NuvoRetail: Building Brands Online
As per credible data sources, today e-commerce is around 13% of all the worldwide retail sales. Over 40% of the global internet users have reportedly bought atleast once online. People are increasingly looking to shop online for an easier customer experience. The e-commerce boom is already upon us and has seen an upswing during lockdown. It not only is providing the space for upstart brands in traditional businesses dominated by single large market leading brands, such as Dollar Shave Club in USA, but also helps established brands to gain a newer and more personal connect with their consumers.The opportunities are immense and if you have always wanted to sell your own products online and build a successful e-commerce brand, then now is the time to start selling online. The best part is that there are numerous online business tools that will take care of the technology and many logistic providers who will take care of the back end for you. So, as a brand owner today, you only need to focus on building your brand and taking care of the real business aspects.
In the last decade, e-commerce marketplaces have taken a lead and have toppled their brick-and-mortar rivals by expanding the e-commerce segment both in terms of sellers and buyers. They have done this by offering such larger choice at the tips of the consumers that were unimaginable even a decade ago. A large product choice, with the convenience of comparing prices and shopping from the comfort of your home, 24X7, gives an edge to e-commerce marketplaces, which brick-and-mortar stores cannot replicate.
Today, owing to such large numbers of sellers, brands face problems in differentiating themselves among the plethora of sellers and resellers that dominate these platforms. The brands wanting to succeed in this marketplace need to improve upon the 5 aspects of their online business viz. discover ability of the brand, visibility, buyability, availability of products and loyal customer base.
E-commerce platform enable brands to be built much faster, cheaper, and easier than going through the traditional route.
Driving the E-commerce Success Strategy
NuvoRetail, a Delhi based e-commerce consultancy, have championed the 5 pillared e-commerce success strategy to boost the online profile of its clients in terms of their sales, brand awareness, recognition, and consumer loyalty. As per NuvoRetail, strategic action on strengthening these five pillars as Brand Visibility, Product Discoverability, Buyability & Availability and Customer Loyalty are the key for strengthening your brand online.
As per research, 54% of the consumer journey starts from search, and Amazon is the most preferred platform for searching product & product related information and knowing about the product reviews. So, it is very important for a brand to not only be available on Amazon but also to be optimised so that they are easily discoverable. NuvoRetail leverages evolved tools to track discoverability, buyability and onshelf availability of the products of its clients across multiple marketplaces.
As per Vishal Sharma, NuvoRetail Founder & CEO, “The Mantra is simple, which is to be More Visible to sell More.” As per him the efforts at increasing visibility neither start at Amazon nor end there. It requires a concentrated effort both ‘on page’ and ‘off page’. Off Late, social media has emerged as a great enabling tool. With the right use of social media, brands can precisely reach their targeted market segment in a very cost-efficient manner. Social media marketing combines current targeting options such
as geographical, behavioural, or interest-based targeting etc. and makes communication specific to each target group.
Secondly, it is very important to track and analyse our e-commerce and digital marketing spends. As per Vishal, “We have in-house assets and technology for e-commerce analytics to improve sales and brand visibility.” In addition, NuvoRetail though a young organisation, it has a team of motivated experts who help their clients across the e-commerce spectrum such as formulating an e-commerce strategy to its optimal implementation.
Lastly, the high cost of attracting new customers on the Internet and the relative difficulty in retaining them makes customer loyalty an essential asset for any online vendors. In the highly competitive e-commerce market, brand loyalty can be an elusive concept. From fast customer service and convenience, to product quality and brand values, there are many factors that might help to keep customers happy. NuvoRetail puts in place bespoke strategies for its clients to not only track but tangibly increase its customer loyalty.
On future of e-commerce Vishal says that especially considering the current state of lockdown the e-commerce market will of course grow exponentially as soon as the restrictions start easing out. As an immediate effect, one would see a sudden surge in demand on e-commerce platforms which will come as a trade off from the large brick-and-mortar stores and shopping malls. The relative footfall on these conventional retail channels will fall in the short to medium term.
In these times, NuvoRetail recommends its clients to be ready to face the ‘new normal’ after the lock down. It is advisable, to not only rely on conventional e-commerce marketplaces or e-grocery stores but also to operationalise as many touch points with the consumers as available. The growing trend of brand commerce or brand e-stores will gain a great momentum in times to come. A D2C channel for engaging customers is a required step in the direction of being an omnichannel present brand. A good brand can only be built with direct customer connect.
Due to the pandemic, the traditional distribution center led approach is under stress across the world. There is a need to de-congest the supply chain and leverage integrated omnichannel strategy to enable your brick-and-mortars to act as micro fulfilment centers. Buy online, pick-up in store (BOPIS) options have seen rapid growth over the past few years, but this model is likely to shift to buy online, deliver from store.
COVID-19 will permanently reshape e-commerce as we know it, separating winners from the rest. The organizations need to remain ahead of the curve to adjust to this reset. Consumer sentiment will slowly but steadily become buoyant and optimistic. The organizations must show courage during this period of lull and utilize this period to bring about a digital transformation. The key to success during these times of crises will be to generate synergies and thereby provide unique and delightful experiences to your customers.
While the organizations need to enable as many touch points to their customers as possible such as marketplaces, webstores & physical stores, but they also need to seamlessly integrate these touchpoints with an omnichannel strategy. The synergies generated by the integrated omnichannel will separate the leaders from the crowd.
Secondly, it is very important to track and analyse our e-commerce and digital marketing spends. As per Vishal, “We have in-house assets and technology for e-commerce analytics to improve sales and brand visibility.” In addition, NuvoRetail though a young organisation, it has a team of motivated experts who help their clients across the e-commerce spectrum such as formulating an e-commerce strategy to its optimal implementation.
Lastly, the high cost of attracting new customers on the Internet and the relative difficulty in retaining them makes customer loyalty an essential asset for any online vendors. In the highly competitive e-commerce market, brand loyalty can be an elusive concept. From fast customer service and convenience, to product quality and brand values, there are many factors that might help to keep customers happy. NuvoRetail puts in place bespoke strategies for its clients to not only track but tangibly increase its customer loyalty.
The Future of E-commerce
NuvoRetail leverages AI-based analytical tools to track discoverability, buyability, and onshelf availability of the products of its clients across multiple marketplaces
On future of e-commerce Vishal says that especially considering the current state of lockdown the e-commerce market will of course grow exponentially as soon as the restrictions start easing out. As an immediate effect, one would see a sudden surge in demand on e-commerce platforms which will come as a trade off from the large brick-and-mortar stores and shopping malls. The relative footfall on these conventional retail channels will fall in the short to medium term.
In these times, NuvoRetail recommends its clients to be ready to face the ‘new normal’ after the lock down. It is advisable, to not only rely on conventional e-commerce marketplaces or e-grocery stores but also to operationalise as many touch points with the consumers as available. The growing trend of brand commerce or brand e-stores will gain a great momentum in times to come. A D2C channel for engaging customers is a required step in the direction of being an omnichannel present brand. A good brand can only be built with direct customer connect.
Due to the pandemic, the traditional distribution center led approach is under stress across the world. There is a need to de-congest the supply chain and leverage integrated omnichannel strategy to enable your brick-and-mortars to act as micro fulfilment centers. Buy online, pick-up in store (BOPIS) options have seen rapid growth over the past few years, but this model is likely to shift to buy online, deliver from store.
COVID-19 will permanently reshape e-commerce as we know it, separating winners from the rest. The organizations need to remain ahead of the curve to adjust to this reset. Consumer sentiment will slowly but steadily become buoyant and optimistic. The organizations must show courage during this period of lull and utilize this period to bring about a digital transformation. The key to success during these times of crises will be to generate synergies and thereby provide unique and delightful experiences to your customers.
While the organizations need to enable as many touch points to their customers as possible such as marketplaces, webstores & physical stores, but they also need to seamlessly integrate these touchpoints with an omnichannel strategy. The synergies generated by the integrated omnichannel will separate the leaders from the crowd.
