WITH the pandemic going on for over a year, almost everywhere we see merchants having preference for “non-contact payment”.
And we see this mode of payment staying. The motivation to reduce physical contact with others and on external surfaces is affecting the way consumers make their purchases.
In Malaysia today, 67% prefer to use of credit and debit cards and mobile payments over cash, up 2% versus April 2020 (source: Kantar Covid-19 Barometer Malaysia Wave 9).
Digital payment also reduces the need to locate an ATM for cash withdrawal which bears other moments of exposure: from the trip, panel on the machine and even the cash itself. Additional features rolled out by e-wallet developers also provide more reasons for consumers to prefer digital payment.
The silver-lining in this pandemic-accelerated shift to e-wallet and the ease of transactions using digital payments? eCommerce boom and loyalty to brands?
The positive signs (pun not intended) are everywhere: digital economy doubled to about 19.1% as reported by Bank Negara; grocery retailers are booming with especially with more prevalent stocking and upsizing behaviour; and, saving up for and shifting to high-ticket items to reward one’s self.With people spending so much time on digital and mobile devices, our partner Marketers have asked us “is there a way we to compare the Brand impact of paid digital media across platforms”, “how do we choose the right creative asset for the right digital environments” or “how do I optimise my assets in a very cluttered eCommerce environment.”
Kantar developed Context Lab for eCommerce for these kinds of challenges, which allows marketers to understand the effectiveness of content in specific digital contexts before a campaign goes live. With Context Lab for ecommerce, we are equipping Marketers with early learning about which creative works best in which context, allowing to only invest behind the most effective brand asset in the right digital platform.
In eCommerce, getting the right content is even more critical, especially in an environment where you need to have not just the most attention-grabbing visuals, but also product description, positioning, to name a few decision points.
eCommerce ecosystems have started to consolidate to give consumers an even seamless experience. Three of the most notable are:
1) Social eCommerce where social media platforms like Facebook and TikTok have begun integrating shopping in their ecosystems
2) Shoppable ads that allow for easier and faster “click and buy” – straight from their exciting ads
3) New routes to conversion like livestream selling where conversions levels have increased 30%!
As consumers of eCommerce alike, we’ve all been exposed to how platforms like Amazon, Lazada or Shopee, to name a few, can be especially exciting (and challenging) to navigate. How can Marketers optimise their presence?
Context Lab for eCommerce designed for agility. With Context Lab for eCommerce, we can optimise the performance of brand assets in eCommerce. Fundamentally, it empowers Marketers with the following:
1) Learn how content or Brand page is performing in an e-commerce environment
2) Understand which variables matter the most to create an impact: positioning, content, reviews, etc.
3) Analyse how Brand assets impact in the upper and lower funnel metrics (e.g. Awareness vs Conversion)
4) Track consumer journey to optimise the brand experience
Our technology allows to create different scenarios in a real eCommerce environment and tracking consumers’ behaviour throughout the journey as illustrated below.
Equipping Marketers with critical eCommerce data to make the right decisions. With the ability to track consumer behavior inside an eCommerce platform, Marketers will now be more equipped to make confident decisions as to which Brand assets will perform best from upper to lower funnel conversions, and everything in between. At each stage, more robust data is not available to Marketers to make the necessary calibration such that the consumer journey will be seamless, and the experience is more impactful.
The ever-changing ecosystem of digital will constantly challenge what we think we already know, and we may be proven wrong, and that will be a costly mistake.
Knowing how your campaign will perform or is performing in-market will give marketers valuable insights to make the right decisions.
This is where Kantar Marketplace (https://www.kantar.com/marketplace) can be of help. Kantar Marketplace is an automated research platform designed for insights professionals, marketers and agencies who want to test, learn, and move fast. It is the only market research platform with solutions that have been independently validated to predict sales and brand growth. Context Lab is one of the solutions in the platform among many.
For more of Kantar and how we can help you grow your brand in eCommerce and beyond, contact us MC.Lai@Kantar.com or MarkGabriel.Chaves@Kantar.com.
Kantar is a Knowledge Partner of the Digital Financing: Powering a Ca$hless Economy Live Virtual Conference that will be held on June 22 and 23 in commemoration of Star Media Group’s 50th Anniversary. Visit bit.ly/stardigifin to register.