The BRAVE COMMERCE episodes released in 2022 tell the story of an economy in transition.
2021 brought with it “The Great Resignation” and a Supply Chain Crisis, both of which carried over to impact the start of 2022 with eCommerce leaders still struggling with inventory and recruitment. As the year progressed, however, inflation increased and many companies traded hiring sprees for hiring freezes or even layoffs.
In the face of these challenges, the executives interviewed on BRAVE COMMERCE in 2022 shared how they rely on curiosity and creativity to drive continued growth. Here are five key strategic themes that arose throughout these conversations and that you can incorporate to keep your own eCommerce business thriving even in challenging economic times.
1. eCommerce is not an island
“You have to break down those silos in order to drive success.” - Sara Aubitz, Clorox
The customer journey crosses all channels. Therefore, you need to fully embed eCommerce into your entire organization if you want to fully understand and make the most of it. When you have cross-functional teams with insight into not only the path to purchase for each individual customer, but also their shopping trends and behaviors over time, you will always be ahead of the game and ready to meet your customers where and when they are ready to buy.
2. Your brand is their experience
“It’s all about the moment of choice, when the consumer is really engaging with your brand.” - Todd Kaplan, Pepsico
Consumers are loyal to brands that provide consistent experiences. They need to know what they are going to get from your brand whether they are engaging with you on your brand.com, via social media, at a retail store, or at an IRL pop up. To the consumer, your brand is the experience they have every time they see your logo, view one of your ads, or use one of your products. Therefore, developing and deploying a unified brand experience no matter the where, when, or how of engagement should be a non-negotiable priority.
3. Retail Media is the next frontier
“I have a real love for Retail Media and I really believe it is an under-ulitized opportunity.” - Kate Crowley, LEGO
One of the biggest pain points for CPG brands has long been the lack of shopper behavior data provided by retailers. The recent growth of retail media offers a mutually beneficial opportunity for CPG brands and retailers to collaborate, drive sales and open the doors of insights to one another. This growth comes with potential pitfalls including retailers demanding more spend to increase margins and a more complex media landscape for brands to navigate. As more retailers lean into their own media efforts, brand leaders need to understand how to optimize the opportunities and overcome the risks.
4. Brands Must Be Diverse, Equitable, and Inclusive Inside and Out
“In terms of diversity, we’re not only thinking about consumers, but we’re also thinking about our own very specific community and how we are serving them.” - Esi Seng, Tate’s Bake Shop
The most successful and resonant brands live their values in everything they do. Meaning that both internal and external initiatives reflect the diversity of the people creating and consuming each product. Customers know authenticity when they experience it, therefore the brands that listen and respond to a broad spectrum of voices are the ones most enthusiastically embraced by consumers.
5. Customer Centrism is key
“The consumers are really the only ones who pay us.” - Anton Vincent, Mars
This theme comes up at least once in almost every episode. When it comes to making important decisions, developing new products, or designing a new marketing campaign, it all comes back to your consumer. How can you provide them with the best possible experience at the very moment they need it? If you can answer this question, then everything else will fall into place.
As you head out for holiday travel, or cozy up at home by the fire, consider tuning into the 2022 back catalog of BRAVE COMMERCE episodes. Advice for a strong start to 2023 is only a listen away.
