President, Pattern Advisory - Ex. Newell Brands & Private Equity, Board Member, “The Retail eCommerce Club” Founder, “The CPG View” Podcast 🎙️ “eCommerce” is our middle name.
eCommerce's Era of Profitability: 3 Bets Retailers & Brands Can't Afford to Miss 🎯 Awesome report by the team at VTEX. Brands and retailers have been on a rollercoaster ride these past few years, and it isn't stopping anytime soon! Fun Facts: (4) 🎊 70% of all carts are abandoned by consumers 🎊 55% of retailers/brands are in the early stages of the omnichannel maturity curve 🎊 38% reduction in ad effectiveness post iOS 14.5 update 🎊 37% of retailers say eCommerce isn’t meeting their profitability targets Key Themes: (3) 1️⃣ Customer Loyalty Over Acquisition: Forget the 'growth at all costs' mantra. It's time to nurture the relationships you already have. Did you know that 80% of your profits come from 20% of your most loyal customers? Shift gears from acquiring new customers to turning first-timers into lifelong brand champions. Gather that precious first-party data and be present on every channel your customers use. 2️⃣ Omnichannel Fulfillment Mastery: Omnichannel isn't just a buzzword anymore, it's a necessity. Treat fulfillment like a product, not an afterthought. Unify your inventory across all channels, embrace marketplace models, and watch those profit margins grow. 3️⃣ Reimagine Customer Engagement: Boring, cookie-cutter online stores won't cut it anymore. Step outside the box and create immersive experiences. Think video commerce, interactive product pages, and virtual stores. Take a cue from China, where they're already revolutionizing the online shopping game. Happy to share (23 pg). #ecommerce #digital #omnichannel #strategy #cmo #cdo #ceo #cro #leadership #retailecommerceclub #cpg #privateequity #playtowin
