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5 Key Market Insights learned from the Barcelona E-Commerce
Late May I participated in the Barcelona E-Commerce Summit. It was a great event with hundreds of companies attending from across the continent. They shared challenges and achievements. I was able to learn a lot about the future of this rapidly evolving domain.
Here are the 5 key market insights learned:
- Europe B2C E-Commerce is expected to reach €623 Billion this year. 67% of it currently comes from Western Europe.
- Most retailers are lagging in benchmarking their site's search-results-ranking for generic product keywords but are relying more on brand marketing traffic. A lot of the companies I met are in the very early stages of improving the monitoring and optimization of searches and an increase in generic keywords traffic could be very successful.
- Collecting pricing data and competitive intelligence is a growing trend. However, most organizations do it manually or rely on an outsourced service. This means little control over the accuracy and timeliness of the data collected. How pricing data is collected may impact the outcome! Prices often depend on your location, your IP-type, and your device. Very few organizations have automated, real-time, price aggregation that feeds into (near)-real-time pricing on the site. Those that do, reported clear improvements in revenues.
- In many European countries, monitoring prices on Amazon is a priority and many retailers are still trying to figure out the best way to operate within Amazon. Most retailers are engaged in manual or semi-manual data collection but have not made this their priority.
- When it comes to using social media for marketing, the US is much further ahead of Europe. Surprisingly, smaller sites often do better than their larger counterparts.
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