P&G's CEO calls for a new approach to eCommerce analytics tools
This year David S. Taylor, Chairman of the Board & President and Chief Executive Officer of P&G, released a statement in the 2016 annual report claiming:
“Failure to successfully respond to competitive factors and effectively compete in growing sales channels and business models, particularly e-commerce, could negatively impact our results.”
He subsequently went on to explain that:
"execution is what our consumers and shoppers experience when they are in the store or online. Our brands need to have the right selection of products, in the right sizes, at the right value, in the right quantity, and in the right points of sale to win with consumers and shoppers in stores and online every day.”
P&G are the largest household and personal products company in the world and their slice of the FMCG market has lead them to spend billions of dollars on advertising alone. It’s new approach now consists of reducing the number of categories it competes in by 60% with the intention of focusing on quality over quantity. Their Chief Financial Officer, Jon Moeller, stated to Marketing Week that:
“Our key objective is to drive category growth with our retail partners by leveraging new tools and data analytics to help identify which events work best and which skews are most effective.”
Reinforcing this need for a new approach towards eCommerce marketing which is insightful, actionable and reliable, are the recent predictions of P&G’s shares to plummet in 2017 due to its competitors stealing market share. This question of ‘are we doing enough in eCommerce?’ has gone from being a dwindling thought to now actually being a big concern. Tech as a sector has been advancing rapidly since its inception, and as a result has disrupted many sectors all of which are in the midst of exploring alternative ways to work and incorporate technology into the workplace (the most recurring issues are around collaboration, IoT and BYOD within the professional industry thanks to the rise of FinTech).
Where retail is concerned, its advancement seems to rest with the consumer and the consumer has, and still is, evolving quicker than most organisations can keep up with. As a staggering 51% of people now shop online, it’s becoming increasingly common to hear just how much trouble retailers are having in adjusting to this new era and the need to find the right tools to deliver enterprise eCommerce solutions.
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