D2C Marketplace
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New Era Of Change
E-commerce has played a key role in helping companies adapt to a world dominated by online shopping. As COVID-19 demonstrated, e-commerce was instrumental in surviving the challenges of the pandemic and will remain a pivotal asset for companies as they continue to face economic challenges. Direct-to-consumer capabilities can help many companies develop better relationships with their customers—but many companies are struggling to make the move from traditional business models to D2C models.
Direct-to-consumer e-commerce—the practice of selling a product directly to consumers via a company’s own website, thus bypassing third-party retailers or wholesalers—offers an opportunity for innovative brands to build direct relationships with their customers. This kind of e-commerce allows companies to directly interact with end consumers, which helps steer brand strategy and innovation based on real-time consumer insights. These insights can help a company answer consumer needs directly, thereby maximizing both consumers’ commitment to the brand and their lifetime value. In the competitive landscape, direct-to-consumer e-commerce can act as a defensive measure in the long term and allow companies to capture a larger share of an increasingly online market.
Direct-to-consumer e-commerce—the practice of selling a product directly to consumers via a company’s own website, thus bypassing third-party retailers or wholesalers—offers an opportunity for innovative brands to build direct relationships with their customers. This kind of e-commerce allows companies to directly interact with end consumers, which helps steer brand strategy and innovation based on real-time consumer insights. These insights can help a company answer consumer needs directly, thereby maximizing both consumers’ commitment to the brand and their lifetime value. In the competitive landscape, direct-to-consumer e-commerce can act as a defensive measure in the long term and allow companies to capture a larger share of an increasingly online market.
Unlocking D2C Marketplace in 2023
Companies that want to succeed in direct-to-consumer e-commerce must have top leadership that is fully committed to its prioritization. To do this, they need to clearly define the strategic role and ambition of D2C, as well as set guardrails for the value proposition that needs to be designed and delivered. successful e-commerce company must be able to operate at scale. Hiring the right talent and building a new technology infrastructure requires any organization to undergo large changes, and doing so while also managing an e-commerce business automatically leads to higher complexity and risk. Strategic choices should lean toward e-commerce.
To overcome a lack of talent in e-commerce, organizations should consider several methods. The first is to promote or rotate top performers from other areas into e-commerce roles. An organization can also identify suitable candidates by assessing their skills and mindsets. Finally, incoming leaders can benefit from structured training programs to help them understand the scope of their new roles and succeed in them as quickly as possible.
Business-to-business Marketing automation platforms have traditionally been the domain of B2B firms, due to their small, focused target markets, multi-stage procurement processes and continual relationships with clients. These factors make B2B a relationship-driven environment where product education, awareness building and lead nurturing are vital. Business procurement is not impulsive; rather, it's considered and rational, often involving more than one person. Marketing automation software is well suited for B2B companies because it can generate multiple data points from customer research that can be analyzed over the long marketing-to-sales cycle required by business-to-business transactions.
B2C and B2B Marketing automation both involve tracking potential customer behavior to decide a messaging strategy. However, the big difference is that consumer campaigns need to gain the customer’s interest very rapidly, with the road to checkout kept short and simple. In contrast, B2B campaigns use longer-term strategic approaches to build brand loyalty and trust. Market education is also vital for B2B companies, but this takes a different form than consumer education programs. When a B2C customer is handed over to sales after completing an online purchase, they should ideally have familiarity with the brand and product set; this allows salespeople to focus on closing deals instead of educating customers about products.
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