Southeast Asia had 40 million internet users in 2020. This means that more than 70% of the country’s population is now online. Over a third of 2020’s online commerce was generated by new shoppers. 8 out of 10 online shoppers say they plan to shop again after the pandemic.2
Over a third of 2020’s online commerce was generated by new shoppers. 8 out of 10 said they plan to shop online again.
When it comes to shopping, consumers have high expectations. Consumers have high expectations when it comes to shopping.
Although disruption is not new to retail, the pace of change in the last year has been extraordinary. Digitalization is crucial to keep pace with the Great Retail Migration. This requires making strategic, but quick, investments. These are three investment options brands can make in order to reach online shoppers and ensure future growth.
1. 1.Invest in your brand
More than 75% of respondents in the surveyed countries discovered new brands online after being stuck at home in 2020. 33% of online shoppers bought a brand they had never heard of, which indicates that people are open to trying new brands. 4
Brands need to make a strong connection with customers and offer reasons for them to be noticed in today’s highly competitive retail environment. One way to do this is to showcase your brand’s values. One way to do that is to showcase your brand’s values.
Brand building is also a long-term investment. Although sales activations may have a greater immediate impact on revenue, they are often temporary. 6 Companies that invest in brand awareness are more resilient. Businesses that invest in brand building were 9X more resilient to the 2008 financial crisis than those who didn’t. 7
2. 2.Invest in your direct-to-consumer mobile app and website
Online marketplaces are a great way to increase sales, but investing in direct-to consumer (D2C) websites or mobile apps can help you build long-term customer relationships.
Brands are also preferred by people who prefer to interact directly with them.
Brands can provide a great experience by establishing a direct connection with customers. By establishing trust and credibility with customers, you can establish credibility by localizing channels in the correct language and publishing genuine user reviews.
D2C websites allow you to provide product comparisons, after-sales service, and value-added services like loyalty programs, warranty, or personalized recommendations. D2C websites can help you provide clear product comparisons, after-sales support, and value-added services such as loyalty programs, warranty, and personalized recommendations. 8
D2C mobile apps are equally important in the shopping experience. A majority of consumers have at least one mobile app for retail, while 72% of them prefer to shop via apps.
3. 3.Invest in customer data from the first party
Brands can gain a better understanding of customers by using the wealth of first-party information gleaned from visits to brand websites and physical store transactions.
The first-party data of customers gives you an accurate picture of your customer base and helps you personalize the shopping experience. To provide better online experiences, you need to invest in robust analytics for your apps and websites.
Do you feel that you are not making the most of your first party data? It’s not uncommon for you to feel this way. You’re not the only one.
Look at it this way: 71% of shoppers would be willing to share their personal information with retailers if they could have a better shopping experience.12 On average, brands that used this data to tailor online shopping experiences drove 11% more incremental revenue as well as 18% more cost efficiency.13
Google internal studies revealed that retailers that used first-party data generated 1.5X more revenue on average than those who didn’t. And that sophisticated solutions such as cross-channel lead management could generate up to 2.9X revenue.
In these times of growing privacy concerns, it is becoming a necessity to invest in a first party data strategy.
Live in Great Retail Migration
Brands must adapt to the Great Retail Migration. They need to be open-minded and willing to play the long game. This is the right time to invest in your brand and D2C website, mobile apps, as well as in fully understanding your customers through first-party data. Find out more about setting up your digital presence using the Google for Retail Playbook 2021.
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