Many brands are still uncertain how the events of 2020 will affect how consumers will shop for their favorite products in 2021 in beyond. In order to help, we’re sitting down with industry thought-leaders to get a better sense of how they’re approaching the future of eCommerce and shopping in the digital age. This time we’re speaking with Tom Goodwin, a world-renowned writer, speaker and advertising and media provocateur who has been voted a top 10 voice in Marketing by LinkedIn, one of 30 people to follow on Twitter by Business Insider, and a “must follow” by Fast Company.
Key Takeaways & Strategies
- The rise in flexible ways of working.
- Micro brands and ambitious Gen Z graduates will put businesses through their paces.
- Marketers will need to bring product innovation to market faster than ever before, while driving an omnichannel strategy and embracing the unstoppable rise of social commerce.
Prolific Acceleration & Adoption of Digital
COVID has been extremely challenging. These unprecedented times have changed brand and consumer behavior forever, with eCommerce penetration rates up by 15% or more in some industries.
- The pandemic was a wake-up call for brands, particularly discount chains with a strong brick-and-mortar presence who felt like they didn’t “need” eCommerce.
- It’s hard to disrupt yourself. COVID pushed decision-makers to ask the right questions and transform faster than in the past five years.
- Changes in consumer behavior are expected to last long after shops reopen.
- This long-term influence on consumer behavior has transformed some industries.
Current Marketing Trends and Growth Strategies
Learn the principles and tactics leading marketers are leveraging to drive growth within their organizations.
- Social commerce has seen considerable growth, with consumers discovering and purchasing from brands on Instagram and TikTok.
- A nimble go-to-market plan is key to success. Established brands may take 18-24 months to launch a new product, whereas fresh, challenger brands manage it in three.
- Don’t be afraid to test the boundaries, as many marketing “rules” may not be valid anymore, if they were at all.
- Customers are more aware of how their data is being used in the digital space, so marketers need a solid value proposition for their lead generation campaigns to be effective.
- Leverage synergies between channels within your omnichannel strategy. One brand reportedly increased their online sales by 10X after launching in 1000 retail points.
Looking to the Future
There are many reasons to be optimistic, with exciting changes ahead.
- With a record number of trademarks registered in the UK, new micro brands are set to shake up the business landscape.
- Generation Z is more interested in building their own ventures making use of the many platforms available, rather than pursuing a career within a corporation.
- New, flexible ways of working empower businesses to hire the best marketing talent without being limited by geographical distance.
- Companies need to nurture young graduates who offer fresh perspectives, technical skills and social media savviness.
To learn more about how you can best position yourself to take advantage of all of the opportunities for eCommerce brands in 2021, reach out to a Wunderkind Expert today.