The future of commerce is being built all around us, and while so much of the industry changes on a daily basis, there are still some fundamental truths that anchor brands and allow them to find success in the digital and retail worlds. On this roundtable episode of Up Next in Commerce, I got to dig into exactly what those foundational elements are with Mike Black, the CMO of Profitero, and Diana Haussling, the VP and General Manager of Digital Commerce at Colgate-Palmolive.

This was such a great discussion that touched on so many different topics that brands big and small should be paying attention to. For example, what are the three key levers that influence ecommerce sales? How should you be developing KPIs that will actually mean something and lead to more profitability and growth? Why is omnichannel the way of the future and what channels should companies be investing in? Mike and Diana have the answers, which they have gathered through long and impressive histories in the ecommerce world — Mike worked at Staples and Nielsen, and Diana has held roles at places like Campbell’s, General Mills, and Hersheys. These two really know their stuff and they were so much fun to talk to. I hope you enjoy it as much as I did!  

Main Takeaways:

• Pulling the Right Levers: There are three basic levers that influence ecommerce sales: availability, findability, and conversion tactics. If you can’t ensure that you reliably have products to offer people, that those people have an easy way to find the products, and that they are given reasons to actually make a purchase, you won’t be able to grow or increase profits.
• You Reap What You Sow: Being a first-mover on any platform is one of the investments that has the highest potential payoffs. Companies that took Amazon and Instacart seriously from the get-go have created a huge advantage for themselves in the ecommerce space. By having a head start in one place, you also free yourself up to explore elsewhere while your competition tries to keep up in the first spot you’ve already dominated.
• You Want Them to Want You: As a brand, you have to firmly establish a value proposition to present to customers, especially when you are trying to extract information or gather data about them. Give customers concrete reasons to want to engage with your brand and earn their trust so that they are more likely to keep coming back. Then use the data they give you to provide even better experiences and products over and over.

For an in-depth look at this episode, check out the full transcript below. Quotes have been edited for clarity and length.

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