Good Friday Morning,
Here’s a friendly reminder for you to stop sulking & get out of your bed all energized ‘cos:
a. It’s Friday
b. It’s the last Friday of this quarter
It’s time to buckle up & end the quarter on a high 🤗
And with that motivation, check out this week’s retail & marktech’s updates:
In today’s edition:
Facebook Inc. is adding new shopping tools to its platforms, including visual discovery on Instagram. The company is testing a new search function, powered by AI, to help users find similar products
To help shoppers get a better feel for the fit of a product before they purchase, Instagram is making it easier for brands to create AR try-on experiences in Shops through new API integrations
Facebook said it is investing in immersive technologies like augmented reality and artificial intelligence that will be the foundation for the way customers shop online going forward. New visual discovery tools on Instagra will help shoppers find new products, and AR experiences help shoppers visualize items before buying.
The company is introducing new Shops ads solutions that provide unique ads experiences based on people’s shopping preferences. For example, Facebook is testing the ability for businesses to send shoppers to where they are most likely to make a purchase based on their shopping behaviour, such as curated products that a usermight be interested in from a Shop or a business’ website.
Loyalty & CRM
The beauty brand ecosystem relies heavily on media clout to retain supremacy and relevancy in the market. But with issues like GDPR, CCPA and Google’s plans to block third-party cookies on its Chrome browser by 2022, the traditional modes of marketing and advertising via lookalike modeling are threatened.
As a solution, companies like Maybelline, E.l.f. Beauty, Glow Recipe and Kiehl’s have developed loyalty programs as a means of gathering and encouraging first-data sharing while simultaneously reaffirming value to their customers.
Maybelline spent $227 million on advertising in 2019, but pulled back in 2020 to $102 million based on Kantar data. Despite the pullback, Maybelline has to capture more first-party data and understand the end consumer in order to remain relevant. To do that, Maybelline launched a rewards program called Maybelline Express in Nov. 2020. This has helped them own the connection with their consumers and personalize experiences, and become less reliant on third-party media companies.
E.l.f Cosmetics has over 2.5 million members, a relatively healthy size for a single pure-player company. Information from the five-year-old loyalty program helps expand the brand’s SMS text message marketing, personalize product recommendations on its DTC e-commerce and form the bedrock of its lookalike audiences. E.l.f Cosmetics is aiming to build out its own media-style platform native to its e-commerce to more directly engage with customers and therefore create its own continuous data ecosystem.
There's only one golden rule of marketing; to sell more, always focus on existing customers🤝🏻
There’s no doubt that focusing on customer retention and repeat sales is crucial for all businesses. This has been proven especially during the lockdown where businesses were able to sustain themselves due to repeat sales. Majority of the retailers observed high growth in repeat sales contribution during the lockdown indicating the importance of focusing on existing customers.
Moral of the story: Never ignore your existing customers
Download the report here to learn more such insights from the lockdown 2021.
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That’s all for today folks. Hope you liked today’s edition.
Stay in & stay safe :”)