4 Tips for Navigating the New World of Omnichannel Commerce & Retail Media

Uncover Shopper, Platform, & Advertiser Insights from Catalyst & Kantar’s Landmark Ecommerce Study

It’s the era of omni-commerce. Consumers today are shopping across an increasingly long list of online channels and platforms. From search engines to social media platforms, and from retailer sites to last mile delivery services, there are more ways than ever to research and purchase products online. And, this trend is here to stay. COVID-19 has only accelerated ecommerce’s already impressive growth and has cemented its importance as a media and marketing channel.

Seemingly every day there is a new advertising capability, platform, or integration that presents another way for advertisers to connect with online shoppers. This is great news for marketers, right? Yes, but it’s certainly not making things easier. No doubt these opportunities are exciting and valuable, but they can be also be paralyzing and panic-inducing. Now more than ever, marketers are entering unfamiliar territory and face limitless questions and concerns around scale, strategy, tech, investment, and resources.

Strategies for Navigating a Fragmented Ecommerce Landscape

How are marketers to navigate this complexity and make strategic decisions that maximize business growth?  As part of Catalyst and Kantar’s original ecommerce research “The State of Ecommerce 2021,” we conducted two major surveys and interviewed over 20 industry thought-leaders to answer this question exactly. Our insights informed several key tips to help brands plan for omnichannel commerce and retail media for 2021 and beyond, including:

  1. Evolving shopper expectations: Prioritize convenience & discovery. Based on our research 66% of online purchasers choose a retailer based on convenience, while only 47% choose a retailer based on price/value. Optimize for convenience and accessibility to meet the consumers where they are.
  2. Breaking down media siloes: Eliminate waste & improve effectiveness across platforms. 62% of online purchasers search for inspiration on Instagram while 50% of online purchasers discover new brands & products on Google. 63% of online purchasers do initial product research on Amazon and 63% of online purchasers do product & price comparison on Walmart. Based on findings like these, it is obvious that cross-platform shopping is the hallmark of today’s consumer, cementing the importance of integrating retail, search, and social. Break down internal silos and lean into expert partners that can help you integrate and maximize media effectiveness across all platforms.
  3. More than conversion: Consumers are redefining the value of PDPs. 45% of online purchasers go to PDPs to learn about the product at the time of purchase and nearly 50% of online purchasers scroll past page one when looking for what they want. PDPs are an important conversion tool, but also a valuable brand asset that can share your brand promise and answer important consumer questions. Despite the value of PDPs, only 37% of ecommerce professionals say they are focused on optimizing their PDPs for SEO across the online platforms they use for digital marketing. Strategically optimize PDPs based on the consumers vernacular and search behavior, product Q&As and reviews, and more.
  4. Capitalize on online grocery and last mile delivery (even if you aren’t a traditional grocery brand). Online grocery is exploding, with 63% of Instacart users plan to use the service more in the future. And, as online grocery baskets are increasing and changing, there are ample opportunities for even non-traditional brands to take advantage of the online grocery and last mile trend. Now is the time to test into platforms like Instacart to gain early insights and competitive advantage.

More Findings & Insights from the State of Ecommerce 2021

Want more insights and data from The State of Ecommerce 2021 report? Download the landmark study here to access the full findings, including additional recommendations and an unrivaled and comprehensive look at the state of ecommerce.

The report is based on two surveys of marketers and consumers, including 500 online shoppers and over 200 industry professionals.  It was informed by approximately two dozen qualitative interviews from leading manufacturers including L’Oréal, Colgate-Palmolive, Georgia-Pacific, Seagate, GSK, and Dorel Juvenile.  We also interviewed investors, media platforms, technology partners, and retailers including Google, Walmart Media Group, Pinterest, Instacart, CAVU Venture Partners, PromoteIQ, Pacvue, Salsify, and Kenshoo.  Data for both quantitative surveys was collected in April 2020, and interviews were conducted between March and May 2020.

You can also catch on-demand presentations and discussions of the report’s findings here:

And, if you like the The State of Ecommerce 2021, be sure to check out Catalyst’s past ecommerce research:

Questions on this blog post or the research? Drop us a line at info@catalystdigital.com.

 

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