Rethinking Brand in Light of Growing Digital Commerce

The necessity to reimagine brand for the digital era is explored in a new white paper from the global marketing intelligence business WARC. Marketers must now make do with less due to the reduction in brand-building expenditures. To produce this white paper, WARC gathered information and conducted interviews with notable CMOS. In addition to discussing how to utilize their restricted funds effectively, it discusses the issues of brand relevance and efficacy in the digital economy.

Unprecedented data on consumer behaviour and purchasing choices are made available by digital commerce. Digital transactions are used to gather information regarding time to buy, browsing habits, and add-to-cart rates. This offers a previously unheard-of degree of openness and authority to comprehend consumer behaviour and desires. This implies that marketers must understand how customers act online to create a successful brand.

Retailers invest in producing content accessible to a wide variety of demographics to stay up with the speed of digital commerce. They may now reach more clients online than ever, thanks to this. New frameworks for rapid and social trade are also emerging. Expectations from consumers are raising the bar.

Traditional consumer products firms have been compelled to reevaluate their operating methods due to the growth of internet commerce. As a result, these businesses must create an agile operating model focused on client demands and digital transformation rather than aiming to capture the future of online commerce using yesterday's operating model.

Companies must differentiate between what can be done internationally, regionally, and locally since digital competence is a limited resource. They must also determine which competencies they can develop internally and which they must outsource to other businesses. For instance, a multinational consumer products business may have to choose between concentrating its knowledge in the US and relying on external partners for international and regional markets.

While some businesses have seen growth year over year, others have struggled to keep up. As a result, brands must engage in a long-term acquisition plan since digital marketing costs are growing. In addition, customers are increasingly seeking companies that share their values and personalize the purchasing process. Many companies have updated their web presence to promote their beliefs in light of this. For instance, they emphasize sustainability and pure organic products, among other things.

Another crucial component of DTC's success is connecting with clients via social and digital media. Social commerce enables businesses to interact with consumers while preserving client lifetime value. Additionally, social interaction allows companies an opportunity to take back control of their future. Instead of conventional marketing tactics, a social commerce approach enables firms to exert unprecedented levels of influence over consumer interactions.