Over the next couple of years, brands across industries will significantly increase investment into their digital strategies to stay ahead of customer demand. Due to this increase in digital competition, if we don’t keep our eye on the ball we can go from market leader to nobody in a very short space of time. Here at Lab we believe there are 6 crucial elements to making sure your brand stands head and shoulders above the rest, and the foundations of this are:
Digital leadership and culture - leaders need to leverage technology, fail fast, innovate and drive organisational change in an ambiguous context, and encourage their teams to truly adopt a test and learn mindset.
Brand - understanding who you are, what your purpose is and what you can offer that makes you unique is critical today. If you’re competing on price alone you will eventually lose. Consumers want to buy into something that’s greater than just a product or service.
Aligning digital objectives to business objectives - in a complex world with lots of options, picking the right ones is key. It’s all about getting to the next level of the game.
Value driven decisions and customer experience - ensuring that decisions are made around what will drive value to your target market is essential. This sometimes means investing in initiatives that don’t result in an immediate return. Raising the bar of customer experience in pursuit of perfection is a never-ending journey in which another step is taken every single day.
Understanding people and technology - along with creativity, these are the two things that will determine success in tomorrow's world more than anything else. This is about understanding your consumers' motives, emotional drivers and WHY they do what they do alongside technology.
Seeing the future - being able to understand new trends and how they will affect your market is one thing, knowing when to use them is another. In amongst all the hype, picking the right technology to drive a better experience for your consumers will result in you staying ahead of the competition.
We are in a world where it’s never been easier to reach consumers. Gone are the days of one message for everyone. We now have technology and channels at our disposal that give us the ability to personalise, and target groups of consumers with messaging that’s more likely to work for them.
We wanted to focus more on a few trends that we believe, if used in the right way, will deliver value. To find out more about these ecommerce trends, download our whitepaper below.