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1、Inflation and Commerce Marketing:How to Reduce Costs and Drive ProfitabilityTrends,Insights,and Best Practices for Multichannel BrandsFeaturingBrand manufacturers margins will continue to compress in 2024.As a result,brands will need to perfect pricing elasticity,tap into consumer habits,and make su

2、re advertising dollars are driving profitable growth.According to the MikMak Shopping Index,online basket sizes have decreased over the past year.Profiteros study revealed that 58 percent of US shoppers and 55 percent in the UK will check deals and prices online before completing their in-store shop

3、ping trip.Similarly,50 percent of US shoppers and 41 percent in the UK check prices online when shopping in a physical store.This data suggests an urgent need for brands to be more strategic in capturing those consumers who may spend more cautiously in the year ahead.In the face of uncertainty,brand

4、s must keep advertising to maintain and grow market share.Carefully targeted marketing based on a true understanding of customer behavior makes every advertising dollar go farther.In this eBook,we will explore the impact of inflation on shopping trends globally and by sector,based on current consume

5、r insights.We will also share best practices for multichannel brands to drive Commerce Marketing profitability.“Consumers continue to spend.Any time when the rest of the market is doing badly,if you are in a position,if you are financially able to invest,its a great time to gain share!.A downturn is

6、 an opportunity to gain share,for sure!”-Sucharita KodaliVice President and Principal Analyst,ForresterListen NowOverviewTable of ContentsIn this guide,we begin by examining how inflation is affecting shopping trends globally,in Europe,and in the US.We then dive into the shopping patterns impacting

7、specific sectors.Finally,we outline the best ways to capitalize on these trends and increase Commerce Marketing profitability.Global Inflation Trends and Key Predictions for 202447How to Drive Profitability and Reduce Costs-Best Practices247Consumer Electronics&Appliances9Grocery13Alcohol17Beauty&Pe

8、rsonal Care 20Toys22Pet CareInflation and Shopping Trends by Sector:Europe and USHow Inflation is Affecting Shopping TrendsInflation is simmering,but its likely to continue to put pressure on consumers throughout the next year.According to a Euromonitor report,global inflation is expected to drop to

9、 4.4 percent in 2024 from 6.8 in 2023.Here are a few factors the report says are pushing inflation lower:Slowing economic growthStabilizing commodity pricesCooling real estate pricesSupply chain enhancementsGlobal Inflation TrendsTrends,Insights&Best Practices for Multichannel Brands 4Europe Inflati

10、on TrendsIn Europe,inflation tumbled to 2.4 percent in November 2023,hitting its lowest point in over two years.However,prolonged high prices have cut into the typical shoppers wallet,with inflation peaking in the region at 10.6 percent in October 2022.Sluggish growth may also accompany this downtic

11、k in inflation,creating an environment with even more price-sensitive shoppers.Key Predictions From MikMak and Profitero For 2024At MikMak,weve observed a year-over-year(YoY)decline in eCommerce conversion rates,and online basket sizes have decreased over the past year.This trend coincides with infl

12、ation and rising interest rates.Based on basket-level sales data at MikMak,we expect consumers to keep spending.However,they will continue being strategic,hunting for deals,settling for more affordable options,and focusing on essentials.More Strategic Consumer SpendingIn todays dynamic market,consum

13、ers hold unprecedented power,driven by a desire for choice in their purchasing decisions.The impacts of COVID-19 and inflation over recent years have resulted in a customer who heavily relies on digital validation,whether shopping online or in-store.Profiteros study reveals that 4 in 10 shoppers res

14、earch on Amazon before visiting physical stores,a trend consistent across diverse markets.Additionally,digital influence surpasses the impact of in-store marketing,with 7 in 10 consumers in the United States,6 in 10 in Canada and the United Kingdom,and 5 in 10 in Germany leaning towards online conte

15、nt.These insights underscore the growing dominance of digital influence in shaping consumer behavior.Digitally Influenced Shopping4 in 10shoppers research on Amazon before visiting physical storesOverall inflation is starting to decline.However,for brand manufacturers,its more expensive than ever to

16、 bring a product to market,keep it on the shelf,and market it to consumers.Heres why we expect brand manufacturers margins to tighten in 2024:As supply chains are moved out of China,it could disrupt brand businessesThe cost of materials is likely to remain highMore regulation for retail media may cr

17、eep in from governing bodiesGiven the current economic uncertainty,retailers and brands will become more and more conscious of their spending,and theyll need to make sure their investments are paying off.Calming Inflation,Stubborn CostsAs eCommerce businesses fight high inflation,pinched margins,and

18、 limited cash in 2024,there are still pathways to growth:1.Increase marketing effectiveness:Brands need to leverage their marketing investments better to combat inflation pressure without raising prices.That means targeting the most profitable sales channels in the most strategic way possible.2.Make

19、 every dollar count:In order to combat margin compression,brands experimented with price hikes throughout 2022 and 2023.Consumers are now pushing back.That means brands need to start asking the question,“How do we make every dollar we spend work harder and smarter for us,from ideation and insights t

20、o content,media,experiences,and measurement?”How Brands Can Get Ahead in a Tight 2024 Economy“The“e”will be dropped from“eCommerce”and it will just be“Commerce.”In many categories,eCommerce growth rates have slowed post-pandemic;yet,time online has not.As a result,brands will be looking to demonstra

21、te that digital investments are driving offline sales too.”Rachel Tipograph,CEO&Founder,MikMakInflation and Shopping Trends by Sector:Europe vs USIn Europe,Statista estimates online prices for Consumer Electronics will maintain a positive inflation rate of 0.82 percent by 2025.Online prices for thes

22、e products dropped in 2020,and the deflation may have dulled the impact of rising inflation.Electronics and Home Appliance brands have also benefited from relatively low interest rates in recent years,along with a growing demand for innovative products.Overall,Europes Home Appliances market is predi

23、cted to increase by$13.8 billion by 2028.Here are a few additional trends shaping the European Consumer Electronics and Appliances market,according to Modor Intelligence:In Western Europe,theres a growing demand for premium appliancesMultifunctional appliances are in high demandGermany holds the lar

24、gest chunk of market share for Home Appliances in the regionEurope Consumer Electronics&Appliances TrendsTrends,Insights&Best Practices for Multichannel Brands 71.Consumer Electronics&AppliancesPrices for Consumer Electronics in North America also deflated in 2020,and they are predicted to increase

25、by 1 percent by 2025.The price for US appliances has swung in both directions in recent years,but average inflation has dipped into the negatives since 1997.According to the US Bureau of Labor Statistics(BLS),the cost of appliances was more than 11.72 percent lower in 2023 than it was in 1997.US Con

26、sumer Electronics&Appliances TrendsLeaders in the Consumer Electronics space are already investing in social eCommerce to connect with customers.However,many are struggling to send out consistent product information across different platforms.According to Channeladvisor,65 percent of brand leaders f

27、ind it difficult to strike this type of consistency.The same report found brand leaders plan to invest more money in different social media channels including:1.YouTube2.Facebook3.Google Ads4.Instagram5.PinteresteCommerce Consumer Electronics Brands Are Struggling with ConsistencyMikMak&Profitero In

28、sights:Listen to These Brave Commerce Episodes from the Consumer Electronics sector:Lenovos Carlo Savino on what you can control during unprecedented supply chain issuesListen NowChris Cowger of Dell on Navigating TurnaroundsListen NowFood prices in Europe have skyrocketed in recent years.According

29、to Trading Economics,EU food costs rose 9.36 percent in September 2023,compared to September 2022.Despite remaining high,inflation for food prices is tumbling from a March high of just over 19 percent.Europe Grocery TrendsTrends,Insights&Best Practices for Multichannel Brands 92.GroceryBritish shopp

30、ers have seen food prices rise even more,and the food inflation rate hit record high 19.1 percent in March 2023.Since then,the rate has dropped to around 10 percent.According to Statista,food prices are still rising in the UK,but at a slower pace.The MikMak Shopping Index found European customers ar

31、e adopting more cost-conscious attitudes.Shoppers basket sizes are remaining steady despite a surge in food prices,but the average value of a grocery retailer basket has decreased.That means its likely consumers are choosing more lower-priced products,or private labels,and might be shopping less foo

32、d and beverages altogether,to keep a budget for other items.European shoppers are increasingly digitally influenced.Profiteros study revealed that 30 percent of German shoppers and 25 percent in the UK are checking prices and deals online while completing their shopping in a physical store.European

33、Grocery Shoppers Are Adopting More Cost-Conscious AttitudesHere are a few more important European eCommerce Grocery insights from MikMaks“New Year New Me 2024-Europe”report:64 percent of consumers still prefer buying groceries offline,but todays consumers are focused on digital,impacting both eComme

34、rce and brick-and-mortar purchasesThroughout the UK and France,Grocery brands are landing a category benchmark Purchase Intent Rate*of 8.2 percentTesco is the top retailer for Grocery shoppers in the UK,and Intermarch in France,based on the share of Purchase Intent Clicks*.The percentage of shoppers

35、 who clicked through to at least one retailer*Purchase Intent Rate:The number of times a shopper has clicked through to at least one retailer during a single session*Purchase Intent Clicks:30%of German shoppers are checking prices and deals online while shopping in-store.Trends,Insights&Best Practic

36、es for Multichannel Brands 10In the United States,food inflation slid to 2.9 percent,year-on-year,in November 2023,according to Trading Economics.Thats a more than 3x drop from Augusts 11.4 percent peak food inflation.US Grocery Trends 11Despite falling from towering highs,many US shoppers are keepi

37、ng a close eye on prices.Profiteros Digitally Influenced Shopper study found that 34 percent of US shoppers will check prices and deals online when shopping in store,the highest share of all research markets covered in the report.A recent Dunnhumby report also found that:40 percent of consumers shop

38、 at multiple grocery stores to find the product with the best value52 percent of shoppers say its“extremely important”for brands to give them relevant couponsThat same report also suggests high US food prices have eaten into shoppers bank accounts with 36 percent saying theyve skipped or downsized m

39、eals because of their finances.US Shoppers Are Turning to Essential Grocery ItemsAccording to the MikMak Shopping Index,eCommerce YoY Grocery Purchase Intent Rates have ticked lower in recent years.They fell from 4.31 percent in 2021 to 2.7 percent in 2023.US Grocery TrendsTrends,Insights&Best Pract

40、ices for Multichannel Brands 12Even though high food prices have hit consumers,shoppers are still spending.They just appear to be buying more essential items.Here are some other key MikMak Shopping Index findings about Grocery consumers in the US:The average Grocery cart includes 12.4 items.Walmart

41、drives the most in-market traffic for Grocery brands among the top five retailers with 41.2 percent of Purchase Intent Clicks.Target and Amazon are second and third with 22.1 percent and 18.6 percent,respectively.Retailers are relying on hot Grocery sales to offset merchandise pullbacks:For retailer

42、s like Walmart,strong Grocery sales are offsetting slower merchandise sales.That may mean shoppers are cutting down on other purchases,such as technology,furniture,or technology.Grocery Conversion RatesIn Europe,Alcohol prices may be on the rise this year.According to Eurostat data,Alcohol prices ro

43、se 9.8 percent in the last year,while the overall consumer price index for countries on the euro sat at 5.3 percent.Europe Alcohol TrendsTrends,Insights&Best Practices for Multichannel Brands 133.Alcohol TrendsAs shoppers cut back on groceries,theyre dropping alcohol from their shopping lists.Accord

44、ing to a Just Drinks article,more than 50 percent of shoppers who report reducing their grocery shopping say they have cut alcohol spending.Still,not all shoppers are dropping alcohol altogether,and many may be opting for lower-priced alternatives(like sparkling wine instead of champagne).The earlie

45、r cited report found 33 percent of shoppers have started buying less expensive alcohol.SourceEuropean Union Monthly Inflation Rate:Alcoholic Beverages and TobaccoIn the UK,the best months for Alcohol eCommerce by Purchase Intent Rate in 2023 were February,January,and April.In France,January,March,an

46、d May have seen the best conversion rates for Alcohol.It seems that Alcohol brands in Europe should not slow or stop campaigning after the end-of-year festive season.Especially for occasion-based opportunities at the beginning of the year such as Valentines Day,St.Patricks Day,and the Six Nations ru

47、gby championship.A few more insights from MikMaks“New Year,New Me”-report here:Following Search(paid and organic),Social Media drives the second most in-market traffic with 20 percent of Purchase Intent Clicks in the UK and 37.9 percent in France.Facebook is the leading social media platform driving

48、 Alcohol eCommerce in Europe.In the UK,Amazon gets the leading share of in-market shopper traffic,with 28.4 percent of Purchase Intent Clicks,followed by Grocery giants Tesco at 15.7 percent,and Sainsburys at 9.4 percent.A Surge in Alcohol eCommerce Launched the New YearTop 5 Retailers for Alcohol B

49、rands by Share of Purchase Intent ClicksUKFRIn North America,prices for online alcoholic beverages were expected to climb by more than 5 percent in 2023,according to Statista.This inflation is predicted to roll back to 3.95 percent by 2025.US Alcohol TrendsInflation may be causing more US drinkers t

50、o pour their own beverages at home.According to The Spirits Business,26 percent of US shoppers are spending more on alcohol for at-home consumption than at bars.Those at-home drinkers may still opt for premium products despite higher prices.The earlier cited report found 45 percent of those same sho

51、ppers are more willing to buy premium alcohol products at home than at an outside venue.At-Home Drinking Is on the RiseMikMak found the average Alcohol cart includes 5.9 items.Whiskey is most often a top 10 product,along with vodka,rum,beer,and liqueur.Alcohol Shoppers Fill Their Carts With Nearly 6

52、 Items Per TripCarolyn Brown of AB InBev on innovation and inspiration in the beer&spirits industryListen NowEstimated year-over-year change of alcoholic beverages online prices in North America from 2019 to 2025In the US,Purchase Intent Rates for Alcohol were high at the beginning of 2023,similar t

53、o the European trends.From April onwards,they took a nosedive.We observed an upward trend towards the last quarter and the end-of-year holiday season,and we expect this to continue starting 2024.Alcohol Purchase Intent Rates Soar at the Beginning of the YearAccording to a McKinsey study,demand for p

54、roducts across the four main beauty categories;Fragrance,Makeup,Hair care,and Skin care,is expected to climb.Fragrance is projected to grow most,at a rate of 7 percent YoY through 2027.The next three leaders are all projected to grow at a rate of 6 percent each during that time frame.Main Beauty Cat

55、egories Are Expected to GrowTrends,Insights&Best Practices for Multichannel Brands 174.Beauty&Personal CareHigh inflation put a dent in Beauty and Personal Care sales.Even as inflation calms,its still impacting how shoppers buy and what they buy.Here are a few trends to watch for in 2024:According t

56、o Euromonitor,as economic pressure squeezes consumers,theyre cutting down spending on some popular pandemic products,such as supplements and vitamins.Many Hot Pandemic Products Are Turning ColdEuromonitor also notes that over-the-counter drugs remain popular,and sales are expected to remain steady a

57、s experts anticipate another rough cold and flu season.Health Products Are Performing WellTrends,Insights&Best Practices for Multichannel Brands 18In Europe,high economic pressure appears to be causing Beauty and Personal Care shoppers to reduce spending and shop more strategically.According to Cosm

58、etics Design,45 percent of French shoppers expect to cut down on Beauty product spending.Additionally,Cosmetic Labs found that 37 percent of French cosmetics shoppers say they dont purchase until they find a discount.Europe Beauty&Personal Care TrendsAccording to the MikMak Shopping Index,Beauty bas

59、ket sizes are shrinking while basket values are rising.That may mean European shoppers are shopping more strategically and pouncing on quality items they see as essential.Here are a few more important insights this guide found:Beauty has climbed the ranks to become the third most popular eCommerce c

60、ategory in Europe.Amazon is driving the most Personal Care Shopper traffic in five key markets.Of the top five online Personal Care retailers,Amazon draws in the most Purchase Intent Clicks,and is the category leader in Italy and France.The retailer also holds the No.1 spot for Beauty in France.Meta

61、 is dominating among Social eCommerce platforms.Meta has a higher Purchase Intent Rate than any other social eCommerce platform in Europe and leads across all five key markets.More Selective Shopping Due to Price HikesIn the US,consumers have been stung by high prices within the Beauty and Personal

62、Care market.In an interview with Glossy,Charlotte Palmerino,co-founder of skincare brand Dieux,says many brands hiked prices to stay ahead of rising inflation.As of 2023,the inflation for cosmetics stands at 3.82 percent according to the US Bureau of Labor Statistics.Trends,Insights&Best Practices f

63、or Multichannel Brands 19US Beauty&Personal Care TrendsAccording to Nielsen IQ,24 percent of shoppers say they plan to spend less on Beauty products.In comparison,29 percent say they expect to spend more.Inflation doesnt appear to have hit the Beauty industry as hard as others.Inflation within the B

64、eauty sector has increased by low single-digit figures,whereas categories like Food streaked to double-digit highs in recent years.This could provide opportunities for eCommerce brands to emphasize savings.MikMaks 2023 Beauty eCommerce Benchmarks and Insights report found that luxury spending is dec

65、lining as high costs pinch shoppers finances.But some major retailers,such as Amazon,are widening their Beauty product offerings.Here are a few more findings from the report:Amazon Is Leading Beauty RetailersAmazon is bringing in the most traffic among retailers,with a 32.1 percent share of Purchase

66、 Intent Clicks.Walmart is the runner-up with 25.2 percent.Ulta and Target are in the third and fourth spots,with 18.4 percent and 17.8 percent,respectively.CVS is in the fifth spot with 6.5 percent.Shoppers Are Buying Items in One TripAccording to the MikMak Shopping Index,the average Beauty shopper

67、s cart is filled with 6.3 items.Beauty and Personal Care Inflation Lags Behind Other CategoriesAt MikMak,weve seen eCommerce conversion rates trickle down slightly from 2021,although they were a fraction higher in 2023 compared to 2022.Toy Conversion Rates Ticked 0.5 Percent Higher Trends,Insights&B

68、est Practices for Multichannel Brands 205.ToysHigh inflation,supply chain issues,and economic concerns could all be contributing to the negative outlook for Toys in Europe.However,Euromonitor still expects Western Europes Toy industry to grow at a rate of 2 percent CARG through 2027.Europe Toy Trend

69、sIn the US,Toy sales fell 8 percent through September 2023,according to a Circana report.However,sales may be peeling back from lockdown highs and leveling off.Some Holiday sales data might also signal a turnaround in Toys,with the category being among the top-selling categories during 2023s record-

70、breaking Black Friday.US Toy TrendsConversion Rates for eCommerce ToysHere are a few other Toy trends,according to the MikMak Shopping Index:Single-Child Households Are Top BuyersIn 2023,US households with one child were most likely to buy toys online.Walmart Is the Top Retailer for Toy BrandsRight

71、now,Walmart is driving the most in-market Toy shopper traffic in the US,with 40.5 percent of Purchase Intent Clicks.Facebook Drives the Highest Purchase Intent RatesWith 51.1 percent Purchase Intent Rate(3x the category benchmark),Facebook is the leading social media platform for Toy eCommerce.Purch

72、ase Intent Rate by Social PlatformPurchase Intent for Toy Brands Peaks in the Holiday Season and in SpringWhen looking at the past year,as expected,the MikMak Shopping Index saw a peak in Purchase Intent on December 4th,leading up to the holiday season.However,the highest Purchase Intent Rates in th

73、e past year happened on May 9th,reaching 57.5 percent(3.4x the category benchmark).Late spring and summer showed consistent Purchase Intent Rates.Trends,Insights&Best Practices for Multichannel Brands 21Trends,Insights&Best Practices for Multichannel Brands 226.Pet CareThe war in Ukraine appears to

74、be upsetting pet food supply chains in parts of Europe.According to All Pet Food,Germany and France eCommerce Pet Care companies are seeing a drop in available SKUs.Germanys SKUs have plummeted by 39 percent and Frances have fallen by 35 percent.Europe Pet Care TrendsThis slowdown in availability ma

75、y be causing prices to leap.According to Petfood Nation,last year saw major price hikes for European Pet Care products,including the following price increases:Denmark:12 percentFinland:12 percentNetherlands:12 percentUK:13.3 percentThese are the top European Pet Care markets:GermanyFranceItalySpainU

76、nited KingdomSourceDespite high prices,demand for Pet Care products is expected to jump in the future.According to Future Market Insights,the European Pet Care market is anticipated to grow by$11.5 billion by 2033.Demand for Pet Care Products is ClimbingHigh pet food price inflation dropped to 8.7 p

77、ercent YoY in August,according to the US BLS.Thats almost a 2 percentage point fall from July highs.But those costs are still high.According to The Petfood Industry,Pet Care and Food inflation are running 3x higher than the consumer pricing index.US Pet Care TrendsAverage Basket Size5.4 itemsHere ar

78、e a few insights from MikMaks 2023 Pet Care Benchmarks and Insights:Cat Litter is the Most Popular Pet Care ProductCat Products and Amazon Lead the Way1.Cat Litter2.Chicken flavored cat food(13.5 lb bag)3.Chicken flavored cat food(3.15 lb bag)4.Enalapril maleate tablets for dogs5.Carprofen tablets f

79、or dogsTop 5 Products by Type(Based on Sales)Petco CMO Tariq Hassan on keeping up with changing consumer trends in eCommerceListen NowAmazon and Chewy Lead RetailersWhen it comes to share of Purchase Intent by top five Pet Care retailers,Amazon is the leader with 31.9 percent.Chewy is next with 24.9

80、 percent.Petco is in the third slot with 16.6 percent.Walmart is fourth at 15.5 percent,and PetSmart rounds out the top five with 11.1 percent.Share of Purchase Intent by Top 5 RetailersTrends,Insights&Best Practices for Multichannel Brands 23How to Drive Profitability and Reduce Costs with MikMakBe

81、cause of its impact on consumer behavior,inflation inevitably shapes brands advertising and marketing strategies.Consumer data and sales conversion analytics are more essential than ever before to optimize(and justify)budget allocation and spending.MikMak allows multichannel brands to create frictio

82、nless commerce experiences across all media and brand websites,accelerating sales both online and in stores.By using our technology,brands get to collect first-party data at all stages of the shopping journey and monitor and analyze customer conversion consistently.Heres how industry-leading brands

83、increase their digital marketing profitability with MikMak:Trends,Insights&Best Practices for Multichannel Brands 24To optimize profitability and digital marketing ROI,you need to be able to measure and look at your performances from every angle.Traditional Media Mix Modeling is time-consuming and n

84、ot able to provide enough granularity to identify the best performing marketing combinations to drive sales(products+platforms+creative+retailers,etc.).With MikMak you can:Leverage real-time transactional insights from your marketing initiatives to understand how audiences,channels,influencers,and r

85、etailers convert.See what else is in your consumers shopping carts.Check if your product positioning and pricing match to your audience and their current needs.How does your brand stack up against other brands in your category?Compare your performance over time to quickly understand changes,identify

86、 new conversion opportunities,and adapt your strategy.Due to inflation and an increased cost-of-living,consumers will spend more cautiously.In many categories,shoppers might not hesitate to switch to less expensive alternatives.Knowing when and where these decisions are happening will allow you to d

87、etect risks and opportunities to gain competitive advantage and increase your market share.Improve Marketing Effectiveness“At MikMak we believe that every day consumers are indicating to brands the perfect recipe of how to drive them to the point of sale,brands just havent been in the driver seat to

88、 collect,analyze and action that data.With MikMak they can,our data shows brands how to make every marketing dollar they spend work harder/smarter for them.”Rachel Tipograph,CEO&Founder,MikMakTrends,Insights&Best Practices for Multichannel Brands 25Data collected from these shopper interactions has

89、allowed Bioderma to optimize and refine its strategies to simultaneously increase volume and efficiency in its brand site and media spend.How Brands Improve their Marketing Effectiveness with MikMakBioderma incorporated MikMak Commerce on its websites and social media to provide a frictionless path

90、to purchase across 32 countries.+126%Increase in Purchase Intent Clicks from 2022 to 2023+109%Increase in Purchase Intent Rate from 2022 to 2023The VELCRO Brand launched a back-to-school campaign leveraging updated creative and optimized toward Add-to-Cart with conversion campaign objectives to incr

91、ease Purchase Intent and sales.2.2xIncrease in Purchase Intent Rate compared to the previous month5.61xIncrease in Total Attributable Sales after launching the BTS campaign with updated campaign objectiveRead Case StudyRead Case StudyConsumers have become reliant on retailer websites for confidence,

92、social validation,and certainty.For multichannel brands,optimizing their product content on retailer sites,and highlighting value propositions and benefits,is therefore key to stand out from the competition.During inflationary times,it is even more crucial,to avoid losing customers to alternative br

93、ands and private labels.Profiteros study found that checking reviews is the second most popular reason that shoppers consult retailer websites before and while shopping in-store.Here are some best practices to strategically leverage Consumer Reviews:Build a word cloud based on your product reviews t

94、o better understand review sentiment.Sentiment analysis can be used to inspire overall messaging and marketing programs and in advanced cases,used to reverse engineer desirable product attributes and features.Leverage review content when collaborating with NPD,R&D,and brand teams on product features

95、,innovations,or needed improvements.Top Tips from Profitero to Leverage Consumer ReviewsHow a vitamin&supplement brand used consumer reviews to detect issues with their new product launch,boosting sales by$55kRead Case StudyResultsWithin a month of the content updates,the products conversion rate in

96、creased 41%(from roughly 12%to 17%),which translates to about$55,000 in additional sales on Amazon.Now,with each new product launch,Profitero data is used as the source of truth to help identify and remedy any potential product issues sooner.41%increase in conversion rate$55kin additional sales for

97、this SKU on AmazonTrends,Insights&Best Practices for Multichannel Brands 27MikMak allows you to collect,measure,and analyze first-party data across all your digital channels in one place,with coherent and consistent Key Performance Indicator metrics.This means you can build your own shopper knowledg

98、e base and compare performances independently of any platform through which you are selling your brand products.To save money and reduce costs:Use first-party data to build and segment qualified shopper audiences within your ads managers/DSP to improve media targetingCreate distinct audiences based

99、on product interest,retailer preferences,and channel behaviorRetarget or build lookalike audiences to be leveraged across your entire media planLeverage MikMak Audiences over audience segments from third-party vendorsCollect First-Party DataDo you know how your digital marketing impacts offline sale

100、s at your retailers?MikMak partnered with Circana to create a first-of-its-kind report measuring the impact of digital marketing on offline sales lift.We can help you understand who is most likely to make in-store purchases after interacting with your online campaigns.The data on the incremental off

101、line sales generated thanks to your digital marketing activities will also help your joint planning sessions with your retailer partners,optimizing shelf space,and positioning online.Trends,Insights&Best Practices for Multichannel Brands 28How Brands Collect and Leverage First-Party Data with MikMak

102、COVERGIRL increased sales and gained valuable first-party data insights about their consumers by making viral influencer content shoppable on TikTok.5.4xHigher Purchase Intent Rate than the category benchmark on TikTok38%Higher Purchase Intent Rate than the next highest performing channel in the tim

103、e periodA leading Spirits Brand increased purchase intent using MikMak-powered audience segments in just one day.48%Increase in Purchase Intent Rate64%Of Purchase Intent from MikMak-powered AudiencesRead Case StudyRead Case StudyRetail media is a hot investment area right now,and 1 in 2 brands expec

104、t to increase their budget for retail media in 2024,according to Profiteros 2023 eCommerce Organizational Benchmark Study.But more spend doesnt guarantee growth,especially when competition is heating up.Brands that want to maximize the ROI of their retail media spend will need to differentiate thems

105、elves.With any retail media strategy,success starts with clear and relevant(i.e.retailer-specific)goals and KPIs.Here are some best practice tips to get started:Tip#1:Identify the shoppers youre aiming to target at each retailer,and set KPIs accordingly:On Amazon,you might be aiming to stand out fro

106、m a crowded sea of advertisers to drive brand awareness and inspire shoppers.In that case,you might choose to assess performance on new brand buyers.At an omnichannel retailer,the goal might be incremental sales.However brands choose to set their KPIs,its important to consider the types of touchpoin

107、ts your buyers will encounter during their shopping journey.To do this,you need to consistently measure shopper behavior,and its evolution,on all your digital touchpoints,not just on retailer-specific platforms.Tip#2:Make sure your product listings can capitalize on the media spend:Any media-driven

108、sales growth will magnify existing bottlenecks or pain points in your operations,so its important to think about what support tools,such as Profitero Autopilot,your product lineup needs behind the scenes for your media strategy to pay off.Tip#3:Experiment with AI:AI solutions can help streamline wor

109、kflows,generate content,and extract insights from large datasets.According to Profiteros 2022 Benchmark Study,52%of brands are experimenting with AI for digital shelf workflows,however,only 4%have adopted AI-driven processes that accelerate their eCommerce performance.The Ask Profitero generative AI

110、 solution allows users to quickly extract insights from Profiteros digital shelf data as well as create and push new content to product detail pages.Top Tips from Profitero to Optimize Retail Media InvestmentsTrends,Insights&Best Practices for Multichannel Brands 30At MikMak,we believe the future su

111、ccess of brands lies in“Commerce Intelligence,”a strategic combination of media,commerce,psychographic,and demographic data that will pave the way for their continued growth and relevance.MikMak offers one easy-to-use global platform that automatically enables consistent reporting and fast decision-

112、making across the entire organization.With the MikMak Platform,brands can also leverage direct integrations with third-party Product Information Management(PIM)platforms including Salsify and Syndigo;as well as Data Visualization Platforms and Data Lakes like Salesforce and Google Data Studio.Centra

113、lizing digital marketing KPI management and monitoring in one place helps leading brands internal teams and agencies save a ton of time and money.If you couple your performance analysis on MikMak with best practices we provide,your team will be sure to gain market share and drive profitability time

114、and time again.Save Time and Money with“Commerce Intelligence”During times of economic turbulence,brands need to advertise in order to retain customers and maintain a competitive edge.But in the current climate,consumer spending patterns can turn on a dime.The good news is that,with MikMak,multichan

115、nel brands can easily collect and access real-time shopper conversion data on their consumers in a consistent way across their media and retailer mix.The time has come to replace historical media mixed models,expensive brand lift studies,and time-consuming focus groups with actionable real-time eCom

116、merce signals.Couple this invaluable information with an agile test-and-learn mindset across your organization,and youll be sure to succeed for years to come.Use Granular Data to Power Your eCommerce Brand“When things get tough,this is where the brand really steps into its own and instead of cutting

117、 investment,in many cases we need to lean in.Its really important to be very clear on what the brand is,what it stands for,and get out there and talk about that.”-Heather Malenshek,Land OLakesRecommended ReadingRead NowNew Year,New Me,Analyzing consumer-focused shopping trends for a successful 2024R

118、ead NowYouTube Benchmarks and Insights for Multichannel eCommerce BrandsRead NowState of Social Commerce Report:2024Read NowThe Digitally Influenced ShopperRead NowThe eCommerce Organizational Benchmark Study 2023Trends,Insights&Best Practices for Multichannel Brands 31Want to learn more?Were here to help.To speak with our teams:Schedule a call with MikMakSchedule a call with ProfiteroCopyright MikMak.All rights reserved.