Online direct to consumer (D2C) business models have taken center stage due to the pandemic and are gaining prominence with more consumers embracing e-commerce in the post-pandemic world. As a result, consumer product companies are reframing their online direct to consumer strategies to gain the upper hand in the new normal.
According to Quantzig, the extended periods of closure of brick and mortar stores due to COVID-19 increased online sales despite traditional routes to market failures. However, not all consumer product companies have capitalized on the new direct to consumer opportunity. Few companies are still analyzing opportunities to develop robust direct to consumer frameworks that will help them tackle the economic slump due to disruptions.
With online sales skyrocketing, it is evident that the current scenario has turned direct to consumer business models into a necessity more than an opportunity to grow. However, the pandemic-driven reality has helped uncover new reasons for consumer products companies to step up their direct to consumer strategies. With digital stakes expected to rise in 2021 and beyond, there couldn’t be a better time for businesses to reconsider their online direct to consumer strategies, says an analytics expert.
Get in touch with our advanced analytics experts if you’re looking to make an impact through advanced online direct to consumer strategies.
Even before the pandemic outbreak, a huge chunk of the revenue generated by consumer products companies was generated from online channels. This further grew two-fold post the pandemic, and hence leading consumer products companies are now realigning their online direct to consumer strategies to capture new opportunities and achieve their longer-term business goals.
With several companies looking to step up their online D2C game, Quantzig’s analytics experts offer insights into how businesses can reframe online direct to consumer strategies using analytics to uniquely position themselves to drive growth, market share, and sales.
Request a proposal to learn how investing in the right digital and analytics capabilities can help you become more customer-centric, value-driven, and competitive.
Deep dive into the opportunities and challenges
Launching online direct to consumer strategies has never been easy given the rising costs and competitive pressures in today’s technologically-inclined world. Implementing supply chain, data management, and data governance strategies are a few hurdles that consumer product companies must overcome, along with issues associated with privacy laws, consumer attitudes, and costs.
Notably, the crisis has accelerated three challenges that consumer product companies face to achieve success with direct to consumer business models, i.e., poor product choices, irrelevant consumer value propositions, and a limited understanding of creating lucrative channels.
How Quantzig can help
Consumers today are technologically inclined and better informed than ever before. This has set high expectations for companies to address their needs and demands at lightning speed. Quantzig’s advanced e-commerce analytics solutions can help you tackle this issue by establishing direct, data- and tech-driven two-way relationships between brands, consumers, stakeholders, and influencers. From e-commerce novices to well-established online retailers, our e-Commerce analytics solutions cater to clients with unique needs and support experiences, transactions, communication, and collaboration across multiple channels.
Our comprehensive portfolio of e-Commerce analytics solutions offers complete visibility into customer needs and enables businesses to identify categories that are likely to succeed in the long run.
Learn more about our analytics solutions and its benefits by requesting a free pilot project.
Our e-commerce analytics solutions can help businesses to:
- Drive revenue in traditional channels by offering detailed and rich consumer insights
- Boost brand equity by improving customer experience and engagement across multiple touchpoints
- Customize the value proposition and expand the market footprint and diversity of the customer base
- Innovate and grow by testing new products without compromising on the shelf space and product availability
- Reduce marketing costs and improve margins by avoiding cross-brand promotions
Gauge your analytics maturity and embed BI into platforms
As consumer products companies move into the next phase, their ability to transform digitally, invest in technologies such as AI and ML, optimize the use of BI and analytics, and improve customer satisfaction will come under the radar as key differentiators, which will enhance their resilience to withstand market disruptions.
But competing in the e-commerce space requires businesses to implement a dedicated and agile online D2C operating model. While there is no one-size-fits-all approach for creating winning direct to consumer strategies, mastering the following disciplines is critical, irrespective of the model you choose.
- BI and analytics
- Rapid response and innovation
- Consumer-centric mindsets and skills
With consumers rapidly adapting to online shopping, businesses getting their direct to consumer strategies right could be in a better position to achieve their long term goals. Learn more.
How Quantzig can help
COVID-19 has certainly accelerated some direct to consumer initiatives paving the way for new ones that wouldn’t have been brought to light in normal circumstances. Consumer-centricity, product innovation, customer experience management, and robust, smart operating models are crucial to succeed in the post-COVID world.
To help businesses unlock profitable growth and success, Quantzig has developed focused business intelligence and analytics solutions that combine data mining, reporting, and advanced analytics to turn data into actionable business insights that aid in crucial decision-making, streamlining, and optimizing business processes.
Our BI and analytics capabilities can help consumer products companies to:
- Leverage custom KPIs and metrics to track online growth and profitability
- Implement dashboards to track real-time scenarios and make crucial decisions
- Embed analytics into crucial decision-making processes
- Develop strategies to ensure access to relevant data across the organization at pre-determined times and maintain well-ordered functioning