The Importance of a Great Digital Merchandising Strategy
Digital merchandising refers to the process of promoting and selling products on a company's own website or online store. It involves creating and managing product listings, optimizing product pages, and implementing strategies to drive traffic and sales. A great digital merchandising strategy and execution can be the key to success in the digital marketplace.
As a business with over 40+ years of experience in retail, ecommerce, and business leadership, Seven-Nine Group is well-equipped to help customers build a meaningful digital merchandising strategy. Your team's foundation in strategic direction and process, as well as years of executional experience, can guide customers in identifying their specific needs and goals, and evaluating the most effective tactics and technologies for promoting and selling products online. Your experience working with private equity businesses in M&A and building teams and processes can also be valuable in implementing and optimizing a digital merchandising strategy for success.
The process of building a digital merchandising strategy with Seven-Nine Group may include an initial consultation to understand the customer's business, target audience, and goals; a review of the customer's current digital presence and merchandising efforts; and the development of a customized plan that includes recommendations for optimizing product pages, leveraging data and analytics, and implementing targeted marketing tactics. Your team can also provide ongoing support and guidance to help customers implement and measure the success of their digital merchandising strategy.
Ignoring digital merchandising can have significant consequences for businesses. According to a study by the ecommerce platform BigCommerce, businesses that prioritize digital merchandising saw an average conversion rate increase of 30%. Another study by the digital marketing agency Merkle found that businesses with a strong digital merchandising strategy saw an average conversion rate increase of 58%. In contrast, businesses that do not prioritize digital merchandising may struggle to drive traffic and sales and risk falling behind their competitors.
Optimizing product placement and ensuring that the right products are in the right place at the right time can be crucial in driving sales and customer satisfaction. This may involve organizing products into categories and subcategories, using visually appealing graphics and images, and including relevant and useful product information such as descriptions and customer reviews. Effective digital merchandising also involves leveraging data and analytics to understand customer behavior and preferences. This can help businesses identify popular products and categories, as well as identify opportunities to cross-sell and upsell related products. By using data to inform digital merchandising decisions, businesses can better optimize their product offerings and improve the customer experience.
Digital merchandising is an essential aspect of ecommerce and can play a key role in driving sales and building brand loyalty. By implementing a great digital merchandising strategy and execution, businesses can effectively promote and sell their products online and thrive in the digital marketplace.
