The Hare and the Tortoise Revisited, a previous article we’ve discussed, highlights that for CPG companies to prosper in an ever-evolving retail market requires adopting an eCategory strategy anchored in robust consumer and shopper understanding. Commercial teams need to recognise that people will always interact with a brand however and wherever is most convenient for that person.
There are no “online” shoppers, only shoppers who also shop online (across multiple subchannels).
Quantic’s ABCDE.com approach is a framework that develops sustainable eCategory leadership:
A – Ambition: our model studies the retail market. We examine how a specific category has changed and grown over the past two years and where it is heading in the next five. Additionally, we assess which brands are most popular with customers both online and offline to determine any potential gaps or opportunities, giving an all-round view of B2C and B2B markets alike.
B – Build your eChannel Strategy: with the Quantic modelling tool, we can identify the ideal eCommerce playing field and target key categories to maximise growth. We are able to determine if increased success is coming from channel momentum or share gain within that space. This helps us recognise which brands and formats will drive growth forward for maximum impact.
C – Channel Specific Plans: eCommerce is a connected group of subchannels (Grocery.com, Pure Play, specialised vertical marketplaces, quick commerce and so on), not a single channel. Our goal is to develop a successful playbook for the eCommerce subchannel, utilising various execution levers. We will help to select a portfolio of products that addresses shopper needs and desires in this subchannel to help increase sales and engagement. Optimising this portfolio requires an understanding of consumer trends, competitive intelligence, and market dynamics. Additionally, it is necessary to use digital marketing strategies. This will help you get more customers interested in your product and help you make more sales. Some ways to do this are creating content that is tailored for your customers, using SEO methods to amplify your reach, and running promotional campaigns. Finally, pricing and promotions are also essential elements of success in the eCommerce subchannel.
D – Develop Customer JBP: Joint Business Plans (JBPs) can provide a powerful framework for mutual business growth between customers and suppliers. They enable both parties to come together, set goals and objectives, develop strategies, identify the resources needed to support the plan, and agree on roles and responsibilities. By creating a shared understanding of how each side contributes to the plan’s success, JBPs can help build strong customer-supplier relationships.
For suppliers looking to engage in joint business planning and retail media, it is important to understand the objectives of such arrangements and the tools available. Retail media helps suppliers reach customers directly at the point-of-sale, leveraging the retailer’s retail platform to communicate promotional and educational messages. To maximise the effectiveness of joint business plans and retail media, it is essential for suppliers to have an in-depth understanding of their retailers’ goals and objectives. By investing in joint business planning and retail media, suppliers can ensure that their initiatives yield maximum return on investment for both parties. eJBPs need to include specific performance metrics that can be used to measure success and identify areas of improvement.
E – Execution and Making it Live: having the right resources and capability to implement an eCommerce strategy is essential for success. Establishing benchmarks for your current skills as well as desired outcomes can aid you in identifying what roles need to be adapted or filled, if any upskilling is necessary, and who from within your organisation might have these capabilities. Through this assessment process your business can identify additional needs such as capability requirements or newly required hiring positions; streamlining the way toward successful execution of an innovative eCommerce plan.
To succeed in this evolving digital retail space, organisations need a team that is agile and adaptive. It’s essential for teams to regularly assess their performance while identifying opportunities to improve or grow their capabilities. This can provide businesses with an edge over competitors, driving innovation and value through enhanced customer experiences – ultimately creating long term success for stakeholders involved.
Scorecards and key metrics are the pulse of any successful eCommerce plan. They give businesses the necessary insight into their progress, pinpoint issues to address, and provide crystal clear targets to strive for. Having a tailored scorecard system not only considers short-term objectives but also long-term goals. With an effective scorecard system set-up and tracked properly, businesses will have all they need at their fingertips so they can keep pushing forward with confidence towards maximum results!
The Quantic ABCDE.com approach breaks down decision making into five distinct stages for maximum efficiency and effectiveness. Each stage is crucial in ensuring that the decisions you have made at every level have a positive impact on the next, allowing your overall goals to be met in accordance with your initial plans. By following these five steps, our approach anchors your eCommerce strategy on robust consumer and shopper understanding to build a sustainable eCommerce growth that is well thought out and informed.
If you’re looking for an efficient way to develop your future commerce experience, contact us.