Entrepreneurship

What Is Marketing Attribution: A Beginner’s Guide

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Marketing attribution is a data analysis process that looks at how different marketing and commercial strategies are translating into conversions. It involves gathering data from customers’ interactions across all used channels, including websites, emails, ads, and physical stores. Through this data analysis, businesses can discover which strategies are most successful in creating results for their company. This knowledge can then be used to optimize marketing efforts for greater return on investment (ROI). In this article, we’ll explore what marketing attribution is in more details, why companies should use it, which models there are, and which challenges you should be aware of.

What Is Marketing Attribution?

In today’s highly competitive digital environment, understanding exactly where marketing investments are paying off is essential for success. Knowing which campaigns or tactics are working best provides the necessary insights to make the most of a business’s spending and ensure that money is being allocated in the smartest and most efficient way possible. That’s where marketing attribution comes in – it helps companies accurately measure their investments and drive more leads as a result.

The traditional approach to measuring conversion optimization was last-click attribution, meaning that whatever channel or tactic was used right before a purchase would get credit for it. But this method ignores any valuable context that could have contributed to the conversion taking place in other channels further back in the funnel. With marketing attribution, companies are able to accurately track customer journeys across different touchpoints and understand what combination of strategies generate the highest ROI.

There are several different types of marketing attribution models that businesses commonly use today. These include single-touch (also known as first-touch), multi-touch (also called linear), time decay (sometimes referred to as U-shaped) and custom model (which combines aspects from multiple methods). Selecting the right model largely depends on factors such as budget size and business goals — some organizations may benefit more from using one type of model over another.

For example, multi-touch attribution gives weight to all touchpoints throughout the customer journey leading up to a sale — so if someone views an ad but then visits your website later before making a purchase, both touch points will get credit for that sale instead of just one or the other like with first-touch or single-touch models respectively. On the other hand, time decay models give less weight to initial interactions while giving more credence to those nearer when it comes time for conversion – so if someone viewed an ad two months prior but still made a purchase last week —the two month old view would still get its share of credit thanks to time decay modeling’s decay curve algorithm.

Regardless of which approach you take with your company’s marketing measurement plan – total visibility into customer journeys is essential for effectively tracking ROI and optimizing spending accordingly — thus making Marketing Attribution an invaluable tool when planning out campaigns or setting budgets alongside other metrics such as CTRs or CPCs (Cost per Click). As customers become increasingly mobile and multi-channel experiences continue to evolve – having actionable insights directly available will become critical in order stay ahead of competitors while continuing growth trajectory into new markets through effective strategy execution backed by accurate analytics.

Why Should Companies Implement Attribution Tools

Marketing attribution is an essential tool for companies looking to understand the effectiveness of their campaigns, strategies, and touchpoints. By gathering data on customers’ interactions across various channels, businesses can gain valuable insight into which strategies are providing the best return on investments (ROI) and how different tactics are influencing conversions. This allows them to optimize their spending for maximum efficiency and make sure that every dollar is being put to its best use.

Marketing attribution models provide organizations with an invaluable way to view performance information from all angles and better understand what tactics were used throughout each individual customers’ journey leading up to a conversion or sale. As mentioned above, there are several marketing attribution models that can be used, and all of them will be outlined in detail in the next section. But at the end of the day, whether a company uses attribution tools or not, having access to accurate insights into how certain strategies or campaigns contribute directly or indirectly towards sales or conversions is critical for companies looking stay ahead of their competitors in today’s constantly changing digital landscape. Thanks to marketing attribution tools — businesses can rest assured that they’re making informed decisions based on reliable data when it comes spending money or launching new initiatives — this allows them maximize every dollar spent and track ROI movements quickly & effectively resulting in greater success long term.

What Are The Most Used Marketing Attribution Models?

When it comes to analyzing marketing performance, attribution models are a critical tool for providing businesses with valuable insight into customer journeys and ROI. There are several different types of attribution models commonly used today, each with its own set of strengths and weaknesses.

Single-Touch (Also Known As First-touch) Attribution

This model gives 100% credit for conversions to the initiating touchpoint – meaning only the channel or tactic used in the initial part of a journey prior to a purchase would get credit for it. This type of model is best suited for companies that have short sales cycles, or rely heavily on a few sources such as paid search or email campaigns as it simplifies the process by focusing only on the first point prior to conversion.

Last Touch Attribution

Unlike first-touch attribution, a last-touch model of credit assignment recognizes only the very most recent interaction between an individual and your business as solely responsible for conversion. Whether this exchange was clicking on an ad, viewing an email message, or engaging with social media content – whatever it is that they do just prior to converting is assumed to be the source of their decision.

Last-Touch attribution provides businesses an easy way to track and analyze customer behavior, which is especially important for companies with a quick turnover rate. Additionally, it’s relatively simple to implement and evaluate over time; perfect for those who need fundamental insight into their funnel process. Nevertheless, the complexity of modern digital marketing—where consumers are exposed to several ads across multiple channels prior conversion—makes Last-Touch somewhat inadequate in providing a comprehensive understanding of consumer habits.

Last Non-Direct Touch Attribution

A last-touch or first-touch attribution model might not be enough to understand the efficacy of your marketing channels, especially if you have a long and complex buying cycle. Last non-direct touch is Google Analytics’ default Attribution Model that does not assign any credit for conversions related to direct traffic such as manual URL entries or clicks from bookmarked links.

Just as with basic first-touch and last-touch attribution, this method allocates all of the credit to a single encounter. The difference here is that direct traffic isn’t seen as an accountable channel. Similarly to simple last-touch attribution, it does not give any recognition for prior interactions leading up to the final one, making it hard to comprehend the effect of your multichannel marketing plan. This model is perfect for products that are sold in a short period of time. Since direct traffic can be omitted, only clicks from marketing channels you have power over like paid and earned media will be assessed.

Multi-Touch (Also Called Linear) Attribution

This is another popular method which provides more visibility into customer interactions throughout multiple channels leading up to a sale or conversion. Every touchpoint receives some amount of credit rather than just one — so if someone viewed an ad but then visited your website later before making a purchase, both would receive some recognition instead of just one like with first-touch models. As such, this model can be useful for organizations that need to gain more clarity in regards to what tactics their customers interacted with during their buying journey .

Time Decay (Sometimes Referred To As U-Shaped) Attribution

This model is also very much in use today — it assigns less importance to initial interactions while giving more credence to those nearer when it comes time for conversion — so if someone viewed an ad two months prior but still made a purchase last week, the two month old view would still get its share of credit thanks to time decay modeling’s decay curve algorithm . It works well for customers who take longer timespans in between initial contact and the eventual sale since all touchpoints still receive some recognition regardless of when they occurred.

Position-Based Attribution

Following the presumption that a customer’s first and last interactions with your business will be most influential when it comes to conversion, position-based attribution assigns fixed credit for every conversion to those two points of contact. The remaining credit is then distributed equally among all other activities in between. This model makes it possible for you to track how each decision affects the customer journey and can help you optimize strategies for maximum results.

Companies that anticipate their leads to have multiple encounters with the brand before making a purchase will be greatly advantaged by this model. It captures both top- and bottom-of-funnel activities, which are essential for businesses with extended sales cycles – in addition to assigning some value to marketing efforts that regenerate curiosity or continue existing interaction. By utilizing this model, your business is given the best chance of success!

Custom Models Combining Aspects From Single, Multi & Time Decay Approaches

Creating customs models based on specific objectives & desired outcomes is also a way to go. They provide businesses greater flexibility when it comes measuring success since they can take multiple configurations into account while achieving desired results tailored exactly towards their needs .

At the end of the day, no matter what type of marketing attribution model a company chooses — having access to accurate insights into how certain strategies or campaigns contribute directly or indirectly towards sales or conversions is essential in order help them make decisions based on reliable data when it comes spending money or launching new initiatives — allowing them maximize every dollar spent and track ROI movements quickly & effectively resulting in greater success long term.

Main Challenges of Marketing Attribution

One common issue is data silos. Without an integrated platform that pulls together data from all channels (e.g., website visits, social media posts, emails, etc.), it can be difficult for businesses to gain a comprehensive view into each customers’ journey leading up to a conversion or sale — this makes it hard for companies to accurately measure ROI from different strategies and tactics . Additionally , some platforms may not track certain types of customer behavior or provide enough granular data for effective measurement – meaning some key insights may be left out when analyzing results & making decisions accordingly.

Another problem is that many campaigns don’t close in single customer journeys — visitors often come back multiple times before making a purchase, so understanding the full process requires tracking multiple individual paths simultaneously. In some cases, customers take months before deciding to convert — this further complicates matters and means that businesses need reliable systems in place which can trace & assign credit appropriately over long periods of time.

In addition, there is debate as to which model of marketing attribution should be used based on factors such as budget size and desired outcomes since different models emphasize various aspects in more detail than others —single-touch (also known as first-touch), multi-touch (also called linear), time decay (sometimes referred to as U-shaped), position-based and custom model (which combines aspects from multiple methods). Finding the most appropriate type for a particular business requires careful consideration depending on internal needs & goals.

Finally, companies must take care not to rely too heavily on just one metric when assessing performance since this could lead crucial details about customers’ buying behaviors being overlooked. It is important for organizations to consider all interactions across channels before jumping into conclusions — this includes looking at things such as page views, purchases made but not completed, cart abandonment rates and the like.

Overall, although challenging, utilizing marketing attribution tools can yield enormous benefits when done correctly — allowing companies measure ROI & refine spending habits effectively while gaining valuable insight into what combination of strategies generate the highest returns. This helps businesses stay ahead of their competition by investing smarter instead relying solely on guesswork or outdated simplified models and approaches.

The Growing Role of Virtual Reality in Ecommerce

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What is Virtual Reality and How Can It Be Used in Ecommerce?

Virtual reality (VR) is an immersive environment that uses digital technologies to simulate physical objects and locations, creating an artificial 3D world. This technology has been used for years in gaming and entertainment, but it is now making its way into the ecommerce field. In this article, we will explore how virtual reality can be used to benefit ecommerce businesses, as well as the potential challenges they may face when implementing VR. There is no doubt, that virtual reality in ecommerce is growing, and will become much more prominent in the future. So the importance of brands to consider how to use this technology for both ecommerce and digital marketing is indeed growing.

The Benefits of VR for Ecommerce

Virtual reality has many potential benefits for ecommerce businesses. One of the main advantages of using VR is that it can create a more immersive shopping experience. For example, customers can easily view a product from multiple angles without having to physically move around or pick up the product. This can help customers make more informed decisions about their purchase. Additionally, VR can be used to create interactive experiences such as giving customers the ability to virtually try on products before buying them, thus eliminating any uncertainty about how something will look or fit on them. By creating virtual showrooms where people can explore products up close and personal, companies can make the buying process more engaging and appealing.

Another advantage of VR for ecommerce businesses is that it can reduce costs by reducing the need for physical store space and staff. Instead of having a shop with shelves filled with products, retailers can use virtual reality environments to showcase their goods. Furthermore, since everything takes place digitally via the internet, retailers don’t need to worry about stocking inventory or managing employees.

Advertising Through Virtual Reality

Immersive advertising is one of the most innovative ways companies are using VR today and this is indeed an avenue which will grow on a continuous basis. Instead of showing customers static ads, immersive ads allow them to interact directly with the product or service being advertised in real-time. This could involve experiencing what it’s like using the product or exploring different environments related to the brand itself; which all adds up to creating an unforgettable experience that’s sure to leave longer lasting impressions than traditional marketing tactics ever could.

Online marketeers have for the past few years been “stuck” with a certain set of marketing channels, which have in fact only gotten more expensive and complex over time. These channels have in particular been paid search marketing, paid shopping, paid social marketing, SEO, programmatic display marketing, referral marketing, e-mail marketing, affiliate marketing, influencer marketing, PR and offline marketing. Immersive advertising through virtual reality could be the next big channel that online marketeers will be exploring over time, but the pace of the usage will of course depend on the adoption of the overall industry. One thing is for certain, it will become a large marketing channel eventually – otherwise it doesn’t make any sense that Meta at this moment in time is deploying most of their resources on the Metaverse, which is a platform in which they expect a large part of their ad revenue to come from in the future.

Potential Challenges Faced When Implementing VR

While there are numerous benefits associated with implementing virtual reality in ecommerce business models, there are also some potential challenges that should be considered before taking the plunge into this new technology. Firstly, many users may not have access to appropriate hardware or software needed to take full advantage of the virtual reality experience offered by certain websites or platforms. Therefore businesses must consider strategies on how they intend to make these tools available to their customers if they choose to implement them in their operations. The overall digital infrastructure that we’re seeing in even the developed world has also not been ready for a large scale virtual reality ramp up in the past years; however, with the introduction of more AI technologies, a faster roll-out of 5G on a global basis, etc., we will see the adoption of the technology pace up in the coming years – more thoughts on the megatrends of 2023 can be found here.

In addition, there may also be unforeseen technical issues that arise when trying to integrate virtual reality into existing operating systems or frameworks which could lead to significant delays or financial losses if not addressed promptly. Finally, given that many users are still unfamiliar with how virtual reality works and its various applications due to its relative novelty compared other technologies currently available on the market today; companies may have difficulty convincing consumers about its value proposition compared other less expensive alternatives like traditional web-based shopping experiences..

Conclusion

While there are many benefits associated with utilizing virtual reality in ecommerce businesses such as increased immersion for customers and reduced overhead costs for retailers; there are also several challenges that must first be addressed such as accessibility issues related hardware/software availability and technical integration difficulties as well as consumer education concerns surrounding consumer awareness about this technology’s value proposition versus traditional methods of online shopping. Virtual Reality will become a large ecommerce channel – and digital marketing channel – on a prospective basis, but the pace completely depends on the consumer adoption speed of the technology and the associate software.

Top 20 Direct-To-Consumer (D2C) Brands To Follow in 2023

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Developing and launching Direct-To-Consumer (D2C) brands has become increasingly popular in recent years, with more and more consumers especially turning to the internet to purchase goods and services. As we move into 2023, there are a number of consumer brands (E-Commerce brands in particular) that have been doing well in the past years, and are worth keeping an eye on – especially if you are looking for references for how a good brand looks like. Some of the brands in the list have indeed been suffering on the stock market together with most tech brands out there throughout 2022, but that doesn’t change the fact that these have been through a fantastic growth journey in the past years, and are good references for how a brand should look and be positioned in order to be desirable. In this article, we will take a look at the top direct to consumer brands to follow in 2023. For insights on which megatrends to follow in 2023 in order to understand what will have an influence on prospective direct to consumer brands, please refer to the following article: The 10 Most Important Megatrends in 2023.

1. Glossier

Glossier is an iconic beauty brand that has quickly become one of the leading names in the industry. Founded by Emily Weiss in 2014, Glossier has taken the world of beauty by storm with its bold and empowering approach to self-expression. The brand’s philosophy is simple: celebrate your individuality and embrace who you are. You won’t find any drastic makeovers or heavy coverage here – just products that enhance your natural beauty. Their range includes everything from makeup to skincare and haircare, all designed with a focus on simplicity and effectiveness. What really sets Glossier apart from other brands is its commitment to transparency – they only use safe, non-toxic ingredients in their formulas, without any fragrance or synthetic fillers. They also offer full product information so customers know exactly what’s in each product before they buy it. Glossier has revolutionized the way we look at beauty, challenging traditional notions of perfection and celebrating personal style instead. With its range of easy-to-use products and refreshing outlook on beauty, Glossier continues to carve out a unique space for itself as a go-to source for effortless glamour. They began as ‘Into The Gloss’ – a celebrated website where people could share their favorite cosmetics and inspire others in the process. Since then, they’ve grown into what you know them as today – delivering uncompromising quality at every turn! Glosser is definitely one of the top direct to consumer brands to follow in 2023.

2. Allbirds

Allbirds is a sustainable, B-Corp certified shoe brand that has gained a following for its comfortable and eco-friendly shoes. The brand was founded in 2016 by Tim Brown and Joey Zwillinger and is known for its comfortable and eco-friendly shoes, which are made from natural materials such as merino wool and eucalyptus tree fibers. Allbirds has gained strong traction for its focus on sustainability and its commitment to creating high-quality and stylish shoes. They offer a wide range of shoes, including sneakers, loafers, and sandals. The brand is popular for its minimalistic design and its focus on comfort, making it perfect for everyday wear. Allbirds products are available online, and they also have a few physical stores in the US and abroad. As more consumers become conscious of the impact their purchases have on the environment, Allbirds is expected to continue to have a strong position in the market in the coming years.

3. Warby Parker

Warby Parker is an eyewear brand that has gained traction for its stylish and affordable optical glasses and sunglasses. The company focuses on classic silhouettes and modern designs for both men’s and women’s collections. They also use innovative technology to ensure that their glasses always look great on every face shape. Warby Parker’s virtual try-on tool allows customers to see how different frames will look on them before they even leave their house – making it much easier to find the perfect pair of glasses quickly and easily. In addition to stylish eyewear, Warby Parker is committed to giving back. The company believes in social responsibility and has created a number of initiatives that focus on various causes around the world. They also donate one pair of glasses for every pair sold as part of their Buy A Pair, Give A Pair program, which helps give vision care to those who need it most. The company started as an online D2C brand but now boasts around 160 physical retail store locations across North America. Ninety percent of their sales are conducted through these brick-and-mortar stores.

4. Peloton

Peloton is the ultimate home fitness experience. Offering a range of workout classes and instructional videos, Peloton makes exercise accessible to all. With everything from yoga and strength training to running classes, you can get an effective workout without ever having to leave your home. Peloton also provides a range of smart equipment designed to make your workouts more efficient and enjoyable. Their signature interactive bike allows you to follow along with live instructor-led classes, while their innovative treadmills come with touchscreens that let you join in on different activities like virtual races or interactive workouts. In addition to their equipment and video classes, Peloton provides a range of additional services such as nutrition tracking and personal coaching. The app also lets you track your progress over time so you can see how far your workouts have taken you. Although the brand have struggled on the stock market throughout 2022, the brand is well positioned as more people look to improve their health and fitness through home gym equipment.

5. ThirdLove

ThirdLove is a revolutionary lingerie brand that designs and manufactures bras, underwear, and loungewear with comfort and fit as its top priority. Founded in 2013 by Heidi Zak and David Spector, ThirdLove has revolutionized the lingerie industry with its use of innovative technology to design products based on a woman’s individual body shape. Using state-of-the-art FitFinder Technology, customers can take a 60-second quiz to find the perfectly fitted bra for their unique body type. The quizzes are quick and easy, covering size and shape preferences – such as band size, cup size, coverage levels and skin tone – so customers can get an ideal fit without ever having to try on anything. The company is expected to continue to expand in 2023, as more consumers look for comfortable and well-fitting lingerie options.

6. Oura

Oura is a revolutionary health and wellness brand that is making waves in the industry. Founded in 2013, Oura has worked to create products that make it easier than ever for people to take control of their health and well-being. The key to Oura’s success lies in its innovative technology – the company has developed a range of wearable rings that are equipped with sensors to track your vital signs. These rings provide valuable insights into your health, from sleep patterns and activity levels to heart rate and respiration rate. The data collected by these rings is then analyzed using AI algorithms to create personalized insights about your health and lifestyle. With this data, Oura can give users actionable tips on how to improve their overall performance, as well as advice on how to maintain good habits for optimal wellbeing. What sets Oura apart from other fitness trackers on the market is its comprehensive approach – rather than simply tracking steps or calories burned, it looks at the whole picture when it comes to our health and provides valuable insights tailored specifically for each user. With its cutting-edge technology, Oura is revolutionizing the way we manage our health!

7. Rent the Runway

Rent the Runway is a unique online service that helps consumers look fabulous without having to spend a lot of money. This innovative company offers a wide range of designer apparel and accessories for both women and men, with items available to rent for anywhere from four days to eight weeks. Rent the Runway has revolutionized how people shop for special occasions. The website features collections from some of the world’s top designers in everyday fashion as well as luxury pieces for formal events. Customers are able to search by occasion, color, size, length, price and more, making it easier than ever to find the perfect outfit. They also provide styling tips and recommendations so you can be sure your outfit will turn heads wherever you go. As more people look for sustainable and cost-effective fashion options, Rent the Runway is positioned well for the years to come.

8. Kylie Cosmetics

Kylie Jenner created a buzz with the launch of her cosmetics business, Kylie Cosmetics. On November 30th 2015, she started selling out liquid lipstick and lip liner kits known as “Kylie Lip Kits.” After its initial success, the company was rebranded to Kylie Cosmetics – quickly becoming an award-winning beauty line that continues to expand into new territories around the world. In 2018, Forbes estimated the company’s worth to be around $800 million. However, one year later that number had grown to $900 million; Coty Inc. then stepped in and purchased a majority stake of 51%, valuing the company at an impressive amount of just under 1.2 billion dollars! Unfortunately, recent documentation from their deal with Coty exposed Kylie Cosmetics as having overvalued themselves by quite a bit – according to what was reported by Forbes early this year.

9. Hims

Hims is a men’s health and grooming company. Founded in 2013, their goal was to make it easier for men to access the services they need without having to leave the house. Their product line includes products such as hair loss treatments, skincare, vitamins, sexual health products, and more. They offer a subscription model that allows users to get their products automatically delivered each month. They also have an online store where customers can buy individual items. Hims provides easy-to-follow instructions on how to use their products correctly, as well as informative articles on various topics related to male health. Its impact goes beyond physical enhancements – Hims has the potential to restore confidence as well! It’s in their DNA to treat peoples self-esteem as part of their overall wellbeing too.

10. Chamberlain Coffee

Behind the success of YouTube star Emma Chamberlain, lies a sustainable coffee brand with impeccable quality – Chamberlain Coffee – a brand that can absolutely been seen as a top direct to consumer brand to follow in 2023.. Sourced organically and locally in California without any pesticides included. This unique roasting process only adds to its distinct taste available either as single-serve bags, instant sticks or both ground and whole bean options. Best of all is that each flavor has an accompanying character representing different personalities so everyone’s cravings are fulfilled. Not only does Chamberlain Coffee offer exquisite products such as their beloved Matcha, Cocoa Grizzly Hot Chocolate and popular Chocolate Covered Espresso Beans, but they are also dedicated to secure the food security of coffee-farming families in Latin America through Food4Farmers. With their 5x sold-out Matcha blend for example, this brand demonstrates that quality is more important than quantity! The brand has been on a fantastic growth journey, and did in 2022 raise 7m USD in Series A.

11. Outdoor Voices

Outdoor Voices is an activewear brand that was founded in 2013 by Tyler Haney. The brand is known for its comfortable and stylish clothing, which is designed for a variety of activities such as running, yoga, and hiking. Outdoor Voices has gained a following for its focus on inclusivity and body positivity, as well as its commitment to sustainability. The brand offers a wide range of products for both men and women, including leggings, shorts, t-shirts, sports bras and more. Outdoor Voices has several physical stores in the US and their products are also available online.

12. Brooklinen

Brooklinen is a bedding and home goods brand that was founded in 2014 by Vicki and Rich Fulop. The brand is known for its comfortable and affordable bedding products, including sheets, comforters, pillows and more. Brooklinen has gained a following for its focus on high-quality, affordable bedding and its commitment to sustainable practices. They also offer a selection of home goods such as towels, rugs and loungewear. The brand is popular for its simple and minimalistic design, which goes well with any bedroom decor. Brooklinen products are available online and in some physical stores in the US.

13. Rothy’s

Rothy’s is a sustainable shoe brand that was founded in 2012 by Roth Martin and Stephen Hawthornwaite. The brand is known for its comfortable and eco-friendly shoes, which are made from recycled plastic water bottles. Similarly to Allbirds, Rothy’s has gained traction for its focus on sustainability and its commitment to creating high-quality and stylish shoes. They offer a wide range of shoes, including flats, loafers, sneakers and more. The brand is also known for its customization options, which allows customers to create their own shoes by choosing a color, print and other options. Rothy’s products are available online, and they also have a few physical stores in the US. As more consumers become conscious of the impact their purchases have on the environment, Rothy’s is expected to continue to see strong growth in the coming year.

14. Birchbox

Birchbox is an online subscription service that delivers personalized beauty and grooming products to customers on a monthly basis. The company was founded in 2010 by Katia Beauchamp and Hayley Barna and it is known for its focus on personalization and convenience. Birchbox offers a monthly subscription service where customers receive a box of personalized beauty and grooming samples, chosen based on their individual preferences. Customers can also purchase full-size versions of the products they received in the sample boxes. The company has a wide range of products for both men and women, from skincare, makeup, haircare to grooming products. Birchbox has a strong online presence and it also has a few physical stores in the US.

15. Native

Native is a fast growing player in the skincare industry which was founded by Moiz Ali in 2015. Just two years after its launch, Procter & Gamble acquired the brand for $100 million USD. At Native, they believe that natural ingredients are the key to beautiful skin. That’s why they use only safe, non-toxic ingredients in their formulas. Their products contain powerful active ingredients that help improve tone, texture and clarity while also nourishing and hydrating skin. They started off with deodorants, but has since expanded into various skincare categories. They do now offer a range of topical solutions for all skin types, from cleansers and moisturizers to masks and facial oils. What sets Native apart from other brands is their commitment to sustainability. All of their products are made with certified organic and wild harvested ingredients that are sustainably sourced from around the world. Their packaging is also eco-friendly, using recyclable materials where possible. As more consumers become conscious of the ingredients in their personal care products, Native is well positioned to grow further in the coming years.

16. Ritual

Ritual is an innovative vitamin company that puts personal health first. They focus on ethically sourced and scientifically backed ingredients, meaning their supplements are free from fillers or artificial additives. Ritual provides its customers with an incredible range of formulas for every lifestyle. With options for women’s health, men’s health, children’s health and more, there’s something for everyone to choose from. They also have special packages available depending on your age and specific needs like brain performance or joint support. What sets Ritual apart from other brands is their commitment to transparency. All of their products are formulated with a ‘smart nutrient complex’ which means you can trust the quality of their ingredients. On top of that, they provide detailed information on their website about what goes into each formula so you know exactly what you’re taking. If you’re looking for high-quality vitamins that are backed by science and made with real food-based ingredients, then Ritual is a good option. Their scientifically backed formulas are designed to help improve overall health and wellness – giving you peace of mind knowing that your supplement choice is both safe and effective!

17. ButcherBox

Butcherbox is a meat delivery service that brings the finest quality of all-natural, humanely-raised meats right to your door. Their mission is to make it easier for everyone to access delicious, healthy and ethically-sourced proteins. All the beef, pork and chicken they offer is free from antibiotics and added hormones, meaning you can be sure that whatever you’re getting has been sustainably sourced. What sets Butcherbox apart from other food delivery services is their commitment to quality. They carefully curate every box so that each one contains only the finest cuts of meat – ensuring that you’re getting the absolute best for your money. On top of that, they now offer grass-fed options as well as wild caught seafood for those who want even more nutritious options. With their dedication to ethical practices and commitment to providing customers with only the best ingredients available, they’ve made it easier than ever for consumers to enjoy truly delicious meals.

18. Curology

Curology is a personalized skincare service that is revolutionizing the way people approach their skin health. The company provides customized formulas to meet individuals’ personal skincare needs, with each prescription crafted by their team of board-certified dermatologists. What makes Curology stand out from other skincare brands is their commitment to providing holistic solutions that work for everyone’s individual needs and goals. They offer a range of products, including cleansers, serums, eye creams and more, tailored specifically to your skin type and condition. Their mission is not only to make sure customers are using the best possible products for their skin but also help them understand the science behind skincare. All of the products they send out come with detailed information about how to use them effectively as well as an explanation of why certain ingredients were chosen for specific areas. Curology has made it easier than ever before to find tailored skincare solutions that work for you. From treating acne or reducing wrinkles to brightening uneven tone, their customizable packages have something to improve everyone’s complexion – no matter your age or skin type!

19. Florence By Mills

Florence By Mills is an innovative skincare brand that offers clean, vegan-friendly solutions to enhance and protect your complexion. Similarly to Kylie Cosmetics and Chamberlain Coffee, Florence By Mills in built by a hyped talent, this one being Millie Bobby Brown. The range is designed for young adults who are looking to take care of their skin without compromising their values. The brand’s core philosophy is simple – take care of yourself and be kind to your body. Their products are made with natural ingredients, free from parabens, sulfates, synthetic dyes and fragrances. Each formula is thoughtfully crafted with nourishing plant-based extracts like aloe vera and jojoba oil to soothe and hydrate skin while also delivering powerful results. What really sets Florence By Mills apart from other brands on the market is its commitment to honest representation and good vibes – something which comes through in every aspect of their branding. From the cheerful pastel packaging to the fun product names (think ‘Glow Yeah!’ moisturizer), it’s clear that the team behind this brand puts a lot of thought into making sure everyone feels represented and included. It’s well on its way to becoming a leader in this space as more and more customers discover how much easier it can make taking great care of their skin!

20. Wayfair

Wayfair is an online furniture brand that offers a wide selection of stylish, high-quality items for the home. With everything from sofas and beds to dining tables and chairs, Wayfair makes it easy to find exactly what consumers are looking for, for their homes. All of their products are designed with both practicality and aesthetics in mind, ensuring that the customers get something that looks great as well as being comfortable and durable. Wayfair’s prices are competitive, making it easy to furnish your entire home without breaking the bank. The website also provides useful design tools such as visualization tools so you can get an idea of how your chosen product will look in a space before the purchase takes place. The company has seen significant growth in recent years, especially during the pandemic when families all across US looked to upgrade their homes with good looking, comfortable furniture.

The 10 Most Important Megatrends in 2023

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In the coming year, there are several megatrends that businesses and individuals should pay attention to in order to stay ahead of the curve. These trends are likely to shape the way we live, work, and consume in 2023 and beyond. This article will therefore serve to outline 10 of the most important megatrends in 2023.

1. Inflation Will Continue to Impact Numerous Industries

Beginning in February 2021, the consumer price index (CPI) began to rise. Inflation shot up from a mere 1.7% to 6.8% by November of that year, and further increased to 8.5% in March 2022 – well beyond the Federal Reserve’s targeted 2%.

The negative repercussions of inflation are acutely felt by both small and large companies, including rising costs, fewer supplies on hand, cost hikes, and shrinking profit margins.

In February 2022 the NFIB Small Business Optimism Index reported that a quarter of entrepreneurs view inflation as their primary issue in running a business. Goldman Sachs research revealed similar results with 84% experiencing increased pressure due to inflation – three-quarters of whom noted it was adversely impacting their financial performance.

NBC News provided a prominent example of how inflation has been harming small businesses. Larger manufacturing companies are feeling intense pressures on their input costs; as an instance of this issue, aluminum cost hit its highest point ever in February 2022 with prices rising 15% compared to earlier that year.

According to a recent S&P Global survey, the situation in the manufacturing sector is dire with inflation just having reached its highest peak within the last four months. April’s input prices demonstrated this severity more than ever before.

An overwhelming majority of manufacturers, at nearly 70%, are expecting inflation to remain high in the next 12 months.

Industry experts suggest that some manufacturers will absorb the extra costs, but it is likely that at least a portion of this cost increase will be passed on to consumers. Real estate presents one attractive option for those looking to protect against inflation – according to Zillow, in the past year alone, home values have risen by an impressive 20%. For buyers and sellers alike, now is an ideal time to enter this market.

The energy sector is anticipated to flourish during this inflationary period. Oil and natural gas demand will remain, and the industry is expected to maintain pricing its commodities at higher prices for consumers.

2. The Advancement of Artificial Intelligence

Artificial intelligence (AI) is already having a major impact on the way we live and work, and this trend is likely to continue in 2023. AI technologies are becoming more sophisticated and are being used in a wider range of applications, from self-driving cars to virtual assistants. Businesses that invest in AI will be well-positioned to take advantage of new opportunities and stay ahead of the competition.

3. The Global Roll-out of 5G

5G networks are set to revolutionize the way we communicate and access the internet. With faster speeds and lower latency, 5G will enable new technologies such as the Internet of Things (IoT), virtual reality, and autonomous vehicles. Businesses that invest in 5G will be able to take advantage of these new technologies and create new products and services.

4. The Growth of Sustainable Business Practices

As consumers become more aware of the environmental impact of their actions, businesses are under increasing pressure to adopt sustainable practices. This includes reducing their carbon footprint, using renewable energy, and developing products that are more environmentally friendly. Businesses that invest in sustainability will be well-positioned to attract and retain environmentally conscious customers.

5. The Rise of Cybersecurity

With the increasing use of technology in our daily lives, cybersecurity has become a major concern. As more companies and individuals rely on the internet for their operations and communications, the risk of cyber attacks is also increasing. Businesses and individuals need to invest in cybersecurity measures such as encryption, firewalls, and multi-factor authentication to protect themselves from cyber threats.

6. The Emergence of Edge Computing

Edge computing is a new technology that allows data to be processed closer to the source, rather than in a centralized location. This enables faster and more efficient processing of large amounts of data, and will be essential for the growth of technologies such as the Internet of Things (IoT) and autonomous vehicles. Businesses that invest in edge computing will be well-positioned to take advantage of new opportunities in these areas.

7. The Growth of the Gig Economy

The gig economy, which includes freelance and contract work, is growing rapidly. This trend is driven by the rise of digital platforms that connect workers with businesses and consumers. As more people turn to the gig economy for work, businesses will need to adapt their strategies to attract and retain top talent.

8. The Advancement of Biotechnology

Biotechnology is an interdisciplinary field that combines biology, chemistry, and engineering to create new technologies and products. Advances in biotechnology are set to revolutionize healthcare, agriculture, and other industries. Businesses that invest in biotechnology will be well-positioned to take advantage of new opportunities and create new products and services.

9. The Growth of Virtual and Augmented Reality

Virtual reality (VR) and augmented reality (AR) technologies have been gaining traction in recent years and are set to become even more popular in 2023. VR can be used for entertainment and gaming, while AR can be used for education, training, and e-commerce. The technology will also be beneficial for remote team collaboration, and communication.

10. The Emergence of Smart Cities

Smart cities use technology to improve the quality of life for citizens, by making cities more efficient, sustainable, and livable. This includes using data and analytics to optimize city services, such as transportation, energy, and waste management. Businesses that invest in smart city technologies will be well-positioned to take advantage of new opportunities in this growing market.

10 E-Commerce Trends You Need To Know In 2023

Categories E-Commerce, E-Commerce Optimization, EntrepreneurshipLeave a Comment on 10 E-Commerce Trends You Need To Know In 2023

E-commerce has been on the rise for years, and the trend is expected to continue in 2023. As more and more consumers turn to the internet to shop, businesses are adapting to meet the demands of the digital marketplace. Here are a few e-commerce trends to watch for in 2023.

1. Increased focus on mobile optimization

With more and more people using their smartphones to browse and shop online on a global basis, businesses will need to ensure that their websites and apps are optimized for mobile devices. This means that websites will need to be designed with a mobile-first approach, and apps will need to be designed with a user-friendly interface, even in developing markets where the focus has been higher on desktop historically.

2. Personalization

In 2023, businesses will increasingly use data to personalize the shopping experience for customers. This can include things like personalized product recommendations, targeted persona marketing, and customized pricing. By using data to personalize the shopping experience, businesses can increase customer engagement and loyalty.

3. Social commerce

Social media platforms like Facebook, Instagram, and TikTok are becoming more and more popular as a way to shop – within the platforms. In 2023, businesses will look to capitalize on this trend by using social media platforms to sell their products directly to consumers. This can include things like “shoppable posts” on Instagram and TikTok, which allow users to buy products directly from the app.

4. Same-day delivery:

As e-commerce continues to grow, consumers will demand faster delivery times. In 2023, we can expect to see more businesses offering same-day delivery as a way to meet this demand. This will require businesses to invest in logistics and delivery infrastructure, such as warehouses and delivery networks in close proximity to the users.

5. Augmented reality:

Augmented reality (AR) technology is becoming more and more sophisticated, and businesses will look to use it to enhance the shopping experience in 2023. This can include things like virtual try-on for clothing and makeup, as well as virtual tours of real estate properties.

6. Voice commerce:

With the increasing popularity of voice assistants like Amazon Alexa and Google Home, voice commerce is expected to become more prevalent in 2023. This will allow consumers to make purchases using just their voice, making shopping more convenient and hands-free.

7. Subscription-based models:

Subscription-based models have been growing in popularity in recent years, and this trend is expected to continue in 2023. This can include things like subscription boxes, where customers receive a monthly box of curated products, as well as subscription-based streaming services.

8. Artificial Intelligence:

As AI technology gets more sophisticated, businesses will use it to improve the customer experience by personalizing product recommendations and automating customer service.

9. Larger branding investments:

Since performance marketing has become very complex and expensive compared to just a few years ago, there will now be a much larger focus on brand building, as companies need to be able to convert more expensive online traffic, more efficiently and effectively. Building and growing a D2C brand from scratch through pure ‘cheap’ performance marketing that allows you to get a large reach is no longer an options – and people have also become too fed up with simple D2C brands that doesn’t have a deeper brand narrative that goes beyond the standard price / quality narrative.

10. Customer retention:

Since it has becoming expensive to acquire new customers due to the increased marketing costs, and all the other targeting and tracking challenges, which have become more profound in the past years, it is now more important than ever that the customer lifetime value of your customers are to increase. Becoming profitable on the first order is quite complex nowadays, so it will become important for companies to figure out how they can increase the retention rate of their customers, thereby also increasing the customer lifetime value. This usually happens by facilitating repeat purchases of the same products, or by having a larger assortment, or more categories, that customers can purchase on a continuous basis.

Overall, the e-commerce industry is expected to continue to grow in 2023, and businesses will need to adapt to meet the demands of the digital marketplace. This will include things like mobile optimization, personalization, social commerce, same-day delivery, augmented reality, voice commerce, subscription-based models, AI integration, more branding focus and further investments in customer retention. As technology and consumer behavior continue to evolve, businesses will need to be agile and stay ahead of the curve in order to remain competitive.

How To Build A Startup: 10 Entrepreneurial Learnings to Consider

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Building a company from scratch can be highly exciting and terrifying at the same time. The path of entrepreneurship is unique for everyone, and the journey from creation to success varies from individual to individual. However, based on all the entrepreneurial brand launches we’ve had at Blazar Capital (a Copenhagen based D2C brand incubator), and based on my own entrepreneurial journey with co-creating Blazar Capital a well as other brands, there are some determinants that I believe are of utmost importance in order to increase the probability of creating a successful business – regardless of whether you are a first time, second time or third time entrepreneur. This article does therefore serve to go through how to build a startup from scratch based on reallife entrepreneural learnings.

1 – Passion is everything

Being passionate about what you are doing determines whether you will succeed or not in your entrepreneurial endeavors. Period. For most, entrepreneurship is not a sprint, and it’s not ‘just’ a marathon – it is an extreme sport. This means that if you don’t have the necessary passion, drive and energy towards the project you’re pursuing, the probability of your energy dissolving and you burning out will just become larger the further you get into the project. There’s no such thing as an easy path to entrepreneurial success, and I’ve rarely met any entrepreneurs who haven’t faced major challenges and struggles along the way during some stages of their journey. This is where resilience, persistency, and relentlessness come into the picture – something which isn’t easy to uphold if a genuine passion for the project isn’t present. However, there must be a balance between your passion and the business opportunity you seek to capitalize on. Even if the passion is there, one must ask themselves whether entrepreneurship is the right thing to pursue in the first place, and whether the business idea itself is objectively justified by the business opportunity itself. If you don’t have the passion to dedicate everything to your project, then it might not be worth exploring much regarding how to build a startup in the first place.

2 – Focus on the team

When commencing your entrepreneurial journey, it is essential that you have the right team and partners around you. If you are looking to build a startup together with others, it is important that you carefully select the right partners from the beginning. There’s no doubt that it is always a good idea to find one or more co-founders who have a complementary skillset to yours, rather than co-founders who possess a similar or closely related skillset. You have to remember that building a business from scratch requires a lot of interdisciplinary workstreams to be pursued, and in most cases, you won’t have the skills and/or experience to do everything by yourself – especially not when the company starts to develop and grow in size. Hence, a team that complement each other’s knowledge, skills and experience is important. And don’t forget, although entrepreneurship can be emotional and challenging, it is also one of the most engaging and fun endeavors you can experience – so make sure that you have people around that you’ll have a great and memorable time with, both during and after working hours.

3 – Establish an execution culture

Continuous execution is paramount for building momentum in a startup – especially in the early phases of the journey. In order to build an effective and efficient organization from a cultural perspective, you must combine a continuous strong sense of urgency in the daily execution with a concurrent ability to prioritize adequately and give the important workstreams and decisions the right attention needed to derive the desired outcomes. Having a holistic overview of all activities in the business, while prioritizing and executing based on an ‘impact-first’ principle will make you operate more effective and efficiently. Perfection is, in my opinion, the true enemy of execution. So even though several workstreams and areas of focus need to be done in a ‘thought through manner’, where deep thinking and execution must go hand in hand, operating based on the 80/20 pareto principle is still of value in the early stages of a startup to ensure that the ball keeps rolling. Everything does not necessarily have to be 100% spot-on in a startup before you can execute the next important workstream or project.

4 – Understand your playing field

Believing that you have a good idea, while having a strong passion for that idea is as mentioned in point one of utmost importance; however, understanding the business opportunity itself is in my opinion of equal importance. Jumping into the life of entrepreneurship is a big step, so before taking the leap, make sure that you have conducted a comprehensive market analysis in relation to your idea, so you are sure that your idea and concept has a ‘reason to be’. If you are jumping into a market where there is little to no demand for your product or service, or where creating the marketing itself will be a highly comprehensive journey, then it might be healthy for you to take a step back to reflect and re-think the project you’re about to pursue. What might have been a good idea during a brainstorming session or a eureka moment during your sleep might not be that fruitful of an idea after all once you understand the opportunity more objectively and quantitatively.

In my opinion, it is ideal to ensure that your idea is organized around a product or service that operate in a large and growing market, where you can position yourself as a unique alternative to your competitors. You can get an understanding of your market by reading different industry and market reports online, talking to industry experts, or talking to some of your potential customers. Moreover, I believe that you have a strong advantage if your product or service solves a problem and has a high repeat purchase rate, regardless of which industry you operate in, and regardless of whether your idea is product or service-based.

5 – Establish a thought through business model

Make sure to establish a strong business model and strategy that you believe will create value for your customers based on your initial market analysis. Regardless of which type of company you are building, you must ensure that your business model is competitive and that you have a clear positioning relative to your competitors. Establishing a company has technically never been easer from a development point of view, but never been harder from a competitive point of view – so although you might have a smooth process in terms of going from nothing to something, and although you might have a clear plan of execution ready, the positioning and business model of your brand will be essential to gain a competitive advantage relative to other players in the industry.

6 – Create a clear sales and marketing strategy – and test

Establishing a comprehensive sales and marketing strategy helps you get a more clear picture of what it is you want to communicate to your potential customers and how you want to do it. It is always a good idea to test out many different marketing channels and sales strategies in the early stages of your business to understand where you get the highest return on your investments. Of course, the extent to which you can test different marketing strategies in the early phases of your journey depends on the capital that’s available in the business. Try different channels both online and offline, and pursue a data-driven approach to get an understanding of where the performance is the highest based on your core metrics that you define in advance of your tests.

Some channels that can be tested out as part of your marketing strategy could be search engine optimization, pay per click marketing, programmatic display marketing, social media marketing (organic and paid, referral marketing, e-mail marketing, affiliate marketing, influencer marketing and ambassadorships, public relations, offline marketing (based on an out of home approach), and the like.

7 – Find the right investor for both capital, network and knowledge

If your objective is to establish a business, where external capital will be a core lever for your prospective growth, then it is highly recommended to spend a significant time on finding the right investor – not just from a capital allocation point of view, but also from a knowledge and competencies point of view. Make sure that the investors that you involve in your business are able to support and advise in core aspects of your business, and always work towards not selling off equity too cheap throughout the journey – keeping in mind the right balance between when to commence the fundraising process and when capital will run out. Pushing the fundraising process to the very last minute to maximize the share value can also back-fire as you might end up against a wall when time is running out. The longer you can bootstrap the business, the more value you can create over time to raise capital from the ‘right’ investor.

If you raise too much capital too quickly, you risk giving up a large share of your company’s equity at a too early stage – which hence might reduce your control of the business. The lost control can potentially be to the point where you no longer feel it’s your business any longer. This will most likely impact your motivation negatively, thereby affecting the performance in a down spiraling trajectory. So in general: Avoid raising capital too early, at too low valuation and from investors who you don’t believe fit in the organizations. I’ve met many founders who made such mistakes in the past, and it can really tend to impact the motivation negatively, which is unhealthy in an entrepreneurial journey considering how hard and long such journey already is.

8 – Spend money as if you were one financing round earlier on your journey

Even though you might be raising a large amount of capital during some stages of your entrepreneurial journey, it is important not to burn more than what is necessary. It can be tempting – and easy – to simply start increasing your marketing spend, your branding budget, your product development budget, hiring more employees, etc. in order to see the topline grow on the short term. However, doing this on the basis of a large continuous burn is simply just not sustainable, and neither is it acknowledged to the same extent to what we saw in the years prior to the COVID-19 pandemic. Using capital based on the mindset that you are one round earlier that what might be the case in reality is therefore something that I highly recommend. So if you have raised a Series A, operate as if you had raised a seed round. If you have just raised a Series B, operate as if you had just raised a Series A. Deploy capital thoughtfully, in all avenues of the business.

9 – Drive your organization as if the time is running out

The time you have to drive and scale your organization is precious, which is why building a performance driven culture – in my opinion – is very valuable if you want to out-run your competitors. Developing a culture where people are working efficiently and almost are feeling as though “time is running out” can have a fruitful impact on the performance of the business. Of course, this is not meant in a way where people in the organization should feel as if they are under pressure – it is meant in a way where everyone in the organization run as fast as they can because they genuinely want to win the game. All value adding customer-facing initiatives which drive growth should always be deployed as quickly as possible after the employee(s) responsible for the change are comfortable with it being released – there’s no need to postpone such initiatives as it will just delay the launch of the next value-adding project. Of course, there will always be schedules in place, campaign plans to be followed, operational structures to considered, etc., but the mentality should always be that value-adding initiatives cannot get released too early.

10 – Build the right safety net before taking the entrepreneurial jump

This point is for the first time entrepreneurs. For the ones who are considering how to tackle there career from university and onwards. It’s a point that will not be applicable for all, but something which I personally found important: Build an academic and professional safety net before taking the entrepreneurial jump.

Of course, neither education nor experience is a prerequisite for becoming a highly successful entrepreneur. We all know about the university dropouts who anyhow became billionaires and changed the world in one way or another. However, I do believe that having an education and some professional experience gives you a strong advantage when jumping into the life of an entrepreneur. This is due to the following reasons:

  1. You will be better equipped to establish and grow a startup due to the knowledge you bring from your education and/or your previous professional experience (assuming your experience has been relevant in regards to your entrepreneurial endeavor);
  2. You will have more “ice in your stomach” as you will always have a safety net to fall back on in case your business fails (the worst case scenario suddenly isn’t that abad); and
  3. You will be a “safer” choice for investors, business partners, and the like to work with, increasing your chances of success a bit further compared to if your academic and professional backpack were to be empty (this is of course mostly valid

Moreover, I believe that the future of entrepreneurship to a large extent will become academic. Many of the highly demanded industries in which entrepreneurs are trying to build businesses are very complex – and hence require that you have a strong technical and professional background. That is regardless of whether you are building a business within E-commerce, DeepTech, FinTech, Analytics, MarTech, or the like. The academic experience will not necessarily have to come from universities – we see more and more talented individuals who’ve built their knowledge through available content on the internet, online courses, coaches, mentors and the like.

The Benefits of Shopify – 11 Reasons Why You Should Choose This Platform

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It’s not an easy choice when it comes to selecting an e-commerce platform, especially if you want it to be cost-effective while also having outstanding assistance and the ability to be scalable for the future. As of 2021, there are numerous E-Commerce platforms available on the market, including Shopify, Magento, PrestaShop, WIX and WooCommerce – each of which have their pros and cons. Shopify, however, is in my opinion the absolut best platform to go for when starting from scratch, and here’s why.

1. Extremely Quick/Easy to Set Up and Utilize

Shopify makes it simple to set up an e-commerce store without the issues that comes with having your own servers or development expenses that come with self-hosted platforms like Magento. The admin interface is simple and user-friendly, and it’s quite easy to understand, meaning that even if you don’t have experience with operating an e-commerce platform, then you will most surely learn it quite quickly by using Shopify.

2. No Tech Worries Whatsoever – Focus on What Matters!

Some great news! To establish a basic Shopify store, you don’t need any technical expertise; Shopify does everything for you. Not only is this convenient, but it’s likely that Shopify’s hosting will be faster and more secure than what you could achieve on your own, as well as easily accommodating any spikes in traffic. The Shopify app updates are also handled by the platform. So you can concentrate on on building your brand and promoting your products / services without having to worry about technical difficulties.

3. Reliable and Secure Platform

If you run an E-Commerce business, you’ll be handling delicate consumer information such as credit card numbers and impatient customers. This implies your website must be quick, safe, and always accessible. One of the biggest benefits of using a hosted solution is the degree to which it is reliable. The hosting for your store will be handled by Shopify. It will maintain and upgrade your site and shopping cart to ensure that they are accessible at all times, and that pages load quickly.

Shopify includes a secure connection with SSL certificates, which can be used to encrypt all data and send it via a secure link. Shopify also takes care of PCI compliance for you (needed when dealing with credit cards).

4. Accurate Marketing Tracking

For many, this might not seem as an obvious variable when considering which E-Commerce platform to go with, but it is in fact a variable that is of utmost importance. Having accurate tracking when it comes to ones marketing activities across various platforms (e.g., Facebook advertising, PPC, etc.) is extremely important in order to navigate your business in the right direction, and Shopify does allow you to plug in most of your marketing platform seamlessly, ensuring that the tracking is properly in place from the beginning. When using more open source based platforms like Magento, or when building a store from scratch, there are much greater risks associated with getting the integrations done inadequately, resulting in your tracking being off, which ultimately results in you operating blindfolded. I am personally aware of two major E-Commerce brands, which purposefully switched to Shopify mainly due to the need for more accurate and reliable tracking.

5. Mobile Optimized From The Beginning

Today, mobile visits to websites are more common than desktop visits. It is critical, not optional, to have a mobile optimized website. Shopify understands this. All of Shopify’s themes are mobile responsive and the platform includes a free built-in mobile commerce shopping cart, ensuring that your store looks great on all devices and your consumers can shop without any hassles.

There are also free iPhone and Android applications that allow you to manage your store on the move if desired.

6. Customizable

There are +150 Shopify themes to pick from in the Shopify Theme Store (both free and paid), as well as hundreds more on sites like ThemeForest. Each theme is also fully modifiable, allowing you to create a stunning and distinctive online store that complements your company’s image.

7. App’s For Almost Everything

The app store for Shopify is a gold mine of capabilities that you may use to enhance your business. You can add customer feedback, loyalty programs, purchase wishlists, receive detailed statistics, print labels and packing slips, connect with accounting software, shipping systems, and social media sites, among other things. Over 1,500 apps are available, so whatever you want to accomplish is most likely already covered. Many of them are free, but over half of them are priced.

8. Various SEO & Marketing Tools Available

It’s great to have a well performing, good looking online store, but if no one visits you’ll be closing up your business soon. Shopify has some of the most advanced Search Engine Optimisation (SEO) tools available, which will assist your website rank higher in search results and allow customers to find you organically. You’ll be able to use a variety of marketing and data tools to tell where your customers are coming from, allowing you to adjust your marketing accordingly.

The Shopify app store currently includes a number of marketing resources, including social media integration, product reviews, and email marketing. Shopify offers you the option to develop discount codes by default. Gift certificates are available at the next level up. Social media icons are included in all themes. If you’re concerned about the amount of time it takes to manage digital marketing, Shopify Kit is also available to assist. It serves as a virtual employee, suggesting and executing marketing activities based on your items, audience, and store performance.
For more information about SEO tools that you should consider to use, i suggest you go through the following article: ‘Best Search Engine Optimization (SEO) Tools For E-Commerce‘

9. Standard Abandoned Cart Recovery Flow

What if a customer adds something to their basket but then leaves without making a purchase? According to statistics, over two-thirds of potential clients will do this. Shopify offers an abandoned checkout cart recovery solution that automatically monitors and notifies these possible customers to encourage them to make a purchase; it’s an easy way to increase sales.

10. Various Payment gateways

Shopify has partnerships with numerous payment processors, but it also includes its own Stripe-powered system. If you choose this option, you will not be charged any transaction fees and will receive lower credit card processing costs. It also doesn’t need a merchant account to use. For more about payment options, please go to the following page: ‘The 6 Most Common Online Payment Options‘

11. Customer Support 24/7

Customers are another key advantage of using Shopify. Customer support at both Shopify and WordPress is fantastic. They’re accessible 24 hours a day, 7 days a week, and response time is quick, so your company is never alone. You can reach out to them by phone, email or online chat. There are also a number of community discussion boards, as well as extensive documentation in the Shopify Help Center and a host of professional Shopify University courses.

8 Things To Do When Internationalizing Your E-Commerce Business

Categories E-Commerce, E-Commerce Optimization, Entrepreneurship, InternationalizationLeave a Comment on 8 Things To Do When Internationalizing Your E-Commerce Business

Internationalizing your E-Commerce business can sound like a substantial project, especially when you want to localize your activities in all the new markets that you are about to enter. However, due to the substantial improvements which have taken place from a operational and technological point of view in the past decade, creating a global infrastructure for your E-Commerce business does not have to be as complex as it may sound – and you (and your team) don’t necessarily have to even leave your current physical location to realize the project.

Things to Consider When Internationalizing Your E-Commerce Business

1. Bespoke Website for Each New Market

Similarly to other major successful E-Commerce business (e.g., Amazon, Zalando, Asos, THG) I definitely suggest that you should develop a localised website for each market in which your firm operates. By fulfilling various requirements for each website (which will be outlined in the next sections) the idea is to create localized consumer facing experiences which will make the customers comfortable as their shopping experience resembles the experiences of actually shopping on a local website from a national company. The localised setup will naturally increase confidence and trust, and thereby the appurtenant conversion rate on the website – even though that and your company might not be physically present in the country form which the consumer is from.

2. Local Languages

By launching a new country-specific website in the local language, it will be easier for the national consumers to navigate around on the site. Think about yourself: Assuming you are from an English speaking country, you would most likely not visit and shop on a website in an Italian or Spanish language. It’s the same mentality in most Non-English countries. Even though the English language in many ways is seen as an ‘international standard’, consumers from Non-English speaking countries still very much prefer to shop on websites in their local language. If you already have an English flagship website, then you don’t necessarily have to hire – say – a Spanish person to be able to launch a Spanish store. Your master information from the English page can easily be translated through freelancers whom you can create a close partnership with. In many countries where local marketing channels doesn’t necessarily have to be used to grow an online business, one English speaking E-Commerce Manager will be able to manage several localized stores through a network of external or internal translators.

3. Local Currencies

Adding the local currency does naturally increase the conversion rate as consumers always prefer to shop in their natural currency. It’s a habit. Even though the credit card fees might be the same, it’s almost certain that 10 out of 10 would always pick his / her national currency in a transaction, if it’s available. For this reason, it is always suggested to launch the local currency on every local sub-site which you may launch. If you only have one master store, then it is suggested to have multiple currencies on that store – ideally covering all the markets which the website has a present in.

4. Local Payment Methods

Similarly to the local currencies, local payment methods will also reduce the checkout abandonment, thereby increasing the conversion rate on your website. Alternative Payment Methods (APM’s) – also known as digital wallets – have become of substantial importance in the past years, and in some countries it is in fact close to impossible to build an E-Commerce business which only accepts credit cards and other more basic payment solutions like Paypal. In China, the majority of the transactions do as an example take place through Alipay, WeChat Pay and a few other APM’s – more than 50% of all transactions do in fact take place through APM’s. So regardless of where in the world you’re launching, make sure to implement the right APM’s from the very beginning, as this will enhance your conversion flow. A separate article will be written on APM’s at a later stage.

5. Local TLDs – Country Level Domains

So this one is actually tricky. Whether to launch a localized E-Commerce setup through Top-Level Domains (TLD’s) or subfolders have always been a large discussion point in the E-Commerce community. However, I’ve always been a strong advocate of a localized setup through TLD’s – and here is why. When using a country level domain structure (i.e., when a German website as an example uses the .de domain, a French uses the .fr domain, and a Korean uses the .co.kr domain) the presumption of consumers is usually that they are shopping from a national company. A foundation for the store is here created, where consumers can feel completely comfortable, as the domain structure doesn’t deviate from the local competitors. This is the absolute most important tricker to facilitate conversions; that is, trust. Having just one .com website, which then has several other languages in a dropdown is also a good solution, but will never be the same a launching a local store with a TLD. With people becoming more digital and e-commerce savvy over time, the importance of TLD’s will slowly vanish, but for now I would still very much do it. The main downside is of course, that you’ll have multiple stores that are separated from one another when launching them with local TLD’s, and this means that your SEO strategy in particular have to be executed on a more granular level.

6. Local Logistics Partners

As a function of the rapid adoption of E-Commerce in the past decade, consumers expectations towards your service level have also sky rocketed. In the past years, the delivery times have been reduced exponentially on a year on year basis, now reaching a level where many brands have same-day delivery in certain markets. Having a one week delivery time is simply just not acceptable any longer, which is why it is very important to establish an adequate operational infrastructure from day zero. The good news is that most international courier companies now have established a global infrastructure which allows them to ship goods cross-border from one day to another, meaning that local storage for fast deliveries isn’t a necessity anymore. Large brands such as Zalando, The Hut Group, and others, fulfill a global demand from just a few warehouses globally. In fact, I’ve once worked for a brand which generated +£100 million in a country, without having any local storage our people situated in the country. The point here is that you can create an international e-commerce setup with just a few warehouses globally – even one is enough in the beginning – the only requirement is just that you find a 3PL partner which has good agreements with courier partners that can deliver to all your core markets within a short time period.

7. Local Customer Service

Having a customer service function which is localized for your core markets is very important to consider early on in your internationalization journey, in the markets where the average English language skills of your target customers aren’t very high. Of course, if your brand primarily targets English speaking markets, as well as markets where the target consumers on average have adequate English language skills (e.g., Scandinavia, Netherlands, Belgium, Switzerland, and the like) then an English speaking customer service agent can be sufficient. However, if you enter various different markets, where the target consumers don’t have adequate English language skills, then customer service agents for each of these markets will become important. If you are a part of a company which have limited capital, then it is recommended to use other functions internally for this work stream on an initial basis, where the “pressure” from the consumers isn’t very high. In case you have a Country Manager or Market Manager structure in your company, then these functions can manage the customer service work stream in the initially, whereafter local agents can be hired internally or externally when the amount of tickets / inquiries exceeds a certain level.

8. Local Campaign Strategy

A local pricing and campaign strategy can be crucial for your success when localizing, especially if you are internationalizing across multiple territories which are very different from a cultural perspective. Establishing prices for your product(s) / service(s) is more an art than a science, and the campaigns which you may be running from time to time will differ substantially if the markets that you operate in vary a lot.