How brands can make the most from the shift towards digital
As brands try to find a sign of semblance post a period of uncertainty, it has become more important than ever to understand and evolve as per changing consumer expectations. From buying goods online to incorporating consumer feedback are some of the ways brands are trying to remain relevant. Anshoo Sharma, CEO and co-founder, magicpin, talks about how brands and agencies can engage with their consumers–
On the playbook, brands and agencies need to adopt in the new normal
2020s biggest trend is the rise of online as a channel among consumers and brands; Omnichannel a term that was used more in strategy conversations overnight became a reality for retailers across categories. From large retailers to small mom-and-pop shops everyone launched their online stores; FMCG brands have launched their online stores and thousands of direct-to-consumer online only brands have come up. Rise of online is the new normal for retail and everyone is just getting started on this trend.
Increased role of savings and value is the other important trend given the impact of the pandemic on many household incomes.
On the gradual return of the business – how much of its restored and the new trends which can be spotted compared to pre-Covid times
Retail purchasing is back, especially since the onset of the festive season. Food and fashion that were the worst hit categories, have been doubling month-on-month since October. December is going to be very close to the pre-pandemic peaks.
On how brands can create at-home meaningful experiences for consumers
Launching the online store is the first step but it is not sufficient. Tools across customer acquisition, retention, remarketing, targeting are fundamentally different vs the traditional pull-push marketing approach of traditional retail. Brand content both editorial and UGC that engages and educates the distracted, low-attention-span, value seeking online customer is key. Brands need to upgrade their toolkit and work with partners who can help them effectively build online solutions.
On the contribution of online versus offline outlets and how brands can make the most of the shift towards digital
While online is growing fast, to begin with online was only 5% of the retail market. Thus, even if online grows 4x of its original scale, 80% of retail remains offline. Consumer sentiment is clearly towards going out and experiencing physical retail and thus the right agenda for brands would be to truly integrate online with offline. For instance, even though the majority of eventual retail purchases would continue to be offline, most users will start their interaction with the brand online and thus it is important to be with them through that journey.
magicpin has been working with its partners for generating both online and offline demand in a RoI assured model. The consumer journey starts online and leads to a sale either online or offline and our partners pay for what we deliver. We are working with retailers, FMCG brands, D2C brands across all categories and are super excited about the year 2021.