This week, we held our latest webinar in collaboration with Fresh Relevance. With our second national lockdown, this webinar reflected on the need for cost reduction and operational efficiencies.
Here’s our round-up of the key messages, but if you missed the webinar or would like to listen again, click here to watch.
“Budgets have to work harder”
Eddy Swindell, CRO and co-founder of Fresh Relevance, began his talk with insight into lockdown spending. Explaining how Fresh Relevance can help to break down silos and do more with less, Eddy shared these stats which reflected where many businesses have found themselves over lockdown:
- 90% delayed or reviewed their budget commitments
- 85% paused new hires
- 81% suspended tech or infrastructure spend
(Source: Marketing Week/Econsultancy survey, 6 April 2020)
He said: “This (lockdown) has a massive impact on teams within the business. Teams are smaller, companies have to do more with less, budgets have to work harder. What we find, when we speak to new people, is that they say they’re so busy doing their day job… To make a significant change, sometimes things do have to stop.”
Eddy explained that lockdown gave businesses a chance to pause and to refresh their systems and practises, making the most of the downtime to achieve goals that perhaps previously there wasn’t time or resource for.
He said: “Now, amid the chaos, there’s an opportunity to do what we’ve always wanted to do but maybe not got round to it.”
“For businesses to thrive, they need more digital exposure”
Lisa Bowden, Head of Business Development – Solutions at Retail Assist spoke about how product experience is driving ROI (return on investment).
She said: “Getting your products across a global marketplace is incredibly important. It’s even more important to get the right product to the right customer, in the right context.
“For businesses to thrive, they need more digital exposure – they need to be able to place those products into multiple marketplaces, or channels. Even our parents are more savvy at purchasing things online. We’ve all become used to finding the best deal, at the best price, with the quickest delivery. However, pushing the same content out to the same marketplaces simply doesn’t work: the content has to be tailored to the specific channels.
“By using the relevant language, expressions and digital attributes, you create a veneer around the product that helps to engage different audiences in different demographics.”
When thinking about product information best practice, she said: “If you think about what sparks your interest online, you might see (the same product) across different channels, but what clicks with you? Maybe it’s the images, the description or even the sizing information. If you get that right, you get brand loyalty; the translation of that key information helps to present the product in so many different ways and that helps to spark interest in the consumer.”
Lisa shared these two examples of the same product – a pair of Calvin Klein leggings – on different selling channels. Looking at the first selling channel, Lisa said: “Looking here, there’s no incentive to buy – there’s no experience. There’s no product information included that you couldn’t get yourself from the photo.”
Moving onto the second example, she said: “The imagery is great, there’s video content, loads more description and more engaging copy that will spark interest with the demographic.”
With customers getting savvier, there’s more and more competition to beat the market with outstanding product information. Click here for more information on how PIM can bring your products to life.
These are just a few of the insights shared. Missed the webinar or want to listen again? Here’s the minute-accurate agenda so that you can select the relevant part. Click here to listen.
Post lockdown retail: The need for cost reduction and operational efficiencies
- Start – 2 mins 20 seconds: Introductions
- 2.21 – 28.00: Increasing efficiency in eCommerce: How to break down silos and do more with less – Eddy Swindell, CRO and co-founder, Fresh Relevance
- 28.01 – 50.30: Why product experience is driving ROI – Lisa Bowden, Head of Business Development – Solutions, Retail Assist
- 50.31 – 1 hour: Live Q+A