Insights From 2022 E-Commerce Summit

Did you miss out on the 2022 E-Commerce Summit?

Hosted by The Australian in conjunction with Australia Post, the live-streamed event brought a who's who of retail specialists from around the country as well as some international guests.

There were some fantastic statistics presented from Australia Post, including that 9.2 million households purchased products online in 2021. This works out to be four in five Australians. It equates to more than $62 billion.

But it wasn't just all about how much Australians spent. There were some valuable insights for businesses to take away and incorporate for the years ahead. Here are the most vital ones that you need to know.

Experience Matters

One of the common themes amongst all the speakers at the 2022 E-Commerce Summit was that businesses need to provide good experiences everywhere the customer goes. The President of Shopify, Harley Finkelstein, said that the most successful brands would know what to sell to who and where.

He went on to say that in three to five years, talking about having an omnichannel experience will be like bragging about having a colour TV. It will become the default. The Managing Director of Big W, Pejman Okhovat, echoed this and said customers would choose how and where they buy products. The role of the store is to facilitate them.

Personalisation is Vital

Another common talking point was the subject of personalisation. Many brands have already started offering tailored experiences, whether it's offering recommendations based on previous purchases or sending newsletters curated for the buyer.

Jo Horgan, Founder and Co-CEO of Mecca Brands, described how they're focussing on personalising their digital experience. They will provide one type of website for their 12-year-old customer and a different one for the 80-year-olds who buy online. This includes everything from how they present products to educational content that's displayed.

The Importance of Social Media

Many speakers at the 2022 E-Commerce Summit spoke about how customers expect you to be everywhere, and this includes social media. They discussed that your business needs to be where they and that includes providing the ability to buy products. It also needs to be a seamless experience.

Their listeners don't want to jump from platform to platform to buy products. Purchasing directly from the app while listening to their music is a much better experience.

Customer Expectations are Changing

While buying behaviour has changed, so has the customer expectation. They want the entire purchase journey to be seamless from end to end as well as proactive and transparent communication. Shoppers also want options so they can choose how they want to interact with your business.

Many top brands at the 2022 E-Commerce Summit were asked about what the gold standard is for parcel delivery for customers. The response was unanimous. It was about listening to customers and providing them with what they wanted. Some prefer to click and collect, and others are fine with same-day or next-day delivery. There are even buyers who just want to know the product is in stock at their local store so they can pick it up. However, it's crucial to continue listening to them so you can continue to keep up as their needs change.

Getting Fulfilment Right is Vital

All the speakers at the 2022 E-Commerce Summit agreed that one of the most critical components of the entire customer journey is fulfilment. Brands such as Woolworths and Officeworks recognise how important it is and are investing in hubs throughout the country to keep up with consumer demand.

Australia Post said it best. Customers want to know when their parcel will arrive so they can plan accordingly. Providing this experience will be needed to build loyalty and retain more buyers long-term. This will be vital as third-party cookies are phased out, and retargeting customers will become more difficult. Brands will need to turn their attention to retaining their shoppers instead of spending more money to acquire new ones.

But not all brands have the funds to build fulfilment centres around the country. Fortunately, there is the Interparcel Branded Tracking portal that you can customise to match your business. It lets customers know when the parcel has left your hands and arrived in theirs. The best part is that it's free to use. Find out more about the Interparcel Branded Tracking portal here.