8 tips for turning commerce complexity into an advantage

8 tips for turning commerce complexity into an advantage 8 tips for turning commerce complexity into an advantage

With an uncertain year ahead, organizations ranked inflation, supply chain disruptions, and the energy crisis as their top concerns, according to Productsup’s new Business growth report. But in addition to these global economic factors, there’s another cloud looming over the minds of senior decision-makers – the increasing complexity of new channels and shopping features.

To help businesses navigate this growing commerce complexity, we summarized the key takeaways from the Business growth report in eight actionable steps. Use this checklist as a guide to create opportunities out of challenges.

Tip 1: Automate product data

Businesses are quickly learning accurate and consistent product information can have a huge impact on whether or not a shopper decides to add an item to their cart and complete a sale. The report found 62% of businesses fear poor product information is creating negative online experiences, which is up 72% from the year before. What’s more, is that 55% feel it could leave them vulnerable to competitors.

However, the process of creating and distributing personalized, high-quality product information can be extremely lengthy and tedious if done manually. By leveraging automation, you empower your team to work more efficiently and make it easier for customers to choose your brand over your competitors.

Tip 2: Take the lead in the metaverse

To join the metaverse or not, that is the question.

Only 13% of businesses believe consumers are much more likely to purchase a product based on online virtual and augmented reality experiences. Most companies will take this as a sign to stray from the metaverse; however, as others back out of these arenas, there’s more land to grab and consumers to reach. Less industry-wide investment frees up talent, and you can create a ‘metaverse muscle’ ready for the future.

Tip 3: Communicate through social media

When busineses were asked about the marketing tactics they plan to use to meet today’s consumer expectations, increasing social media use was the most common answer (63%). It’s not enough to just post a few times on a couple of channels. Consumers are spending time across multiple platforms, so the brands that show up at the most touchpoints, are the ones that will build stronger customer relationships. Yes, that’s right. It’s time to download BeReal.

Don’t be afraid to experiment with the various capabilities social media platforms now offer. From livestream shopping to adding digital collectibles to profiles, there are endless ways to build connections with consumers.

Tip 4: Tap into more sustainability data

Over half (55%) of companies plan to increase their level of sustainable product information to meet shoppers’ expectations. But where do you get verifiable information about the reusability and recyclability of your products?

There are plenty of organizations you can partner with to get your sustainability credentials certified, such as Clarity AI. Many of them leverage artificial intelligence to scan documents to ensure they meet industry standards. By investing in these resources, you’ll gain access to the product information consumers are looking for when looking at listings, ads, and labels.

Tip 5: Double down on ads

Digital media businesses have seen recent losses with an industry-wide dip in ad spend. Only 24% of businesses expect to increase overall ad spend in the year ahead. To encourage advertisers to keep their promotions running, many advertising platforms are offering major discounts.

Take advantage of cheaper ads and less crowded advertising channels to get in front of a bigger audience and acquire more customers.

Tip 6: Think omnichannel advertising

The majority of businesses are still allocating the few advertising dollars they do have toward familiar platforms, like Facebook and Youtube, and ignoring newer platforms – 79% of businesses don’t intend to increase Snapchat or TikTok ad spend.

While it may feel overwhelming to learn content creation and best practices for multiple advertising channels, it’s the most effective way to reach consumers. Diversify the channels you use and experiment with newer advertising formats. For instance, brands are already using BeReal to reach younger generations in an authentic environment.

Tip 7: Personalize, personalize, personalize

The days of generic ads that could be relevant for a 22-year-old or a 65-year-old are over. It’s not rocket science to understand that consumers have different interests, expectations, and behaviors based on their demographic, so it’s important that your ads reflect those nuanced differences. Fifty-three (53%) of companies report that including personalized product recommendations in online advertisements boosts the likelihood of shoppers making a purchase.

Tip 8: Don’t underestimate physical retail ads

The debate of whether or not brick-and-mortar is dead has been long over. Hybrid commerce is quickly becoming the norm, and it’s important businesses don’t overlook the opportunity to target consumers with in-person advertisements. In fact, in-person experiences are the third most popular place where businesses are increasing ad spend (36%). Use click-and-collect and local inventory ads to provide the flexibility consumers are looking for.

For more insights on how businesses are planning to meet consumer expectations in 2023, download the full Business growth report for free.

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