SUMMARY
By focusing on Net Contribution Profit, you're not just tracking sales; you're understanding the true cost and benefit of each transaction
TV ads, especially remnant ones, are making a comeback as a powerful tool for brand growth.
Customer Experience (CX) is no longer just a buzzword; it's a crucial strategy for brand retention and growth
Remember when sales numbers and website traffic were the only ways we could measure our performance in ecommerce?
But that’s all going to change in 2024.
It’s time to look beyond the surface and dive into strategies that truly measure and drive growth. As someone who’s navigated the ecommerce waters for years, I’ve seen how easy it is to get lost in vanity metrics.
Let’s explore three pivotal strategies that are reshaping the ecommerce landscape in India.
The Real Deal: Understanding Contribution Profit
Gone are the days when Customer Acquisition Cost (CAC) and Return on Ad Spend (ROAS) were the only metrics that mattered. Now, it’s all about Net Contribution Profit.
This approach considers every expense, giving you a complete picture of your profitability.
By focusing on Net Contribution Profit, you’re not just tracking sales; you’re understanding the true cost and benefit of each transaction.
This leads to smarter financial decisions and a more accurate assessment of your brand’s health. Brands focusing on Net Contribution Profit have reported up to a 20% more accurate understanding of their financial standing.
The Underrated Power Of TV Ads
TV ads, especially remnant ones, are making a comeback as a powerful tool for brand growth.
While digital is king, don’t overlook the impact of TV ads. They can significantly boost your brand’s presence and even enhance your digital campaigns.
With some brands seeing a 3-4x budget increase within 18 months of using TV ads, it’s a channel worth exploring.
Statistics show that TV ads can increase brand search traffic by up to 80%, demonstrating their far-reaching impact.
Customer Experience: The Game Changer
Customer Experience (CX) is no longer just a buzzword; it’s a crucial strategy for brand retention and growth.
Investing in CX isn’t just about resolving complaints; it’s about shaping every interaction your customer has with your brand.
A strong CX strategy can lead to higher retention rates and a more loyal customer base. Companies focusing on CX have seen customer retention rates improve by as much as 25%, and customer satisfaction increase by up to 30%.
Conclusion
As we embrace the new era of ecommerce in 2024, remember that the key to success lies in evolving with the times. The strategies we’ve discussed are not just pathways to growth; they are transformative tools that can redefine how we perceive and achieve success in the digital marketplace.
By focusing on comprehensive profitability, exploring diverse advertising avenues, and prioritising customer experience, you’re not just running a business; you’re building a brand that resonates deeply with your audience.
So, let’s step forward with confidence, armed with these insights, ready to make 2024 a landmark year for your ecommerce journey. Here’s to embracing innovation, driving impactful growth, and setting new benchmarks in the Indian ecommerce landscape!
Here’s to a year of smarter strategies and stronger growth!
