ecommerce
Privacy Safe Approach to Ecommerce Audience Quality Measurement
Souptik Datta – Sr. Director, Managing Partner, Data Science & Advanced Analytics, GroupM Business Sciences
Zulema Doiny-Cabre – Analyst, Data Science, GroupM Business Sciences
Key Takeaways
- An audience performance analysis based on online pet-food purchase behavior on Amazon Marketing Cloud pinpointed strategies for more efficient ad spending, additional lifestyle/product-based audiences, and determined the optimal frequency cap.
- A data-driven approach to develop target audience hypothesis and frequency cap policy resulted in more efficient campaigns.
- Data clean rooms revealed hidden opportunities. Audience profile data can be tied to media-exposure and online purchase behavior in a privacy-safe manner.
NYCU: 3 Things to Know About the Metaverse
eMarketer offers a quick primer on the latest buzz word. The “new” world: The metaverse has the potential to disrupt everything from business travel and the future of work to gaming, health and fitness, entertainment, marketing and education. Some companies see the metaverse as the evolution of the internet or smartphones, but instead of interacting with keyboards or touchscreens, users are immersed in interactive environments, making them captive and active participants in cyberspace. What the metaverse means for retail today, and what's in store for tomorrow: Though the metaverse remains a fuzzy concept, a growing number of brands and retailers are jumping on the bandwagon. While the promise of the metaverse for retail holds great appeal (shopping experiences integrated seamlessly throughout immersive digital worlds), the development of the technology to support it is still in the very early stages. Insider Intelligence Editors recently took a look at the factors driving the surge of interest, key opportunities and challenges for brands and retailers presented by the metaverse, and what actions can be taken now to prepare. At National Retail Federation’s Big Show, all eyes were on the metaverse. Retailers are getting excited about the metaverse, seeing it as an opportunity to deepen customer relationships. Emma Chiu, Global Director at Wunderman Thompson Intelligence, held a session discussing why the metaverse shows so much potential: 85% of consumers feel that for brands to be successful in the future, digital presences will be “essential.”
- The takeaway: Despite not quite existing yet, the metaverse may already be too big to fail.
NYCU: How Marketing Has Changed
Philip Kotler (age 90) is known for popularizing the term “Marketing Mix” in his groundbreaking textbook 55 years ago. Sixteen editions later, he and coauthor Alexander Chernev discussed how big data, social media and purpose-driven branding are moving the field forward with Kellogg Insight. INSIGHT: How is the new thinking in the field of marketing being reflected in the latest edition of Marketing Management? What has changed and what has stayed consistent over time? KOTLER: Marketing Management, which was published in 1967, was the first text to use an analytical approach to marketing and include findings of scholarly studies. The book synthesized ideas from economics, behavioral science, organization science and mathematics to offer breadth, depth and rigor in addressing marketing issues. One of the key underlying ideas advanced in the very first edition of the book was that company actions must be driven by customers and their needs. This core principle of customer-centricity has remained the central idea across all editions of the book. The rise of big data, social media, and sophisticated e-commerce has not changed the fact that a key purpose of any company is to create value for its customers. CHERNEV: Value creation is at the core of our approach to the new edition. Marketing is all about understanding, designing, communicating and delivering value. This is the foundation of marketing strategy and has not changed with time. What has changed are the tools that companies use to create value. Data analytics, automation and artificial intelligence are very powerful tools in managing value, but they are just tools. Without a sound strategy guiding their use, they can become a distraction from a company’s core mission. INSIGHT: Glad you brought that up. It is now central to a lot of organizations’ marketing strategies that brands should not just be profitable but have a purpose. How has this idea evolved over the years? KOTLER: Take what Unilever has done with Dove soap. It’s now not just a way to clean your skin but to be reminded that all women are beautiful. When it really works, a brand is taking a higher view of the buyer and trying to deliver a promise that will help the buyer advance in some way. Source: Kotler, P. & Chernev, A. . (2022, January 21). How Has Marketing Changed over the Past Half-Century? Marketing, KelloggInsight.
Member Only Access
- Audience & Media Measurement
- Article
The Price of Privacy May Depend on the Method of Payment
Is offering “free” goods, such as useful search results or access to content, in exchange for personal data a good deal for the consumer? We have norms for the monetary value of labor, but when it comes to the value of private, digital data, the value is less clear. In this study, researchers wanted to assess consumer expectations for compensation in exchange for personal data. Would they equate monetary compensation at the same value as bartered “goods”?
Member Only AccessOnline Retailers Are Experimenting With Brick-and-Mortar Stores
Some ecommerce retailers are investing in the establishment of brick-and-mortar stores. They are executing this strategy in order to differentiate themselves, to establish better brand-customer relationships, and to provide face-to-face interactions according to Susan Warren in her article for MarketingSherpa. This article discusses an interview with Debbie Hauss, Editor-in-Chief, Retail Touchpoints, on the establishment of physical stores by online retailers. While undertaking this strategy can be expensive and require much time and planning, establishing an omni-channel plan enables the ecommerce retailer the opportunity to achieve a competitive advantage. Hauss suggests the following steps to online retailers interested in establishing brick-and-mortar stores: -Experiment with new locations via mobile stores. -Open pop-up and showroom stores. -Utilize customer data to create an effective brick-and-mortar location. This strategy enables ecommerce retailers to provide optimal shopper experiences across multiple shopping channels. See all 5 Cups articles. For more on this topic, check out the Marketing Tab in Morning Coffee.