Ecommerce is growing exponentially as brands realize the need to invest in launching or enhancing their Direct-to-Consumer digital store fronts to meet new market demands. The COVID-19 pandemic drove, and continues to drive, consumers of all ages and economic backgrounds toward online shopping. In fact, online sales are forecasted to account for 21% of total retail spend by 2025 (Euromonitor). This affinity for ecommerce had been building for years, but has grown incredibly quickly as shoppers now appreciate the convenience of digital purchasing and have come to trust the ecommerce process.
Consumers are showing a strong preference for personalized ecommerce experiences, a trend which began before the recent surge in online purchasing. Personalization can be challenging for brands, but this approach has been shown to significantly increase conversions, reduce bounce rates, and foster greater brand loyalty. The key to successful personalization is to provide offers that are relevant and timely—and the underlying foundation for success is consumer and customer data.
Evaluating Your Brand’s Consumer Data Strategy
For brands that are investing in new or upgraded ecommerce systems, it’s a perfect time to evaluate their consumer data and lead sourcing strategies. The recent changes implemented by Amazon (sharing less customer data with brands) and proposed by Google (a cookie-less world) mean that many brands will lose data they had access to before, making lead generation and personalized marketing campaigns even more of a challenge. Gathering first-party data is becoming more imperative than ever as brands look for ways to offset the impending changes.
At the intersection of all these driving forces—personalization, first-party data and Direct to Consumer sales—is where Registria’s digital product registration and onboarding solutions provide another road to revenue for a brand’s eCommerce strategy.
First, by offering a well-crafted and value-added product registration experience to new product owners, brands increase the quality and quantity of first-party data available to them. Providing digital registration channels makes it quicker and easier than ever for consumers to provide their personal information using their smartphones or computers. This data can then be used to provide personalized experiences to customers. It is also a highly effective tool to facilitate a streamlined account creation experience during the registration flow.
Second, the onboarding experience can also become another direct sales channel direct sales channel to serve personalized offers and increase conversions when customers are already engaged and receptive. First-party registration data can be used across the organization to help the brand understand their customers in aggregate, leading to more targeted and personalized marketing efforts at scale. Additionally, this method also increases website traffic by directing new owners to the brand’s existing eCommerce platform for special offers.