eCommerce Marketplace Baffles Global Mega-Store
As the developer and retailer of excellent products, you already understand the significance of your brand and how your customers rely on its high quality and consistency of service. In this ever-changing, eCommerce-marketing world, however, it is no longer enough to simply “maintain your position” within your niche industry. As new products and technologies come online, they bring with them levels of competition that were virtually unheard of just a decade ago. The rise of eCommerce – online sales and services as opposed to brick-and-mortar store alternatives - allows consumers to try out new products and purchasing options and often drives them to make different product and purchasing choices. The consumer’s engagement with new marketing tools makes it imperative that every enterprise is prepared to engage with them, no matter which technology or product iteration they appear to prefer.
eCommerce Offers Big Opportunities and Big Challenges:
If you’re not completely on top of the marketing technology evolution, you are not alone. Even the worlds’ biggest retailer, Walmart, is on shaky ground as it seeks to address the challenges presented to it by eCommerce technology.
Walmart has branded itself as the world’s “low price” leader, and the price of its goods reflects that priority. However, because eCommerce technology allows competitors to reduce their overhead costs by eliminating the need for brick-and-mortar (and fully staffed) stores, they can successfully compete against Walmart in the price category. And because their overhead costs are lower, they can also offer higher quality goods that are still priced lower than those from Walmart.
Walmart’s great challenge now is to restructure itself to compete against competitors that have already adopted the new eCommerce way of doing business. As an example, Amazon has set the example for all eCommerce entities to follow, with its ground-breaking and exclusive eCommerce activities. How Walmart morphs itself to compete in that arena remains to be seen. Certainly, it will rely on the loyalty of the over 100,000,000 people who shop in its stores every week. But it has already attempted and failed at a “product leadership” campaign when it replaced big brand name products with in-house versions and lost millions of dollars in the process.
Technology Opens the eCommerce Door for You and Your Customers:
As technology has evolved, so has the industry that creates, supports and directs it. It is no longer necessary for each individual enterprise to maintain an internal IT department. Especially for smaller corporations, outsourcing the eCommerce-IT processes usually offers a better return on investment. There are a few functions that a dedicated eCommerce/technology marketing entity can offer that would be cost-prohibitive to develop in-house:
1. The Incorporation of Mobility to Fixed Portals:
In April 2015, Google changed its algorithms to add weight to mobile usage. Now, mobile devices are not just more prevalent within eCommerce channels, they also are given a higher profile than are fixed computers. Every enterprise should have their entire digital presence optimized for mobile access.
2. Advanced Analytics To Reduce Costs and Improve Strategies:
Analytical programming is the brain of the enterprise body. Gathering relevant data, and measuring appropriate proprietary metrics against internal, local and international standards can provide the guidance necessary to make bold corporate moves and avoid possibly disastrous missteps.
3. Beacons as the New Guides of Commerce:
For physical stores, the “internet of things” ("IoT" – sensors embedded in products that interact with each other, not with people) is rolling out on retail shelves around the world. Connecting related items or technologies, the IoT is capturing data on how products work together to respond to shoppers needs. The ability to “personalize” a shopping experience for each individual shopper is the goal, and this technology might make the brick-and-mortar storefront more attractive to shoppers than it has ever been.
You’ve already mastered the development and production of your proprietary goods and services. If your enterprise is moving into eCommerce systems, has iBeacons set up in numerous locations, or is simply at step one of the eCommerce process, Folio1 can help you move to the next step and beyond. We have mastered the development, implementation and analysis of eCommerce technology and are confident that we can help you accomplish each goal to which you and your business aspire. To learn more, contact us today.