Brands are missing out on revenue opportunities


Brands are missing out on revenue opportunities

Even before the global pandemic, the online grocery channel was experiencing a strong upward trend, changing the way shoppers purchased their groceries. After COVID-19 and the limitations of lockdowns, isolation, and stock levels, online grocery sales skyrocketed and changed the future of shopping.

What matters to shoppers now has changed, and very deliberate purchasing decisions are now made.

As a result, brands are missing massive revenue opportunities.

Why? Put simply, the online grocery experience doesn’t match the way shoppers want and need to shop.

Health and wellness is the single most powerful shopper force of today, with 48% of global shoppers stating that they make proactive health and wellness choices on a regular basis. Many of today’s shoppers follow a specific diet for allergen, intolerance, or lifestyle reasons including coeliac, vegan, nut free, dairy free, and many more.  

Shoppers want a personalised online experience that enables them to search for products with ingredients that match their needs and preferences. In fact, 77% of global shoppers expect product labels to be more specific and transparent. Unfortunately, brands are not meeting shopper needs. Brands are not optimising their product listings with the additional product attributes that shoppers are searching for and, as a result, brand loyalty is diminishing and sales are being missed. 

What can brands do? 

Below are three specific actions that will help brands win on the digital shelf and claim their missed revenue opportunities.  

1. Measure how complete and accurate their product content is. 

Before anything, brands need to understand the completeness of their product content today by asking themselves: 

  • What is my product content score? 
  • Where are the gaps in my product content? 
  • How can I improve? 

By understanding the strengths and weaknesses of product content, brands can acknowledge what key product attributes are missing and quickly identify the next steps to improve content for shoppers.   

2. Utilize the full range of product attributes available for B2C content 

Brands need to go beyond the pack and tell their brand story by optimizing and enhancing the full range of product attributes available in order to enrich the product information delivered to shoppers, driving discoverability and improved SEO. To stand out from competition, brands need to highlight product information around their brand marketing, sustainability, and legislative initiatives.  This is an opportunity for brands to react quickly to the market and make changes to their product content to comply with legislative changes, as well as create unique product content to help differentiate their brand. 

3. Personalize the shopper’s experience 

Brand must utilize enriched product data and a broad range of data attributes sourced from a product to underpin e-commerce interaction and navigation. By leveraging the breadth and depth of data available, brands can simplify the shopper journey through enabling category- specific filters and improve shopper loyalty by personalizing the experience. 

Clearly, there is a massive opportunity for brands to increase revenue and generate brand loyalty from shoppers by not only providing a product that suits their needs, but providing an online shopping experience which is simple, quick, and easy to use. 

Download NielsenIQ Brandbank’s new report below to learn how you can respond to the shift in shopper behavior and maximize revenue opportunities.