New technology is not only for market leaders and market innovators. As new digital trends gain prominence in the marketing arena all marketers can benefit from the enhanced systems.
Although street and mall shopping will not be entirely replaced by online purchases, online shopping continues to trend.
Retailers are, therefore, on the look-out for creative ways of responding to their offline and online customers. They have to go past just merchandising products on shelves and use online tools to optimize online merchandizing.
Sophisticated Online Purchasing Tools
Consumers are using sophisticated site search tools including visual search tools (images), voice searches in addition to text searches. Further, the technology-sensitive consumers also are oriented to product videos, they compare different products, use reviews, and ratings. Additionally, consumers are using product recommendation softwares.
Marketing Tips to Enhance Online Shopping Experiences
The digital world continues to impact online shopping and the world of online merchants continues to change with new technological innovations.
Although traditionally, merchandizing refers to the display of products on shelves, however, when we talk of online merchandizing, it refers to promoting products online to stimulate the interest of customers to buy. It is ensuring that a product’s presence in the online store environment is optimized.
An online site needs to be merchandized professionally using various tools. The job involves designing the site and deciding on product mixes and offers. Online merchandizers must continue to respond to an internet savvy consumer who is using sophisticated tools to purchase products online.
Therefore, online merchants have to be sensitive on how they place their products online so that the products are found in search engines, the products must have a visual impact on the consumer and they should generate a lot of product engagements and lead to conversion sale. In this regard, managers of big online brands who want to optimize on online sales need to employ online merchandizers just like they have brand managers to manage each category of products.
Using Augmented Reality
Augmented Reality (AR) and artificial intelligence should be employed to respond to online shopping needs. They can be used in enabling customers to see products in a more real sense before purchasing them, for example, a customer can see how a piece of furniture fits in their living room.
Marketers need to use the latest technologies like Chatbots in responding to their customer queries online. A chatbot is a robot using a software program to chat with customers.
Online Competitor Analysis
Competitor analysis is a very important aspect of marketing. Worth noting is that the digital world has turned competitor analysis to a global activity, whether your company trades online or not. Competitor analysis involves identifying competitors, assessing their SWOTS in comparison to your own SWOT analysis.
It is important to analyze competitors selling the same products and substitute products. The main goal is to know who controls what market share for your industry so that you can strategize and get an edge over them.
The digital world has made most systems internet savvy and it is now much easier to conduct to do competitor analysis, thanks to technology and new software. If your budget allows, you may want to hire a professional to help you in analyzing a competitor’s marketing strategy.
There are two steps to doing a competitor analysis.
Evaluate Your Competitor Online Strategy
Pick ten to fifteen major competitors. Evaluate their content, videos, YouTube, Social Media Platforms to determine their online strategy. Assess their product catalogs, e-books, podcasts just to name but a few.
Compare Your Services or Products with Your Competitors
Get to know and list all the factors that drive your industry and all the intricacies involved in managing your business. After listing all the factors influencing your type of business, then use those factors to find out how your organization ranks in relation to other organizations.
It is in comparing your service to your competitors that you will find out your market position based on various factors in your industry. Compare prices, online platforms, marketing budgets, what technology they use and whatever other information is available. Use the information to develop your new marketing strategy that is more responsive to your customer needs.
Online marketing has introduced new dynamics in the marketing of products and services. In order to remain relevant to online customers, marketers have to provide their consumers with a catalog of their products, show how such products function using videos and other online tools and provide user reviews. This is in addition to providing product comparisons and providing shipping and delivery services.