From Dussehra to Diwali, Holi to Eid, Indians have a very high spirit of festivities and look forward to making every occasion special. As the country recovers from the COVID-19 pandemic, there is a sense of cautious optimism among consumers. However, there are also indications that Indians are ready for much-needed revenge shopping and travel after two years of low-key celebrations. Now when the Indian eCommerce industry is estimated to grow 84% by 2024 owing to the impact of the pandemic, standing apart amid the digital crowd is the key.
Why Do Brands Need to Stand Out from the Crowd to Tap into the Festive Spirit
Digital transformation has taken place in every industry and resulted in a dramatic shift of both businesses and consumers to the online landscape. As a result of this behavioral shift and a massive amount of data in hand, brands must focus on short-term sales activations that can lead to wins in this festive season.
Now, if you are thinking about fast shipping, secure payments, and excellent customer service, they are no longer unique selling points for your brand. They are only hygiene factors. The most important thing, or perhaps the overarching goal, should be to ensure that the brand stands out in nurturing relationships with the consumers. To that end, it is time to focus on brand-building activities while being relevant to the audience today and in the future.
Top Ways to Stand Out from the Crowd
The festive season is the favorite time for everyone, with brands recording unprecedented sales growth. So, it is crucial to leverage the current festive spirit of consumers and take your brand to the next level. Notably, with changes in consumer behavior, tight budgets, and retail closures, conventional marketing tactics might not work to the desired extent. Keeping that in mind, here are some of the best ways to stand out from the crowd in the digital era:
Predict Customer Behavior
Taking an audience-first approach can always help brands stand out from the crowd in manifold ways. Favorably, programmatic technology allows brands to leverage the power of data science to improve customer engagement. It can help extend festive season campaigns across multiple channels and deliver personalized shopping experiences.
A powerful digital tool like Ask1 can determine consumer interest, behavior, seasonality, devices used, the response rate to promotions, preferred product category, historical shopping data, and brand affinity to help you reach the right audience. This data is also very helpful in building buyer cohorts and gaining insights for further cross-selling and up-selling opportunities.
Leverage Predictive Modeling to Create Price Optimization Models
The phenomenon of dynamic pricing helps brands tweak their pricing instantly based on the current market demands and competitor pricing. The programmatic technology can help gather key data across themes like best-selling items, profit margins, targeted sales revenues, inventory, and pricing levels. This data enables brands to update prices in real-time to achieve targeted sales, improve margins, and boost sales in the competitive market.
Handle Huge User Traffic During the Festive Season
It is essential to gear up for the upcoming festive season as the user traffic will be significantly higher than usual. Infrastructure and cloud costs can skyrocket, so eCommerce brands must be well-prepared. The previous year’s user traffic data can be gathered with the help of programmatic technology to assess the resource requirement during specific periods. This can help brands handle traffic and ensure high platform performance.
Reduce Shopping Cart Abandonment
Since shopping cart abandonment remains a serious concern for most brands, it is necessary to tackle this problem. Some of the reasons for cart abandonment include broken links, irrelevant mapping of products, wrong shipping charges, slow page loading speed, cross-device sync issues, lack of product inventory, or technical failures.
The business rules-based real-time alerts and web and mobile analytics performance reports can help identify possible root causes for abandonment and help in reducing the same. Even if 25% of abandoned shopping carts get converted, it will significantly increase sales revenue and profits.
Focus on Customer Retention
While profits are essential for every business, keeping customers’ loyalty intact and retaining them long-term is equally critical. By gathering data on their interests and preferences, certain ways can be carved out to acquire customers and sustain relationships. To that end, customer journey analytics can be leveraged to find answers to the most pressing facets like customer satisfaction scores, factors affecting customer experience, repeat purchases, and customer lifetime value.
Get Started with Your Festive Season Action Plan
Make this festive vibe special for consumers and successful for your business. Now that you’re abreast of the best practices to stand out from the crowd, it is time to put data into action and launch the most relevant campaigns for your brand.
The digital insights tools like Ask1 can help you analyze, segment, and engage the target audience. This way, redefining your marketing strategy and bringing about differentiation becomes easier. Reach out to us to enhance your brand performance today.