Drivers and Strategic Takeaways
The FMCG Guys Recap: Mastering the 2024 Ecommerce Marketplace with Mandy Critchley
Navigating the global retail landscape demands a holistic strategy that involves, and goes beyond, adaptability.
Mandy Critchley, Global Account Director at CommerceIQ, teams up with Daniel Torres Dwyer and Efrain Rosario of The FMCG Guys to explore the various facets and components of ecommerce—global and local ecommerce dynamics, internal structures, retail media, and the transformative influence of data analytics, automation, and Gen AI.
As we approach 2024, this podcast episode provides timely insights. Here were the top talking points (full episode here) –
1. Global and Local Ecommerce Dynamics
- There’s an active effort in understanding diverse ecommerce landscapes. For example, in some European areas, online grocery shopping predominantly occurs through mobile apps, a trend not as prevalent in other countries with different delivery channels. Brands need to tailor strategies to various regions’ ecommerce maturity and unique approaches.
- Internal team differences play a significant role in these dynamics. Companies face challenges in aligning resources within their internal teams across different countries. She advocates for a global framework with local adaptability.
2. The Evolution of Retail and Retail Media
- There’s an active shift towards online shopping and discounters, accelerated by the pandemic. Retailers are seeking more efficient online delivery methods, leading to collaborations like Aldi with Deliveroo.
- The proliferation of retail media is reshaping the landscape. Retailers are now generating additional revenue by acting as publishers, capitalizing on first-party data opportunities. As Instacart proved, this is a viable pathway to improve long-term profitability. Expect this trend to continue, with several retailers exploring building out ads capabilities internally or partnering with retail media networks to monetize first-party data.
3. Challenges in Data Utilization and Internal Org Structures
- Brands are actively struggling to effectively use and connect their data from various sources. Critchley emphasizes the integration of different data types, like digital shelf and SEO insights, to inform decisions.
- The need for internal structural alignment is pressing. Brands must break down silos across marketing roles and functions to ensure cohesive strategies. If you’re promoting an out of stock product, you’re not just wasting marketing dollars; you’re also delivering a poor customer experience, making repeat purchase less likely.
4. The Role of Data Analytics and Automation in Ecommerce
- Data analytics is actively forming the foundation of global brands’ strategies. This involves everything from benchmarking digital shelf positions to facilitating retail media.
- There’s a significant shift towards using automation and Gen AI for engaging product content. This shift moves from a static approach to a dynamic, real-time adaptation process.
5. Strategies for Success and Future Trends
- For 2024, the most important thing organizations can do is actively connecting data for a full-picture view and fostering team collaboration. Once that’s in place, its important to grow a test-and-learn approach for optimization. The blocker historically for testing-and-learning was that it’s just too difficult to measure impact! A connected source of truth helps solve that problem, encouraging more innovation in teams
- An emerging trend that’s worth focusing on is retail media networks (Critero, Citrus Ads), and solutions that measure true incrementality.
Listen to the full episode here!