Christina Elmark, Head of the E-commerce section at the Brand Leadership Community, shared her thoughts on the challenges and opportunities in the current economic landscape.
Jomar and Christina touched upon various aspects, from growing market share to the importance of customer-centric strategies.
Seizing Opportunities in a Challenged Economy
Christina highlighted a prevailing concern among brands: how to grow market share in a downturn. Despite the challenges, she emphasized that it presents an opportunity for smart and strategic moves. According to her, growing market share is often more achievable during economic downturns, provided companies are wise in allocating their funds.
“You really need to be smart about how you spend your funds and how to increase and get the most out of what you’re spending the money on,” Christina emphasized.
Customer-Centric Focus in the Spotlight
The conversation shifted to the enduring relevance of a customer-centric approach. Christina emphasized that, now more than ever, consumers are becoming expensive to reach through traditional advertising channels. Instead, the focus has shifted to customer loyalty and retention. Understanding what customers want and when they want it has become crucial, necessitating a strong connection with the customer base.
“Consumers are becoming too expensive to buy through advertising. Customer loyalty is getting more focused on retention. So you really need to know what your customers want and when they want it. It’s going to be crucial that you have a really good connection to your customers,” she stated.
The Role of Data in E-commerce Strategies
A pivotal point in the interview was the role of data in shaping effective e-commerce strategies. In a world moving away from cookies, where customers willingly share data through brand portals, the importance of data cannot be overstated. Christina acknowledged the challenges in accessing and utilizing customer data but emphasized its critical role.
“You can’t really know all your customers without using data. So data is going to be crucial. I mean, to have access to your customer data and to be able to use it is not going to be easy, but it’s going to be very important,” she noted.
Looking Ahead to 2024
As the conversation touched upon economic outlooks, Christina remained cautiously optimistic about the year ahead. Reflecting on a challenging 2023, she expressed hope for a positive turnaround in 2024. The interview concluded with an invitation to the E-commerce Jam Session, scheduled for the 22nd of February at Precis Digital in Copenhagen.
“Fingers crossed 2024 will be a good year or a rebound year for many of us, for the industry,” Christina remarked, extending an invitation to the upcoming event.
In a rapidly evolving e-commerce landscape, Christina’s insights provide a roadmap for brands navigating the complexities of a challenged economy, emphasizing the importance of strategic spending, customer connection, and data-driven decision-making.