommerce retail touched the masses engaging new shoppers across tier-2 cities and a wide new range of categories flooded the eCommerce retail landscape. Phase 3 (2020 and beyond) – An Era of eCommerce Customer Journey Optimization An era of innovation – Time to address the needs of distinct micro-segments, innovate with new business models making business decisions based on data, and differentiate on customer experience. The covid induced lockdown has led to multi-fold expansion of eCommerce industry juxtaposed with innovative affordability constructs like low-cost equated monthly instalments (EMIs), Buy Now Pay Later (BNPL), and the scale-up of third-party logistics. In last couple of years, three distinct hallmarks of Phase 3.0 have emerged which mark the advent of new era of change where optimization on every step of customer journey is the way towards the future. Emergence of shopper micro-segments The use of technology to deliver a bespoke product Effort to enhance customer experience In this phase of sustained growth, brands need to cater distinct shopper micro-segments across geographies, incomes, and age groups. Specially during the time when 1 in 3 shoppers is Gen Z, 3 out of 5 shoppers belong to tier-2 or smaller cities, and 1 in 3 shoppers belong to low-to-middle income segments. Every innovation in eCommerce ecosystem caters to distinct customer micro-segments. The current phase is led by tech innovation – data driven AI & ML guiding business decisions and enhancing customer experience. E-Retail market projections | Source: Bain Analysis eCommerce Trends for 2023 – What future hold? The new post pandemic world has set the new world order for eCommerce. The rising inflation around the world, Ukraine-Russia crisis is talking a toll on the global scenario. But still things are looking bright for India and neighbouring South-East Asian region as the eCommerce ecosystem is soaring high on massive internet penetration and influx of new generation shoppers. Let’s cherish the last two-plus years of astronomical eCommerce growth and wonder what 2023 could transpire for online retails and brands in future. The eCommerce habits of the shoppers are set now with higher preference to eCommerce marketplace as compared to brick & mortar stores. The change in shopping habits has prompted expert to predict sales to soar above US$ 8 trillion from now existing US$ 5 trillion by 2026. Keep an eye on changing consumer expectations and preferences to latch on this growth trend. Sustainable growth to be key. Share of new ecommerce to continue growth especially in key categories like beauty, fashion, and grocery as they continue to effectively serve a key need for specific consumer cohorts. Trends that will shape the future in 2023 1. Don’t overlook your shoppers’ experience and omnichannel avenues The fluid omnichannel shopping experiences is way to the future. A major chunk of buyers around 75% use multiple channels before making a purchase and during their customer journey 73% of e-commerce consumers report using various channels. This highlights the desperate need to eliminate friction in customer journey. The shopping is no longer limited to eCommerce marketplace or brand website – social commerce is rising as a new avenue for shoppers where they can buy product as when and where they see it. Brands offering omnichannel shopping experiences will continue to thrive in 2023.2. Can you hear me now? Customer sentiments will drive sales for e-commerce in 2023 Listen to what your customers have to say. The customer sentiments do matter. The right measure will not just ensure customer retention but also build brand trust and help cater to customer needs. Brands need to make rating, reviews, and Q&A assessments their top priority. The record amount of time spent online not only increases shopping spend but also engages customers to provide feedback. Unsurprisingly most customers do especially when their product experience is not satisfactory provide feedback. Switch to Rating & Review Tracker with Time Trend Analysis and Brand-Wise Analysis for your own vis-à-vis competition to ensure the voice of your customer is heard and acted upon. Take the help of

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QSR – Delivering Tempting Prospects

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

Your order is on the way!” These words set up a flurry of emotion for those who crave a quick bite. The QSR players need to tap into these dwindling emotions to provide a frictionless customer journey with ease of ordering to on-time delivery ensures higher ratings and review and of course, the food needs to be good to deserve that. But before all of this, your product needs to be picked by the customers. The prospects of growing QSR industry in India and globally are immense. The rise in internet penetration and shift in food ordering habits of new generation consumers. The focus is on optimizing customer journey across the platform. Brands are slowly but steadily shifting to generating the ‘pull’ to the digital-led market – The latest trend suggests the customer-led market is not digital-led as media, and content drive customer needs – telling them what they want based on an assessment of consumer behaviour – creating a smooth path to purchase and frictionless customer experience. The Emergence of QSR Even the dominant brands like McDonald which has been in India since the mid-90s took time to find its feet in the segment, but it paved the way for QSR in India. The Quick Service Restaurant format has led the organized food service industry in India to the upswing. The QSR format is a perfect mix of being lucrative and maintaining decent customer connections which contribute almost 12% of the organized segment. The growing popularity of QSR among urban and sub-urban settings will lead to its projected growth at the rapid rate of 17.27 per cent and worth up to Rs. 827.63* billion by 2025. (*Source: Research and Market projections) International brands have dominated the QSR market in India with a +50% share of revenue on the back of Glocalization of Menu Investments driven rising geographical presence Value focus driven higher sales and customer preference Ability & agility to keeping up with trends Consumer needs based focused marketing efforts Backend integration of technology to ensure quality service A healthy demand outlook for QSR and surge in investments, the industry is expected to witness substantial growth. A large segment of the unorganized market is expected to get streamlined into an organized market with QSR. The Scenario – Know your customer Imagine your customer going to a physical store/restaurant – going through the menu – pondering upon what to order – but the item is unavailable or does not suit the budget bracket or is too pricy for two. Then you offer him some alternative if it suits his needs then you got him but still the pinch of missing out on what he wanted remains and ruins the customer experience. Now imagine knowing about your customer need what are they looking for and your performance across platforms on parameters like – Reach of your service Performance across age bracket Pricing range own vis-à-vis competition Delivery time impact on Ranking and ratings Knowing all that just imaging what your brand could do for not just acquiring new customers but will also help you pinpoint the area to improve and work towards the goal of optimizing customer journey. What future holds for QSR? The internet penetration across geographies and demographics has paved the seamless growth path for the QSR industry. Here are some key scenarios that will shape the future. International QSRs have struck a chord with Indian consumers Value proposition offered by international brands has led to their acceptance among young Indian demographics – The variety of entry-level products, affordable meal upgradation options, and discounted prices on combos & meals has led to a growing loyal customer base. The average Indian consumers’ socializing over food The rise in the ability and willingness of the average Indian consumer to spend on aspirations, experiments and socializing over food along with their stickiness in terms of cost-consciousness will continue to drive them towards fast food brands. Value remains the belly of the market Top brands have not shied away from introducing premium offers to meet customer needs with better indulgence, which aids in increasing ticket size as well as margins. QSR companies expanding beyond their core offerings From pizza to pasta (Domino’s), from burgers to beverages, breakfast, fried chicken, rice bowl, etc. (McDonald’s, Burger King) – The swift beyond core offering and combos with competitive pricing strategy will enhance consumer trials and eventually scale up consumption of these offerings. Rapid Convenience channel Quick delivery, takeaway, and drive-thru are other key driver of growth since it is not just the need of the hour for any QSR brand, but also a significant enabler of the future due to an increase in the frequency of ordering and a growing user base across the country What do brands need to do? The format has transitioned to comfort food across price segments, catering to all income levels or segments benefiting from any downtrading along with addressing the aspirational demand in non-metro areas. The QSR players need to address the growing demand with a strategy guided by data and insights. The top players in the QSR space benefit in a big way with growing industry potential as they have the necessary infrastructure, a healthy balance sheet, and an established convenience channel to cater to evolving consumer demand. Let’s consider the case of brands like Domino’s and Mcdonald’s listed on a platform like Swiggy and Zomato along with their own online apps – what do they need to be more feasible and appealing to the customers? Having an established brand name is not enough. Target demographics and enhance customer experience by optimizing the customer journey on multiple touchpoints Improve product discoverability based on section-level insights – for own vis-à-vis competition on platforms like Swiggy, Zomato Uber eats etc. Track own brand/product performance vis-à-vis competition across the platform, location, and delivery time. Final thoughts The food service industry is running a race against time with every day being a new day and a new challenge. The prospects are unlimited, and quicker services and quality service are

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