Welcome to our latest blog post, where we share key insights from a recent roundtable discussion at the E-commerce Berlin Expo. This discussion featured a diverse range of e-commerce experts, each offering their unique perspective on how businesses can stay ahead of the competition in the fast-paced world of e-commerce.
You can watch this particular episode here, or all of them on our YouTube channel.
1. Invest in Your Brand and Product
Matthäus Michalik, Co-Founder and Managing Director at Claneo, emphasized the importance of investing in your brand and product. In a landscape teeming with e-commerce companies, becoming a recognizable brand can provide a significant competitive edge.
2. Understand Your Customers and Leverage Data
Alexander Holzknecht, Chief Commercial Officer at Motatos, highlighted the importance of understanding your customers. Don’t shy away from asking the tough questions to understand what your customers like and dislike about your business. He also stressed the importance of being on top of your data, as it’s nearly impossible to survive in the e-commerce landscape without leveraging data.
3. Prioritize Profitability and Quality
Nils Schönburg, Head of Digital Marketing and E-commerce at Paul Hewitt, suggested that businesses need to control their profitability by bringing marketing and finance together. Knowing your margins and how much you can spend while remaining profitable is crucial. He also emphasized the importance of offering a high-quality product that users will love.
4. Stay Innovative and Follow Market Trends
Dr. Pascal Volz, Managing Director at fischerAppelt, and Anna Graf, Innovation Lead Web3 at Arvato Systems, both stressed the importance of innovation and staying on top of market trends. Businesses need to differentiate between fleeting fads and lasting trends, and find ways to exploit these trends before their competitors do.
5. Focus on Your Strategy
Jens Brämer, Managing Director at Eventim Tickets, advised businesses to focus on their strategy and not get distracted by what competitors are doing. Following your own ideas and strategies can lead to first-place finishes.
6. Understand Your Business Model
Dr. Armand Farsi, Head of DACH and Connected Commerce at Fanatics, highlighted the importance of understanding your business model and how it can create a competitive edge against your competitors.
7. Innovate and Streamline Processes
Norman Nielsen, VP of Growth at Omio, suggested that businesses need to innovate more and get rid of old structures and processes. Using AI to streamline content production and improve productivity is one way to do this.
8. Invest in Customer Experience and Brand Purpose
Robert Hein, an e-commerce expert, believes that investing in customer experience and brand purpose is key to staying ahead. A brand with a clear purpose and a unique selling proposition can differentiate itself from the competition.
9. Know Your Competitors
Matthieu Chouard, Chief Revenue Officer at foxintelligence, emphasized the importance of knowing your competitors, their growth strategies, the channels they use, and the new products they are selling.
10. Focus on the Customer
Emmanuelle Buchs, Senior Partnerships and Affiliates Manager at tails.com, advised businesses to focus on the customer rather than the competition. By understanding what the customer needs and wants, businesses can stay ahead instead of merely copying what the competition is doing.
In conclusion
Staying ahead of the competition in e-commerce involves a multifaceted approach that includes investing in your brand and product, understanding your customers, leveraging data, prioritizing profitability, offering quality products, staying innovative, focusing on your strategy, understanding your business model, and knowing your competitors. Above all, focusing on the customer is key to staying ahead in the competitive world of e-commerce.
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