Part I: Spring 2024 eCommerce Technology Trends from a Buyer’s POV

The PeakSpan eCommerce Team had the opportunity to sit down with Andrea Moore, a seasoned professional with 20 years of experience in launching and scaling omnichannel businesses in the fashion and beauty industry. Andrea Moore was most recently Chief Digital Officer at NEST New York and has also held senior leadership roles at ALEX AND ANI, New York & Company and J. Jill.

Moore offered valuable insights into the current state of eCommerce and strategies for online retailers looking to grow their digital presence. Here are the top 10 takeaways from our discussion:

1. Top-of-Mind Awareness is a Priority: Consumers are being barraged by an ever-increasing roster of digital brands and, in turn, have become more distracted and less loyal to a single brand. Retailers are challenged to maintain top-of-mind awareness among shoppers. Targeted advertising and personalized messaging can help keep brands front and center for consumers. These strategies underscore the importance of building strong personal connections with customers through storytelling and community engagement.
2. Continuous Learning and Adaptation: Moore emphasized the importance of staying agile and continuously learning in the rapidly evolving eCommerce landscape. Keeping up with technological advancements and being curious about new strategies are critical to brands’ success in remaining relevant in a fast-paced digital environment. To best understand digital innovations and industry trends, Moore recommends that eCommerce leaders attend industry conferences, network with other professionals, and invest in ongoing education.
3. Understanding the Current Retail Environment: Macroeconomic conditions like elections and inflation will affect consumer behavior. Understanding cultural shifts and societal trends can provide retailers with valuable insights into consumer preferences and purchasing behavior. As such, it is paramount that retailers monitor these issues closely and be prepared to adjust their strategies accordingly.
4. Navigating Uncertainty in 2024: Looking ahead, Moore discusses potential challenges for retailers throughout the end of this year, including the impact of political events on consumer spending and media buying. Developing contingency plans and maintaining flexibility is crucial for retailers facing uncertainty. Moreover, fostering strong relationships with suppliers and logistics partners can help mitigate risks and ensure business continuity during unpredictable times.
5. Shift Towards Retention and Loyalty: As customer acquisition costs rise, retailers are increasingly focused on tools and strategies that encourage retention and loyalty. Moore highlighted the importance of leveraging technology to increase customer lifetime value. This can include implementing loyalty programs, offering personalized recommendations, and providing exceptional customer service. By prioritizing customer experience and satisfaction, retailers cultivate a loyal customer base and generate sustainable revenue growth.
6. Strategies for Driving Growth: Moore shared her insights into driving growth in eCommerce, emphasizing a) the importance of having an omnichannel presence, b) testing top-of-funnel tactics, and c) leveraging digital media to grow all channels. Retailers should prioritize initiatives that drive sales and contribute to sustainable growth and profitability. Fostering strategic partnerships and collaborations opens avenues for further growth and expanded market reach.
7. Exploring Top-of-Funnel Tactics: Moore discussed the range of top-of-funnel tactics, including Connected TV (CTV), TikTok, and influencer marketing, that can be effective strategies for brand awareness and engagement. By experimenting with these channels and measuring their impact, retailers can identify the most effective ways to reach new customers. Incorporating user-generated content and interactive onsite experiences into campaigns can enhance brand authenticity and resonance with target audiences.
8. Distinguishing between Nice-to-Have and Need-to-Have Technologies: Moore stressed the criticality of prioritizing technologies, emphasizing the importance of short-term goals and understanding the specific business problems that AI tools can solve. Retailers must carefully evaluate the ROI of new technologies and prioritize those that directly address their most pressing challenges. Additionally, fostering a culture of innovation and experimentation within the organization can accelerate the adoption of transformative technologies and drive competitive advantage.
9. Critical Tools in the Tech Stack: Moore highlighted the importance of retention and personalization tools in driving ROI and enhancing the customer experience. Investing in the optimal technology stack can streamline operations, improve efficiency, and ultimately drive sales and customer satisfaction. On top of functional technologies, leveraging data analytics and machine learning capabilities can uncover valuable insights that inform strategic decision-making and optimize business performance.
10. Effective Customer Acquisition Methods: From tried-and-true full-funnel marketing to emerging channels, such as TikTok and live shopping, Moore emphasized the importance of leveraging data to drive repeat purchases and customer loyalty. By analyzing customer data and behavior, retailers can identify the most effective acquisition channels and tailor their marketing efforts accordingly. Additionally, fostering a customer-centric approach and actively soliciting feedback supports retailers in refining their acquisition strategies and enhancing overall customer satisfaction.

PeakSpan Take: Given new challenges in attribution, driving a personalized experience has never been more challenging. Vendors like Stylitics (Personalized Digital Merchandising), Swym (Shopper Engagement), and Open Loyalty (API-first Loyalty Software) can help retailers adapt to a new world order and drive best-in-class customer journeys.

Additionally, investing resources into improving brand messaging and customer communication by leveraging identity resolution platforms and vendors like Cordial (Email and SMS Marketing Optimization), and Creatopy (Ad Design Automation) can help brands grab the attention of likely buyers and keep them coming back!

To learn more or to connect with the PeakSpan team for assistance, please contact the PeakSpan Capital eCommerce Team.