We’re very excited to announce this great thought leadership paper and survey put together by iProspect, with participation from Revuze. Revuze is in good company next to other contributors such as Google, Pinterest, Jumper.ai and brands like Saucony, KLM, Beiersdorf.
By the end of 2020, retail e-commerce sales are expected to reach $4.21 trillion (USD) worldwide. Although transactions happening offline will still represent more than 80% of the estimated retail sales, growth is shifting to e-commerce with a sales progression close to five times stronger than the rest of commerce and sustained by the growing dominance of mobile (67% of e-commerce sales).
This was a key driver for iProspect to survey 100 global marketers to learn more about how they currently perform in their commerce efforts and where they should be looking to fuel their growth. Feedback confirmed that most brands are actively building upon their performance marketing heritage, adapting their skills and technology to secure the availability and findability of their proposition in the commerce sphere.
Notwithstanding these efforts, brands are having a harder time converting and retaining their audiences. The Data-Driven Commerce report builds upon the results of this State of Commerce Maturity survey to explore how brands can win at commerce by using data to grow their capabilities in each dimension of the CSF model:
- Availability: Meeting consumers where they really are
- Findability: Ensuring relevant visibility when it matters
- Buyability: Differentiating products from the competition
- Repeatability: Building a relationship with the consumer beyond the first sale
The report is available here, and the Revuze portion of it focused on Repeatability and how self-service Customer Experience solutions such as Revuze can help brands stay on top of their markets, customers, competitors etc.
How brands can improve commerce repeatability
This is important as consumers’ opinions fluctuate all the time for many reasons such as seasonality, market disruptors, and change in tastes and competition.
This all means that brands are chasing fast-moving audiences. The challenge though is for organisations to keep pace with customers’ changes at the proper speed.
This was also validated by a recent iProspect study which cites the lack of agility to quickly evolve brand proposition based on consumer experience as the biggest challenge for increasing long-term trust by marketers.
To protect and create value for their customers, organisations need an effective ongoing process powered by:
• Regularly updated consumer opinions, such as reviews and call center transcripts. One-off surveys will not cut it.
• Automated analytics solutions to decipher the opinions with high granularity – at the single SKU level – and with automated consumer topic discovery.
• Regular and easy distribution to all relevant members in your organisation, without requiring support from analysts or IT department.
This is a great research paper and we highly recommend that you leverage the experience of over 100 survey participants, brands and solution providers.
Boaz Grinvald is a business executive and entrepreneur with over 20 years of experience in top-performing technology products. He is the CEO of Revuze.