When the pandemic initially hit in the early part of 2020, it created the perfect environment for the explosive growth of online retail. In measurable terms, the e-retail market more than doubled from a global annual revenue of $2.382 Billion in 2017 to $4.938 Billion at the close of 2021, according to 2022 Statista findings.
Despite the rapid acceleration that the industry has experienced, many brands have failed to leverage the growth. Now, as the industry’s growth settles back to normal it will become a bit of a challenge to retain a share of the market.
The small and emerging brands must stand out now, more than ever. But how? Speaking at the 8th ECOM Summit, Laurian Venter, Sales and Marketing Director at OneDayOnly, provided valuable insights which could help set brands apart from the rest in the e-commerce space.
Stabilised growth within an ever-developing environment
‘The pandemic has established and cemented e-commerce as an ‘always-on’ player in the retail landscape – it’s now part and parcel of our retail repertoire, not just an in-case-of-emergency alternative. It will continue to grow, though from what we’ve seen, more steadily and stabilised (not at the same crisis-driven rate at we saw in 2020),’ said Venter.
The improved perception that e-commerce enjoys today should provide the means for continued growth, though this will only happen through the introduction of new, innovative technologies. Something like TikTok’s new ‘TikTok Shopping’ is a prime example of the innovation which will continue to drive growth.
While it’s the innovators, movers, and shakers who are leading the e-commerce pack, the sheer volume of competition in the market as a result of the post-pandemic growth means that brands must identify and address the many hurdles they will face.
Here are a few of the prevalent issues digital brands must now tackle:
· Competitors are upping their game with good deals, added value and faster delivery.
· Customers are in an advantageous position, with more choice and options available to them.
· Customers are not forced to support one brand, a few clicks and they’re buying from your competitor.
· Customers have more power to influence a business through social media, online reviews, and word-of-mouth.
· Customer experience is more important than ever before.
‘User acquisition (filling the funnel) and customer conversion (getting them to shop) are key strategic pillars. Search, Social and Paid media continue to be a major focus in the business, as digital give you an immediate return on ad spend, as well as great results.’
Brand awareness also remains a key focus. ‘Once people have heard about OneDayOnly, we need to use various customer journeys to educate them about who we are as a brand, take them on a journey to show them how we work, and try to get them to open our site/app on a daily basis, to ensure they don’t miss out on any unbelievable deals,’ said Venter.
Venter added, ‘The last 2 years or so have been the most exciting times for the e-commerce market, with massive growth for all players in the industry. Whilst competition is always challenging, the exciting part about knowledge sharing and collaboration is that as one player grows, the whole market grows. The more we can educate people on the benefits and convenience of shopping online, the better it is for the market. The more we all educate the public on safe secure shopping and handling of customers credit card details, the better it is for all e-commerce sites.’
In closing, one needs to remember that it is always important to understand what your customers want and how you can fulfil their needs. Consumer expectations have intensified, and brands need to know what online shoppers want to remain competitive.
ONEDAYONLY
https://www.onedayonly.co.za
