How to Build an Unstoppable Business – iMedia Summit 2016
Through strategic online retail marketing initiatives that drive and shape the way clients are engaging with your products and business – that’s how! From Australia Post, Marks & Spencer to Braintree and the shopping cart revolutionaries Temando, we were honoured to be privy to some of the world’s most iconic online retailers at the recent iMedia summit. Held on the Gold Coast, the theme for the summit “Bridging the Uncanny Valley of Customer Experience” referenced:
- The point where technology and human effort combine to delight, rather than frustrate or dissuade consumers
We converged, we discussed and debated, and even had the privilege of conducting a session on the Akeneo PIM. We addressed the impact of digital disruption and the growth of online mobile and even witnessed software that can track the movement of your customer’s eyes, helping you to track your buyers journey across your site! Yes, we too were suitably impressed! Finding ourselves amongst true retail “Influencers and “Market Leaders” we felt compelled to share. Perhaps the answer to engaging your buyer persona lay amongst the following, here are our top takeaways from the summit:
Director M & S Digital
Marks & Spencer
Undertaking the UK’s largest replatforming project, David has transformed and refocused Marks & Spencer’s digital presence and capabilities over the past four years. David’s takeaways included:
- How to exploit whatever you have regardless of scale including site optimisation, integration between performance marketing and your sitemap
- Focussing on personalising the customer’s user experience
- Fostering long term customer relationships and loyalty
- Improving customer experience using a combination of technology and humanity
Justin spoke (with very descriptive language) of Vinomofo’s commitment to “putting customers first yesterday, today and tomorrow” and with a business that was created in a garage in 2011 to experiencing 1000% revenue growth over the past three years, when Justin spoke we listened.
- Work out why you’re doing what you’re doing
- The importance of culture and market position across all channels
- Building your loyalty base
- Structure your viral campaigns
- Share your personality with your buyers, keep it real, do some good and have fun
A business of Australia Post, the Star Track integration has created one of Australia’s most trusted freight and logistics providers. Ben spoke of what’s trending tomorrow and unlocking insights to accelerate customer acquisition and growth. He spoken using real freight data.
- The power of embracing geo centric search options
- Segmenting data so that you can target demographics and suburbs where customers are actively engaging and purchasing online
- Gaining an insight into your buyer personas, where are they? What platforms are they using?
- Analytics and actual statistics that drive the business forward
- Using data from segments and verticals (ie fashion) to help you select which regions to grow and market your business
Addressing the benefits of Product Information Management (PIM) in eCommerce, as the Akeneo PIM specialists, James represented Balance Internet and showcased how PIM provides a central repository for all product data in an intuitive and agile way. A PIM does the following:
- Supports collaboration between all relevant staff members and external parties
- Provides businesses with the technology to increase product data quality and collation
- Enables the user to customise more relevant content in response to the consumers’ needs and expectations
- Consolidates internal product data such as ERP’s, data warehouses, operational systems, websites etc..
Providing sales and customer support through live chat, email, SMS and Twitter, Boldchat is born from the need to optimise conversion, drive revenue and delight your customers. Damien you had us at “conversion optimisation”.
- Allows for extended opening hours
- Is ideal for complicated and technical products where customers may need help along the buyer’s journey
- Deliver a 50% increase in shopping cart size
- Provides data on geocentric customer types and where they are
- Supports staff by affording more hours outside of the traditional store opening hours
- Allows for flexible employment models
- Customers who engage in Live chat are 7.5X more likely to convert
Helping retailers drive shopping cart to delivery optimisation, Temando undertook research into the varying reasons for cart abandonment while looking at what creates negative shipping experiences. Temandos research has shown:
- Negative shipping experiences have a detrimental impact on brand image
- Increases the cost of returns
- 63% of retailers believe shipping costs have increased over time
- 70% of buyers abandon their cart as shipping costs are too high
- Shipping costs that are communicated to late
- By increasing shipping options at checkout there was a 79% increase in sales and 62% reduction in cart abandonment
Addressing the summit with “Influencer Marketing – the power of micro-influencers, Anthony spoke of citizen influencers and the power of celebrity endorsements through to blogging and the power of Instagram. What does a citizen influencer look like?
- Has between 5 -100k in followers
- Exhibits an undeniable passion for a category
- Establishes a strong relatable connection with audience
- They are amazing content creators
- Have the trust of their audience
With a near constant evolution of marketing technologies in the online retail ecosphere it will be the brands who adopt the appropriated balance of technology and personal service excellence that will grow market share and ROI.
Call Balance Internet and let us show you how we can help you implement these amazing technologies and methodologies, on 1300 624 368.