Andrew Glor, a Partner at Foresight Strategy, provides insights on how brands can achieve growth through evidence-based frameworks in the ecommerce landscape. Despite a slight tapering off post-pandemic, ecommerce remains a significant avenue for sales and brand visibility. However, brands are facing challenges due to the fragmented nature of the retail environment, increased competition, and higher costs associated with online operations. Data analysis also poses difficulties, necessitating the adoption of consumer-centric strategies for success.
To overcome these obstacles, brands must prioritize strategy and identify their growth levers. Consumer strategies should align with target audience needs and behaviors, recognizing the impact of online interactions on in-store success. By understanding online shopping behavior and implementing relevant tactics, brands can engage existing and potential customers, optimize product listings, and utilize display ads and promotions to reach new customers within their category.
Building availability across digital platforms and leveraging tools like SEO and PPC can increase visibility and attract more customers. Successful CPG companies are expanding their online presence through food-delivery platforms and social platforms, aligning with evolving consumer behavior. Building loyalty through tailored experiences, such as subscription models and personalized marketing efforts, can enhance the overall consumer experience and encourage repeat purchases.
Nurturing brand affinity through omnichannel strategies and brand communities can cultivate loyalty and advocacy, justifying premium prices. Brands like Nike, GoPro, and Allbirds are successfully leveraging online and offline strategies to engage their audience, foster loyalty, and enhance customer experience. By effectively navigating ecommerce challenges, brands can unlock benefits such as increased market reach, heightened brand visibility, and enhanced customer engagement and loyalty, opening doors to new opportunities for success in the digital age.
