Use these valuable insights to help future proof your business!
Commerce is constantly evolving and so should you! Shopify has recently undertaken an in depth look into the future of commerce to reveal many insights that will help online brands future proof their business. Read on to learn about some key areas of focus you should factor in at your next business planning session to make sure you are forging strong relationships with your customers built on trust and first-party data!
As I’m sure we’re all aware, the business and ecommerce landscape has been rapidly changing over the past few years, and we are promised even more change in the foreseeable future.
Shopify has provided some incredible research on the current commerce environment and recommendations for combatting some of these changes that will impact online businesses going forward.
If you’re on the go, skip down a few lines to quickly digest our 3 Highlights from the Shopify ‘Future of Commerce’ report worth imbibing. However, when you find yourself with a cuppa and a quiet moment, we would highly encourage you to check out their Future of Commerce report and delve a little deeper, so you are on the front foot in getting your business future ready.
3 Highlights from Shopify’s ‘Future of Commerce’ report
1. No more cookies…
Shopify states that Apple and Firefox already automatically block third-party cookies, and that Google has only confirmed it will delay this block until 2023. Going forward we will see huge changes in the way that social media platforms like Facebook, Pinterest and TikTok collect and report on on-platform ad data. Cookies will soon be a thing of the past and it’s up to the brands to be focusing on collecting data directly from their customers – first-party data.
This is your cue to understand how your business will be impacted by a cookie-less world and plan what you need to do in order to stay competitive in the market.
2. Privacy, privacy, privacy!
Consumers are exercising their privacy rights more than ever and governments are supporting them by bringing laws into effect that are forcing brands to have transparency around consumer data and its use. This has forced the biggest players in the online space to phase out the collection and distribution of third-party data.
This is your cue to assess how you are collecting and using data. It’s time to focus efforts towards first-party data to ensure your business is customer centric in its approach to building long term loyal relationships, and increasing your customer lifetime value.
3. Trust is becoming the biggest commodity!
With more consumer awareness around privacy, the efforts required by brands to earn consumers trust is increasing! It is more important than ever before to be focusing efforts towards collecting first-party data to engage with their customers and provide more personalised and transparent communications and experiences. But, it doesn’t stop there. Personalisation alone isn’t enough to build trust, according to Shopify; “Fifty-two percent of shoppers are more likely to purchase from a company with shared values”.
Image Description: Direct quote extracted from the Shopify Future of Commerce report emphasising the importance of shifting efforts towards a customer centric focus.
So there you have it, a very quick snippet into a comprehensive future of commerce report that’s worth the read!
We want to make sure that you, as a brand we represent, are ahead of the change and working towards collecting and owning better data.
Moving forward it is clear that the data you usually rely on for advertising will become less available. This means we have to become smarter about collecting data and rethink how we quantify online marketing success. Most of you have likely already heard from us in regards to Facebook no longer reporting accurately on conversion values, which we now know is no temporary issue that will be resolved. Now that we know that this is the future of data reporting, we encourage you to explore your options for first-party data collection.
Klaviyo is a great idea to foster customer sign-ups and collect first-party information. Another option is looking into software such as Wicked Reports to collect more accurate first-party data from your website traffic.
Please feel free to reach out to us if you’d like to discuss your options, or if you’d like any more info on the above.
You can also book a FREE and QUICK strategy call with us if you are unsure about how these changes might affect your brand, or what steps you should be shifting your digital marketing initiatives to help you future proof your business.
