This episode reveals how brands can leverage marketplaces and augmented reality to meet evolving customer expectations. It highlights the strategic shift towards brands hosting third-party sellers and the increasing integration of AR for enhanced product visualization, offering a roadmap for future-proofing ecommerce operations amidst a changing retail landscape.
Key takeaways
Brands should explore integrating a marketplace component into their e-commerce strategy by 2025 to meet consumer demand for broader product assortments and deeper engagement with beloved brands, similar to L'Oreal's portfolio strategy or Diptyque's category expansion.
Retailers need to invest heavily and strategically in marketplace implementation, considering technology, staffing, operations, and partnerships, rather than a casual approach, to avoid significant spending without desired results.
Prioritize in-store pickup options and robust BOPIS (Buy Online, Pick Up In Store) strategies for Holiday 2020 and beyond to mitigate 'Shipageddon' risks and poor delivery experiences, which can drive customers away from online shopping.
Investigating AR technologies like SeekXR, 3XR, and Threekit for product visualization is crucial, especially for categories that benefit from 3D modeling, as AR is gaining significant traction and is on the roadmap for many forward-thinking brands for 2021.
Acknowledge that implementing AR content requires specialized expertise in 3D modeling, which is a significant hurdle and investment compared to traditional content creation, lending itself to specific product categories more than others.
Recognize the consumer shift towards valuing convenience in local pickup, a trend exemplified by Nordstrom dedicating retail space to in-store fulfillment, highlighting a pivot in omnichannel strategy.
Three years ago, Sucharita Kodali called it in episode 41. Marketplaces are on the rise. 10% of Americans are subscribed Walmart+. We talk marketplaces, the K shaped recovery, and more.
What does this episode say about retail & omnichannel?
Brands should explore integrating a marketplace component into their e-commerce strategy by 2025 to meet consumer demand for broader product assortments and deeper engagement with beloved brands, similar to L'Oreal's portfolio strategy or Diptyque's category expansion.
What does this episode say about dtc strategy?
Retailers need to invest heavily and strategically in marketplace implementation, considering technology, staffing, operations, and partnerships, rather than a casual approach, to avoid significant spending without desired results.
What does this episode say about product & merchandising?
Prioritize in-store pickup options and robust BOPIS (Buy Online, Pick Up In Store) strategies for Holiday 2020 and beyond to mitigate 'Shipageddon' risks and poor delivery experiences, which can drive customers away from online shopping.
What does this episode say about ai & automation?
Investigating AR technologies like SeekXR, 3XR, and Threekit for product visualization is crucial, especially for categories that benefit from 3D modeling, as AR is gaining significant traction and is on the roadmap for many forward-thinking brands for 2021.
What does this episode say about retail & omnichannel?
Acknowledge that implementing AR content requires specialized expertise in 3D modeling, which is a significant hurdle and investment compared to traditional content creation, lending itself to specific product categories more than others.
