It’s common knowledge that E-commerce has taken over the market and has a say in most of the consumer spending today. This has caused several E-commerce companies to spring up all over, but some of them are operators who find it difficult to sustain themselves due to various reasons. With each new company formulating its own digital strategy, promotional tactics are witnessing a sea change and are still evolving.
However, in order to be successful companies need to intensely study the market and conduct market research to find out the type of strategy they need to devise and deploy. It is essential that the online marketing companies keep a close watch on the young, hip crowd, which forms a major chunk of today’s online spenders. It is important to learn the in-app purchases this new breed of shoppers prefer and zero in on their in-game choices. Online shopping has spread its tentacles to every area including fashion and beauty products, footwear, clothing, cosmetics, healthcare, food products, fresh vegetables and fruits, and what not…
One important thing that an online marketing agency needs to understand is about its ecommerce catalog management which helps list out the important products available for sale online. The listing has to be done in such a way so as to attract online shoppers instantly, making it easier for them to fill their shopping carts and check out before they are distracted and tend to change their minds. Online marketing companies should endeavor to collect vital data at the points of sale, which gives them a clear idea of the preferences of the online buyers. This helps them gauge exactly why a particular segment is doing well and the reason for the same.
Another research highlight, which is most vital, is to understand the customer journey – the path undertaken by the customer/prospect across various touchpoints. These touchpoints can be within the company or the digital assets of the company, or any other not controlled by the company. It is important to understand the behavior based on the profile (also known as Persona) so that the company can present a better experience during the entire journey.
Consumer spending habits need a thorough assessment. This is possible only through detailed research, which helps the companies gain valuable insights. Companies need to calculate the customer lifetime value based on their profile and sales volume for the various types of products that are sold by them online. Such market research will help these companies detect distinctive patterns in the behavior of online shoppers, which in turn gives vital clues on customer preferences with regards to brands and categories. It pays online marketing companies to keenly track all checkouts as this is a goldmine of data that is often found in the inboxes. The customer lifetime value is a strong predictor of future purchases and profitable revenue. An analysis of this data will also enable a company to focus its promotion plans to the targeted group of customers and gain market share.
Conducting the market research taking on a cross-section of users over a set period will give a clear pattern. Once the online buying pattern is established companies can formulate their own strategies that will help generate better revenues. Asking a couple of quick questions as soon as a shopper has checked out will help get valuable information relating to their personal preferences while shopping online.