The biggest Danish eCommerce event of the year was packed with inspiring presentations and great networking. Here are 3 essential take-aways.
On a rainy Thursday in October, more than 850 eCommerce aficionados came together in Copenhagen to discuss current trends and challenges in eCommerce.
Here are 3 lessons from the expo that you should take back to your online business.
1. Speak with your customers. Not to them.
We recently published an analysis showing that online businesses can increase their sales with more than 10% by providing a more personalised shopping experience.
And the importance of personalisation was also a main theme at the expo. In the opening address, Ken Hughes of Glacier Consulting, stressed the importance of learning the digital DNA of your customers.
If you fail to follow online trends of your customers and address them individually as peers, those customers will turn the back on your business.
Personalising your customers' shopping experience is therefore not only an important key to boosting your online business today, but also a necessity for staying competitive in the long run.
But giving your customers a personalised shopping experience is like designing a smartphone with a HD camera installed - most consumers have come to expect that.
Giving your customers what they don't expect - as Søren Sieg Jensen of Cykelpartner pointed out - can take your business a step further and help improve your customer loyalty and competitiveness.
This dash of unexpected service could be:
- Next day delivery
- A surprise gift in the order
- Amazing service across your online and offline business platforms.
2. Omnichannel is the new black
There's really no way to avoid it. Omnichannel is the talk of the town these days. And there is a reason for that.
Because the next frontier in eCommerce is to provide customers with a seamless shopping experience across every imaginable touch point of your business.
And there is still a loooong road ahead for most eCommerce businesses when it comes to having a perfected omnichannel strategy in place.
That is evident from the results of a benchmark analysis of 132 businesses presented by Rasmus Houlind of Omnichannel Institute:
- 47% of the businesses have little or no implementation of data across channels
- Just 16% of the businesses use data to predict potential for upselling customers
- 48% of the businesses don't use data from different channels to improve customer communication
But in order to take eCommerce to the next level, these numbers must improve.
By getting better at implementing customer data on all platforms, eCommerce businesses can simply deliver a more complete shopping experience across offline and online channels.
For example: customers should have no problem entering a physical store and (via tablet or smartphone) ordering a product from the online stock.
Equally, it should be easy for customers to buy a product online and pick it up in the local store around the corner.
3. Innovate. And do it smartly!
Lastly, your business can get ahead by looking inwards - both in terms of how you drive innovation and what people you find to do it.
Rasmus Ankersen, author and speaker of performance development, addressed how to take a more analytical approach to successfully develop a business.
By focusing on the underlying statistics and tendencies, you can fight off complacency, coincidence and bad decisions.
So, before staring yourself blind on the apparent great results of a specific strategy or the impressive merits of a potential candidate, you must remember to look at the entire picture
Will the success of the strategy last or was it a isolated coincidence? Is there an alternative candidate, who created almost equally impressive results under more difficult circumstances?
In other words, the best results are not always those shouting you in the face...
...And to successfully separate the short-term glimmer from the long term potential, your online business must avoid these four pitfalls:
1. We assume that good results always come from good decisions
2. We get obsessed protecting what worked yesterday
3. We think inside and out (focus on your customers firstly)
4. We don't improve until we have our backs against the wall
These were our 3 key take-aways from this year's FDIH eCommerce Expo.
They are extremely important to have in mind in a time when consumers get increasingly used to receiving a level of service that demands still more from your online business and the shopping experience you provide.