In today's e-commerce world, it's straightforward to miss the vision of the big picture. You have to stay focused on your products and customers so that you forget other important factors that play an essential role, and these factors affect your brand in many ways!
Among the most acceptable ways to ensure your brand protection comes through analytics, as analytics help you gather and analyze data of your e-commerce business and make well-informed decisions about how to progress.
E-commerce analytics helps you understand what your consumers want and how to protect your brands online. In addition, it shows how the accomplishment of your e-commerce brand relies on this characteristic. With the development of the e-commerce space, you need to improve your brand protection approach. An analytics team must monitor some critical areas for building a marketing strategy that provides consistent results.
You can protect your brand by building these four main e-commerce data pillars:
Make sure that your brand message is constant across various channels. If there are differences in brand voice and tone, the memory value is not very high, resulting in weak trust factors. An unfinished product description page harmfully affects your brand image. Customers can make a well-informed decision whenever you clearly explain your USP, the pricing after the discount, and the characteristics. Even a video demonstration for any technical product might substantially impact customers' buying decisions. Also, using required keywords and word counts may boost the SEO rankings.
Content consistency comprises consistency in brand designs also. And as given earlier, this will increase your recall value. The elements here can be made of a brand logo, tagline, color palette, etc. You may get a style guide, which different teams could follow.
Analytics can follow the given attributes to make sure that quality content is accessible to customers:
Among the essential things which impact shopping behavior is price. Buyers compare products' prices before making any decisions. So, having a reasonable price strategy is necessary. With the increase in pricing comparison from sites like Yahoo Shopping and Google Shopping, it's easy to track pricing. This type of price misdeed is something clients are taking benefit of.
They assess a product using the value on offer, and their insights can affect your sales directly. When products are of lower prices, they change the buyers' behavior. It asks quality questions and brings the product value down. You may lose customers or retailers in this situation. Customers will lose trust in your brand without a proper price strategy.
The analytics team will track the prices and ensure no MAP violations are there. The data needed to monitor also includes:
Product bundle price for the pricing strategy where agreeing products or services is sold at discounted prices
Apart from ensuring that MAP gets followed, it is also domineering to do price monitoring and competitor products. In addition, you have to track location-based prices and promotional price methods.
Your brand must always know about its competitors. The analytics team may offer insights about how well a brand gets compared with others because it can affect the brand image. For instance, think that you are a premium brand, and there is a brand selling comparable products at lower prices; it may cost customers revenue. In addition, it decreases the worth of products. A brand with a monopoly serving buyers and sellers must continuously monitor competitors.
Knowing brand positioning is very important because it clarifies who you serve. Also, it assists buyers in understanding what sets the brand apart. Furthermore, it can help you defend your price strategy. And in case you wish to protect your brand image, it gets associated with how it's placed. So, the analytics team has to go beyond tracking a product page.
Different vital areas to follow:
One place that requires monitoring is the increase in fake or counterfeit products. Fake identification is essential for protecting the brand image. Per the reports of organizations like Interpol, FBI, International Chamber of Commerce, and World Customs Organization, counterfeit products frame 7-8% of worldwide commerce annually. And with the increase of e-commerce and new businesses getting involved, this condition will likely deteriorate.
One section is there in the market that you must track to ensure grey goods and brand protection. They get traded using channels where an owner hasn't a product. Monitoring the position helps you find the key problem area in the supply chain.
Usually, counterfeits get more shares in a marketplace by selling goods at a lower price, and they kill designer brands. From fakes to grey goods, these negatively influence revenue, sales, and the image of an original brand.
To counteract this and ensure your brand doesn't lose customers, this analytics team requires tracking exposed activities on the e-commerce websites. One way of monitoring fake products is by getting product images and using technologies to check design differences. You may also track by reading product description pages. In case there are differences, they might be gray or counterfeit goods.
Even though prices are an excellent way of tracking them, usually, fakes price goods at lower rates. Another way of choosing counterfeits is looking at phrases or keywords like businesses might hope to get buyers that searched for any particular product.
Data plays an essential role in defending your brand presence online. And given the most points, insights are critical to any brand's success. Whenever you depend heavily on data to assist you in making better decisions, you have to select a dependable data partner.
That is where Actowiz Solutions plays a role: your solution for all your data requirements. With our professionals at work providing you with the most applicable data, you can concentrate on different areas and increase the general brand efficiency. With only one click, get an edge in the market. For more information, contact us today!
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