Drive e-Commerce Growth in Asia with the Right Strategy and Metrics
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Presented at French Chamber of Commerce & Industry event in Hong Kong on Jan 15th, 2014, covering the following: • How the e-commerce landscape and consumer behavior are rapidly evolving in Asia with a special focus in China • What are the opportunities and challenges in building a strong e-commerce business • Design the right e-Channel strategy for your Brand • How to grow e-commerce sales by driving traffic, improving conversion and customer retention?
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Drive e-Commerce Growth in Asia with the Right Strategy and Metrics
- 1. E-Commerce in Asia How to drive profitable growth Charles Chan, Founder & Managing Director of CLEARgo Presented at The French Chamber of Commerce and Industry in HK Jan 2014
- 2. About CLEARgo The Brand eCommerce Agency that delivers eCommerce success for clients PLAN BUILD GROW E-Business Strategy Online Branding, User Experience & Technology Performance Marketing, CRM & Conversion Optimization
- 3. On 2013.11.11 Over RMB100 million in sales during the 1st minute
- 4. RMB 35 billion sales at Taobao & Tmall in one day on
- 5. 11.11 is a lot bigger than Cyber Monday & Black Friday Sales In Billions Alibaba’s Singles’ Day Sales U.S. Cyber Monday and Black Friday Sales* $6 $5 $4 $3 $2 $1 2009 2010 2011 2012 2013 *Non-travel (retail) e-commerce spending excludes auctions and large corporate purchases Source: BCA Research, Alibaba Weibo, Comscore, Bloombery Industries, U.S. Global Investors
- 6. China is already the #1 online retail market in value & penetration, with momentum that’s expected to continue
- 7. Retailer should no longer ignore online as its % of retail grows
- 8. The stages of eCommerce varies significantly for different countries in Asia Pacific • Nascent – India – Still tiny now (less than 1% compared to China), but expecting rapid growth (over 50% CAGR for next few years) • Ascending – China – Already huge in size, and is still growing rapidly • Mature – Japan, Korea, Australia – Reasonably large eCommerce markets but growth has slowed down
- 9. You know there is opportunity in tapping to eCommerce, But HOW?
- 10. First, deciding on the eCommerce Channel Model brand.com mall-operate branded store brand-operate marketplace store authorized online distribution
- 11. In China, eCommerce has been marketplace driven
- 12. Tmall and the rest
- 13. Horizontal and Vertical eCommerce Platforms Horizontal Platforms Luxury Cosmetics Consumer Electronics Media Grocery Private Selling Fashion
- 15. Coach closed its online flagship store in Tmall only one month after it opened, and shifted to sell in its brand site instead
- 16. Olay has flagship stores in almost all platforms except brand.com
- 17. The luxury divide on brand site and marketplaces Brand Site Official eCommerce presence No Official eCommerce presence
- 18. So which channel is right for you? Brand.com Brand Image Control Demand Capturing CRM/Loyalty Integration Data Ownership Setup & Operating Cost Operations Complexity Brand Operate Store @ Mall Mall Operate Store @ Mall Distribution Only
- 19. To Sell in Tmall - Do you have a Chinese entity already? Have you registered and trademarked your brand already?
- 20. Tmall now allows foreign brands to setup without local entities and sell to Chinese consumers as cross border transactions
- 21. A few things you need to know about setting up your eCommerce operations in China
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- 23. Payment methods in China Alipay, China UnionPay, Direct Debit, etc Most people don’t have credit card and are unable to pay non-RMB transactions
- 24. “Fapiao” – not just an official invoice This is how local Government keeps track of your Value Added Tax (VAT)
- 25. Customer Service – Live Chat Hotline & Live Chat for both Pre-Sales & Post-Sales is a must in China AliWangWang is the standard Live Chat platform for Tmall & Taobao
- 26. Warehousing, Fulfillment & Delivery A range of domestic and international providers Service quality from domestic providers still varies but improving Amazon Fulfillment Service
- 27. In-house vs. Outsource Outsource some or all aspects of the puzzle Merchandising & Inventory Mgmt Customer Care Store Management Marketing & CRM Order & Fulfillment Management eCommerce Technology
- 28. You now have your eCommerce presence, Customers will come?
- 29. In the offline world, it is all about Location, Location & Location In the online world, it is all about Search, Search & Search
- 30. Get Exposure & Be Found E-DM Directory Search (SEM/SEO) Display Ads Brand eCommerce CSE Product Search Affiliate Marketing Social Media
- 31. The Keywords Traffic Drivers & Customer Acquisition Cost (CAC)
- 32. Once you get a potential customer into your shop, the key is to get them to make purchase
- 33. Key Factors that determine conversions Overall Site Usability & Speed (Recommendations) Product Reviews Cross Selling & Up Selling Product Display In-Site Search & Filters Pricing & Promotions Product Content Checkout Process & Payment Shipping Fee & Delivery Time Cart Abandonment
- 34. The Keyword Conversion Rate & Average Order Value (AOV)
- 35. Typical Customer Database of an Online Store after a while Best Customers Repeat Customers Business Value Churned Customers One-Off Customers Non-Activated Members Size of your Database
- 36. Improving e-Commerce Profit through moving customers to profitable life stages New Member (Subscriber) First Purchase Repeat Purchases Best Customers Churned • On-boarding series • Welcome discount • 1st purchase push • Browse retargeting • Newsletter • Post-purchase Cross-Sell / Up-Sell • Browse Retargeting • Repurchase Alert • Newsletter • Best customer • Post-purchase care & reward Cross-Sell / Up-Sell • Review Solicitation • Loyalty Update • Browse Retargeting • Member-getmember • Repurchase Alert • Loyalty Update • Member-get-member • Newsletter • Win-back Offer Series
- 37. The Keyword Repeat Customers & Customer Lifetime Value (CLV)
- 38. eCommerce Metrics Sales Revenue & Profit # of Orders Inventory Turnover Ratio Traffic Drivers Conversion Customers Cost per Visit Qualified Visits Unique Visitors Channel Attribution Conversion Rate Average Order Value Cart Abandonment Rate Customer Acquisition Cost Customer Lifetime Value RFM (Recency, Frequency & Monetary) Net Promoter Score
- 39. 11.11 – the date that takes months to get ready
- 40. How Chinese sellers are preparing for 11.11
- 41. Summary 1 Develop an e-Commerce Channel Strategy 2 Understand the Chinese online purchase behavior and habits 3 Setup a suitable Operations & Organizational Model 4 Build Traffic, Optimize Conversions, Acquire & Grow Customers
- 42. THANK YOU for your time & attention For more information, please contact: Charles Chan charles@cleargo.com +852 9470 6088 http://www.cleargo.com
Notes de l'éditeur
- Olay sells in almost all platforms but it lacks consistency in promotions and pricing
- There are many metrics that aneCommerce business needs to constantly monitor.At the top line, obviously you look into revenue and profit, and number of orders.Inventory turnover ratio is also an important metrics, it measures the liquidity of your inventory. A high ratio means your business is efficiently managing and selling its inventory. The faster inventory sells, the less cash company would tie up in stock. In contrast, a low ratio can mean you are holding up obsolete inventory that may be difficult to sell. You will need to examine further and plan what to do to move the stock again.On the traffic driver side, you would measure cost per visit, qualified visits, and so on. But the most important aspect is the channel attribution, which let you understand the role and true effect of each traffic source, instead of just the last click conversion. Two other metrics we mentioned earlier are the conversion rate and average order value. The cart abandonment rate is also an important measure on the effectiveness of the site.On the customer acquisition side, the customer acquisition cost and customer lifetime value are the most an important metrics in this aspect. The traditional RFM, which is Recency, Frequency and Monetary, are also useful metric to segment your customer. At the end of the day, customer satisfaction is also critical, especially in the social world full of reviews in your site and offsite, you shall also measure the Net Promoter Score in this front.