In a recent Chinese study, Bain&Co asked a large number of Executives the following question:
“What long-term virus effects are you most concerned about?”
This is how they answered:
- 44% believed in a shift in industry trends due to a changed consumer behavior
- 32% believed in a long-term decreased consumer demand
- 24% believed that the epidemic will have a limited long-term effect
I.e., the biggest concern for Executives is a shift in industry trends!
A likely consequence of Corona is that the ongoing digitization process will increase in all areas, including retail. Specifically for retail, access to data about consumer behavior and how customers perceive products in e-tail, can be leveraged to increase the efficiency and impact of digital marketing campaigns.
Still, the big challenge for the Brands is gaining access to relevant data from their major retail partners (which still correspond for ~80% of total sales) and understand when and why consumers choose to make a purchase.
Smart-retargeting for Brands offers the possibility for Brands to educate and influence customers in the buying-window at major e-tailers. This also gives brands access to business-critical data and valuable insights of customer trends and behavior.
How do you make sure to proactively get access to and understand your customers’ behavior so you can leverage this data to increase your sales online?