Businesses of every size and from nearly every sector have had to adapt quickly and evolve their proposition as a direct result of Covid-19. From implementing completely new technology to overhauling their existing business processes, tactical decisions have been made so that companies can continue to operate. But how do you thrive, and not just survive in such a fast-changing and turbulent business landscape?
On Tuesday 26th January 2021 at 11am GMT, we set out to answer just that, hosting our first 2021 The Evolution Series event online – Turbocharge Your Ecommerce Growth. And it did not disappoint.
We know that consumer behaviour has shifted, with more people buying online than ever before in history. Retail businesses that have a well-established ecommerce offering are capitalising very effectively on this demand – and those that haven’t are being left behind.
It’s not just retail businesses that can capitalise on this opportunity. Just as we outlined in our recent insight, Business to Business (B2B) companies can also find new revenue streams online.
Firstly, it’s not just consumers that are demanding a more seamless digital experience – businesses are too. And there’s also an opportunity for B2B companies to look at selling Direct to Consumer (DTC), providing new ways to market.
To help explore these possibilities, Box UK spoke with industry leaders about how their focus on ecommerce and digital has shifted, including:
Working closely with his team, Benno inspires clients on their digital journey, ensuring together they develop exceptional software that is used by millions, disrupting industries and improving society.
Klarna’s revolutionary approach to customer experience has changed both the way consumers shop and has allowed Klarna to become the largest FinTech start-up in Europe.
During 2020 in what could have been considered challenging conditions for Groupon’s experience arm, Dan was promoted to Senior Director of Marketing after achieving outstanding results as the Ecommerce & Trading Director.
David is responsible for managing major IT systems and suppliers at OKdo, covering both B2B and B2C ecommerce, ERP, integration and delivering projects. Over the past 20 years he has held various roles across the B2B sector including software development, architecture, project management and delivery.
Key insights include:
Innovation is no longer a luxury, with Dan from Groupon explaining that many B2B businesses have had to pivot into the B2C space to ensure they are still winning during the pandemic. Sam at Klarna noted that beauty, loungewear, home and garden have all done particularly well during the pandemic. Klarna have had to change their strategy many times throughout, but their focus on what customers want has allowed them to shift and come out relatively successfully as we look towards exiting the pandemic.
Benno from Box UK explained that partnerships offer not only a fast-track to credibility with consumers, but also offer the opportunity to test and learn and to gain additional income for your business. However, the key to success is thinking about your end users’ needs and finding the right partners to help you on that journey. Sam from Klarna told us that you don’t need to go from 0 to 100 mph in a short space of time – start small with a series of partners you trust, iterate and invest more heavily at the point you feel you are ready and you understand your new B2C audience.
Sam from Klarna shared that research has shown that email is now the most trusted form of marketing communication. Are you using it as effectively as you can be? David from OKdo shared how having a strong website offering as a B2B company can reduce the need to compete on pricepoint – similar to how the B2C industry has operated for many years. Sam from Klarna noted that Klarna has always been mobile-first, unlike most of the traditional banking groups. This is a key differentiator for Klarna in its marketplace.
David from Okdo and Sam from Klarna talked about how customers’ expectations have risen dramatically over the past few years, with consumers now expecting their B2B customer experience to have been thought through as carefully as those of B2C consumers. A frictionless customer experience can make the difference and the importance of brand cannot be understated – but this has to come across in an authentic way with companies taking clear and decisive action to deliver against their causes. For example, Klarna has committed to being Carbon Neutral.
Benno shared that Box UK has seen many of their B2B clients move into the D2C space – it’s been a great time to look at the opportunity within your business from a fresh perspective. Sam from Klarna spoke about how McKinsey & Company have recently announced that online shopping has reached levels that weren’t predicted until 2025! Ecommerce is opening up significant new revenue streams for forward thinking B2B companies.
The evidence shows that a lot of the behavioural changes made as a result of restrictions placed upon us as individuals, and as businesses, are here to stay. The time is fast approaching to look at life beyond the pandemic, and it’s now time for organisations to establish their exit plan and turn those tactical solutions into long-term strategic ones. Building the right foundations now will help your business weather the storm of any potential economic downturn and set you up for long-term success.
Our team at Box UK are seeing the huge potential of ecommerce come to fruition for many of our clients and as experts in both the B2B and D2C spaces, we are very well positioned to support any business currently looking to maximise their sales and revenue growth through online channels.
We’re ready to help you with tried and tested process for rapid adoption already in place. Our turnkey solutions can help any business implement cost effective ecommerce solutions at speed. See how we have helped other businesses evolve, or contact us now to see how we can help you drive new growth through ecommerce right away.