How To Compete in a Crowded E-Commerce Ecosystem
-
Jiri Boudal
- 29. April 2024
Have you felt the pulse of the e-commerce revolution lately?
The e-commerce market is among the fastest-growing in Europe. It is estimated at USD 647.34 billion in 2024 and is expected to reach USD 951.16 billion by 2029.
The interest in purchasing products online has particularly gained popularity in Eastern European States. In 2023 the share of internet users shopping online reached 86% in Slovakia, 84% in Czechia, and 78% in Estonia.
New players like Mondi, Zalando, and Notino have entered the e-commerce ecosystem, adding to the dynamic landscape.
Undoubtedly, you’re facing stiff competition in this thriving e-commerce ecosystem. That’s why now, more than ever, it’s crucial for you to invest wisely and effectively while standing out in the cluttered market.
So, what exactly is brand tracking?
In the midst of this dynamic growth, it’s essential to take a moment to analyze the strategies employed by key players such as Notino, Rossman, and other big e-commerce players.
Notino recently launched an engaging campaign during the holiday season, encouraging everyone to “Give yourself peace of mind.“
- What if this message failed to resonate with its target audience?
- How did Notino ascertain whether its messaging effectively persuaded consumers to make purchases through the app?
Consider Rossman’s family-oriented advertising approach.
- What if this approach didn’t resonate with their target demographic, who may prefer a more individualistic approach to drugstore shopping?
- How does Rossman determine if their advertising efforts are truly connecting with their customers?
The reality is, that without a thorough understanding of consumer perception, the advertising investment risk can be quite ineffective.
This is where brand tracking comes into play, providing valuable insights to ensure these investments yield the desired outcomes.
Major e-commerce players utilize brand tracking to validate the effectiveness of their communication and ensure that their brands consistently deliver on the desired objectives.
Brand tracking is your secret weapon in the ever-evolving world of marketing. It involves continuously monitoring and analyzing various metrics to gauge how consumers perceive your brand over time.
From the effectiveness of your campaigns to your competitive standing in the market, brand tracking offers a comprehensive view of your brand’s journey. In essence, it’s your ticket to monitoring brand growth and showcasing the return on your marketing investments.
Now, let’s dive into the metrics that matter most:
Brand salience
Brand salience in e-commerce refers to how easily consumers remember or associate a brand with a specific product category.
- For instance, Amazon and eBay are prime examples, being top-of-mind for online retail.
- In fashion e-commerce, ASOS and Zara have high brand salience due to their trendy offerings.
- Notino is known as the number one e-commerce site for gifting during festive seasons.
Essentially, brand salience influences consumer behavior and market dynamics by shaping consideration, loyalty, and purchase intent.
Brand awareness
Brand awareness refers to the degree to which consumers recognize and recall a particular brand.
In the realm of e-commerce, brand awareness can often mean the difference between a shopper choosing your platform over competitors.
- Take Amazon, for example. With its ubiquitous presence and extensive marketing efforts, Amazon has achieved unparalleled brand awareness. When consumers think of online shopping, Amazon is often the first name that comes to mind.
- Similarly, eBay has established itself as a household name in the online auction space, with millions of users worldwide recognizing the platform for its diverse range of products and easy-to-use interface.
Brand emotion
Brand emotion captures the feelings and experiences evoked by a brand.
In e-commerce, brands can create emotional connections with customers through personalized shopping experiences and memorable interactions.
- Consider the subscription-based fashion retailer Stitch Fix. By providing curated clothing selections tailored to individual preferences, Stitch Fix taps into the excitement and anticipation of receiving a personalized box of fashion items.
- Similarly, Warby Parker, known for its affordable and stylish eyewear, cultivates a sense of confidence and self-expression among its customers, fostering a positive emotional bond with the brand.
Brand associations
Brand associations are the mental connections and perceptions that consumers associate with a particular brand.
These associations can be based on product features, values, or even lifestyle attributes.
In e-commerce, brands often leverage associations to differentiate themselves and carve out a unique position in the market.
- Take the luxury fashion retailer Net-a-Porter, for instance. The brand is synonymous with exclusivity, offering high-end designer clothing and accessories that cater to an affluent clientele. As a result, Net-a-Porter has cultivated a strong association with luxury and sophistication in the minds of consumers.
- Similarly, the outdoor recreation retailer REI is known for its commitment to sustainability and environmental stewardship, appealing to eco-conscious shoppers who value ethical practices in their purchasing decisions.
Bottom line
Brand tracking, when done right, has a direct link with your sales numbers.
It does this by giving you insights into how consumers behave, what they prefer, and how they perceive your brand.
By keeping a close eye on key metrics like brand awareness, consumer sentiment, and brand associations, you gain a better understanding of your target audience, you build stronger connections, foster brand loyalty, and ultimately drive sales growth.
Now, here’s where Behavio swoops in to make your life easier.
Our brand tracking platform is designed to save you time and money while delivering actionable insights for your brand strategies.
Here is what we offer to you:
E-commerce Excellence: Dive into streamlined insights tailored for e-commerce success! No more drowning in a sea of presentation slides – Behavio delivers actionable data straight to your dashboard. Say goodbye to complexity and hello to clear, concise insights that propel your online business forward.
Swift Onboarding: Spend a mere 30 minutes on initial onboarding with Behavio. We know you’re busy building your online empire, which is why we’ve streamlined our onboarding process. Say goodbye to technical headaches and hello to a hassle-free setup that gets you up and running in no time.
Budget-Friendly Tracking: Track brilliant metrics without breaking the bank. With Behavio’s cost-effective brand tracking solutions, you can optimize your e-commerce performance without draining your resources. Just imagine: for the price of your monthly coffee bill, you can supercharge your brand’s success and stay ahead of the competition.
