eCommerce marketplaces

ecommerce-intelligence

Think young… Gen Z the future of eCommerce

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.

Think young… Gen Z the future of eCommerce Read More »

quick-commerce

Delivery TAT – Should You Be Careful About It?

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.

Delivery TAT – Should You Be Careful About It? Read More »

ecommerce-competitive-analysis

Amazon Best Seller: What it Takes to Get This Badge?

Most online shoppers searching for a product on Amazon consider the best seller as the most reliable product in terms of quality and usage. The shopper believes such products would have the highest positive reviews and ratings and would match the expectations mentioned on the product page. The best seller badge on Amazon is given to a product with the highest sales volume in a certain time period.  The badge is often given to new products every hour. The best seller badge further helps to achieve higher sales more easily. In addition, the product appears in the top ten search results and, therefore, acquires higher visibility than its competitors. Getting the best seller badge would require increasing the visibility of products so that more customers can find and purchase the product. The product discoverability and position on the search rank can get enhanced by optimizing the page title, images, and description. They play a crucial role in convincing the shopper that the product is worth it’s price. The story doesn’t finish here. Amazon also has a Best Seller page, wherein the top selling products under a category are shown along with their ranking. The product with the highest rank often appears more times than others on the organic and sponsored search results of Amazon. Sometimes, the products from this list also become visible on unrelated keyword search results as well. Therefore, achieving the best seller badge is often a priority of ecommerce managers and retailers, as it helps to boost sales. How to Get the Amazon Best Seller Badge? Rank Higher on Organic Search and Sponsored Keywords Product visibility on ecommerce marketplaces influences buying decisions. The product with the highest search rank on organic and sponsored keyword search results would appear before its competitors. Most customers often go for a product appearing in the top ten results. Achieving a position in the top search results would require keyword optimization, title enrichment, and more. Measuring your product’s performance against the top competitors in the ecommerce marketplace helps to find new areas of improvement and, ultimately, achieve the goal. For example, if you measure the performance of a product’s title with its top competitors and find that their title performance is higher than yours. Now, your ecommerce brand marketers could look at the competitors’ page titles and find factors influencing the performance. Our ecommerce competitive analysis, helps brands to find areas for improvement. Brand marketers use the insights to enrich the product page title and increase the search rank on keyword search results. Find the Category in Which Your Product Can Give Tough Competition A product on Amazon can be a part of multiple categories and choosing the best one makes all the difference in the world. At times, you might be tempted to enlist the product under an irrelevant category because they offer the lowest competition. Enlisting a product in such a manner can signal wrong message to the online shopper and make them disinterested in it. As such, the best way to get the best seller badge is to find a relevant sub-category or niche offering the lowest competition. Your sales might slightly get affected, but the chances of shoppers bouncing off your product page would significantly decrease. Moreover, you could keep the best seller badge for a longer duration under the chosen category. But seasonal products like gift items, come under an exception to this guideline, as their sales don’t depend on category. Sometimes, sellers can achieve high sales and the best seller badge by placing seasonal products under an irrelevant category. Set up Promotions for the Product that You Want to Sell the Most Deciding the product that you want to sell the most on Amazon is not an easy choice for eCommerce managers. However, once the decision is made, the next step is to set up promotional campaigns such as ads, discounts, deals, etc., to boost sales. Display ads on eCommerce marketplaces grab the attention of even the browsers and turn a few of them into customers. Similarly, discounts or limited-time deals entice online shoppers to buy the product. Eventually, the increase in sales through the promotions helps the product get the best seller badge. We would also suggest you run promotions under categories wherein Amazon’s private label brand has the least competition, as they undoubtedly have the upper hand otherwise. Getting the best seller badge would become much easier under such categories. Our solution, mScanIt, also enables global brands to achieve real-time actionable insights on product promotions at category, platform, and other levels. Finding the ongoing product promotions of the competition becomes much simpler with our solution. Implementing mScanIt’s actionable insights into the campaigns has also enabled brands to achieve higher sales. Conclusion It’s easy to say that all it takes to achieve the best seller badge is high sales volume, but attaining higher sales requires a lot of effort. Keyword optimization on product pages and finding the correct category are just a few methods for increasing visibility and sales volume. As the best seller badge is given to new products every hour, it has become essential to have a solution that can find tracks metrics affecting eCommerce marketplaces. mScanIt, powered by mFilterIt, is a new-age technology that helps brands to track product prices, product page scores, etc. Evaluating the results of own brand’s products versus the top competitor’s listings helps brand marketers take measures that can enhance the search rank and visibility, directly impacting sales. Get in touch with us to know more about the advantages of mScanIt for your brand.

Amazon Best Seller: What it Takes to Get This Badge? Read More »

Scroll to Top