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Third of marketing budgets spent on operational excellence, but results inconsistent

Thirty-one per cent of marketing budgets are spent on the pursuit of operational excellence, despite having inconsistent impact on overall organisational performance.

Gartner surveyed over 400 marketing operations (MarOps) leaders between August and October 2022 to find that 94% of marketing organisations are formally pursuing operational excellence (e.g., improving processes, building new capabilities). This indicates an acceleration of investment since 2020, when only 49% of marketing organizations surveyed had a dedicated MarOps leader.

However, the survey found that 72% of operational excellence pursuits don’t actually demonstrate characteristics that align with success, putting enterprise growth and marketing transformation at risk.

“CMOs are under pressure to make every dollar count,” said Michael McCune, Senior Director, Advisory in the Gartner Marketing practice. “However, their teams are spending a large proportion of their budgets pursuing change and improvements in ways that aren’t effective.

“‘Business-as-usual’ marketing activities do have to change, but CMOs shouldn’t divert funds away from activities such as advertising and trade shows that could have a more significant impact on marketing’s overall remit to drive growth.”

Strong pursuits of operational excellence complement the day-to-day management of marketing’s work and are associated with characteristics such as automated workflows, effective use of Agile methods and persistent effort over multiple years.

Organizations with strong pursuits were 43% more likely to report exceeding their operational performance goals compared to organizations without strong pursuits, but at a greater cost: They spend 45% more than average and dedicate 18% of their staff to achieve MarOps excellence, compared to the average 5% of staff dedicated to all other pursuits.

“Marketing organisations can’t blindly or ineffectively invest in improvement at the expense of business as usual unless it shows results, given the tight economic and labor markets,” said McCune. “They need to lay a better foundation for that investment and can look to strong pursuits for guidance.”

In order to maximize the impact of future MarOps investments, Gartner says marketing leaders should:

  • Communicate to stakeholders that pursuits of operational excellence will not have a persistently high cost. A new pursuit likely has many opportunities to drive improvements, but it should not be a cost dragged on marketing over the long term. As improvement occurs, resource requirements for continuous improvement should diminish.
  • Seek resolution of known critical gaps. CMOs often know about systemic problems, but lack resources to address them at the start of operational excellence efforts. Make sure to have a dedicated team working to resolve one or some of the known critical gaps so that investment in the pursuit has early payoffs.
  • Ensure that MarOps efforts don’t duplicate enterprise initiatives. Alignment with operational excellence pursuits in sales and service functions is always a good idea, but CMOs should avoid neglecting the enterprise-wide efforts of other functions such as finance and HR that may lighten marketing’s lift over time.

Retailers not seizing 1st party data capture opportunities

Almost two fifths of retailers employed no form of data capture during online buying journeys, impacting their ability to market effectively.

In-depth research of 99 UK ecommerce brands in its 2023 WunderkIndex Report, which analysed on-site shopping journeys and customer engagement – across both email and text channels – over a 6-month period.

With 37% of the brands audited not seeking data capture, either when a customer first comes to the site, after browsing the site for several minutes, or at the point of exiting the website, retailers could be leaving valuable first-party data on the table. This risks impacting their marketing list growth and future revenue opportunities through email engagement, meaning they are potentially missing out on an estimated 6-10% additional digital revenue.

By the end of 2020, CPC (cost per click) across social media platforms had risen by between 20 – 60% YOY (year-on-year).  Yet, despite these rising costs, some of the conventional paid media platforms used by brands to acquire customers, including Meta-owned Facebook and Instagram, were seeing a 30% decline in conversions.

This prompted many brands to question the ROI of being overly reliant on ‘rented’ audiences on 3rd party channels, especially with the planned third-party cookie cull by Google, set to take place in 2024, added into the mix.

This makes 1st party data now even more mission-critical to drive long-term engagement, revenues, and customer lifetime value (CLV) through cost-efficient owned channels – as well as to deliver ROI on marketing pounds, particularly given the continuing economic headwinds.

The WunderkIndex report also reveals common shortcomings in retailers’ data capture capabilities, with 93% of the websites surveyed failing to include explicit checkbox consent in on-site capture experiences, falling short of GDPR-led permissioning best practice.

Of the retailers audited with capture capabilities, 86% prompted visitors for an email address but just 6% were set up to capture mobile numbers, missing out on customer engagement opportunities via text – a rapidly growing and high-converting marketing channel.  A recent Wunderkind survey of over 2,000 UK consumers found that, while 84% agree that email is still the most convenient channel for communicating with retailers when shopping online, a third (32%) say they now find text just as convenient – an increase of +6 percentage points year-on-year.

Looking specifically at value exchanges offered for customer data opt-ins, discounting was the most common, offered by 40% of brands, followed by newsletter subscription (32%) and other perks such as VIP events, sales access, and exclusive content (17%).  This mirrors consumer demand for money-saving benefits, such as immediate discounting (58%) and free shipping (56%), topping Wunderkind’s recent shopper poll as their preferred value exchange mechanism when choosing to opt in.

Wulfric Light-Wilkinson, General Manager at Wunderkind International, said: “We’re seeing a seismic shift, not only in marketing channel performance but also in consumer behaviour, prompted in part by channel adoption but also driven by cost-of-living consumer behaviours, where the concept of value and that of value exchange are evolving.  And that calls for a change in marketing strategy – balancing the scales and pivoting to maximising value from owned audiences and channels will be absolutely critical in 2023, as retailers work harder to win conversions from increasingly cautious shoppers.  By owning and optimising 1st party data, brands can ensure ROI on marketing spend, while at the same time providing a better and more personalised customer experience.”

Marketing industry urged to implement continuous learning cultures

The DMA is calling on senior management teams across the UK to introduce continuous learning cultures within their marketing organisations.

This follows today’s publication of findings from our UK-wide pilot into micro-upskilling, revealing it offers additional learner benefits compared to traditional training methods, but it must be spearheaded from the very top to reach its full potential.

In late 2022, around 150 learners across 16 multinational organisations, charities, SMEs, and agencies took part in trialling micro-upskilling over a 6–10-week period. Organisations such as Experian, RSPCA, Golden Charter, Visit Scotland, PETA, and The Dragonfly Agency were involved.

The DMA’s pilot is an integral part of its wider campaign to move the marketing industry a step closer towards reducing industry-wide skills gaps and talent shortages – to fuel future growth in the UK’s digital economy through continuous staff development.

The main objective was for participating learners to commit as little as one hour a week to flexible, bitesized e-learning and professional development. Following the pilot programme, learners took part in a survey to help the DMA better understand their experiences of micro-upskilling as an alternative learning approach.

There were key benefits identified by talent:

  • 52% of learners felt more engaged with upskilling due to the micro-upskilling pilot
  • 46% developed new skills through micro-upskilling that they wouldn’t have previously been able to
  • 39% of learners stated they found micro-upskilling better than their previous learning experiences
  • 67% believe micro-upskilling has made their organisation more engaged with their skills development

“Direction, support and structure are essential building blocks of a learning culture yet are also the main barriers to professional development,” said Rachel Aldighieri, MD of the DMA. “Our micro-upskilling pilot findings are really encouraging – demonstrating to businesses how they can develop these building blocks to supercharge skills acquisition in the short term, while instilling long-term learning habits across their organisation that benefits the employee and employer.”

A key challenge affecting 60% of learners was finding time to upskill. In addition, 55% also stated they had too many competing priorities. These were the most stated challenges by quite a margin, so senior leaders must bear this in mind when implementing micro-upskilling.

Because of these reasons, 35% managed to do micro-upskilling ‘most weeks’ throughout the pilot, with 39% only able to do it ‘some weeks’. 26% even stated that they were unable to ‘do it very often’.

Evidently, micro-upskilling opportunities are highly desirable to staff – so much so that 90% of learners stated that they would like to continue micro-upskilling with their respective organisations.

Aldighieri explained: “In the current economic climate, financial and time constraints mean that traditional training approaches are harder to implement, yet it is critical that our industry doesn’t neglect skills development and the growth of our teams. Micro-upskilling provides an effective and productive way of investing in our people and, in turn, plugging skills gaps to drive business growth.”

63% of learners stated they would feel more confident and positive about their career if micro-upskilling was permanent at their organisation – 33% would be more likely to stay with them.

Aldighieri added: “The fact that the majority of participating talent mentioned that if micro-upskilling became permanent it would boost their career confidence as well as their organisational loyalty, suggests it has a huge role to play as an alternative learning method in our industry – supporting traditional approaches such as training days.”

Micro-upskilling is clearly an important step in the right direction for facilitating meaningful change, so the DMA will now expand its commitment to it.

“The DMA will now work with our wider community to introduce micro-upskilling as a key element of membership. A pledge will be introduced requesting member organisations to commit an hour a week to all staff’s L&D in our new People Pillar of the DMA Code. We aim to make continuous learning synonymous with the DMA community, so our marketers are regularly enhancing their skillsets and helping to drive responsible business growth,” concluded Aldighieri.

4 basic tips for strong brand creation

By Flavio Andrew do Nascimento Santos/PhDc is Lecturer at Berlin School of Business and Innovation (BSBI)

Creating a brand is a process that can often be painful, and we have the notion that everything good has already been created, and that there is nothing else left for the new brands.

With this feeling of exhaustion, there is a fantastic article written by Jennifer Murtell on the American Marketing Association´s blog, asking the question: Do we really need more brands?[1] In short, there is no clear answer to this question, but facts are facts: over 60% of consumers look for brands they can trust before they look at the price. Therefore, if your brand is your voice, we should build a brand that people can trust.

To do so, here are four simple tips for strong brand creation. And here, a ‘strong brand’ is a brand that people can trust, especially after the pandemic, where trust has a very different meaning. Janet Balis[2], in the 10 Truths About Marketing After the Pandemic, from The Harvard Business Review calls our attention to an important shift: the old truth is that your brand should stand behind great products. The new truth is that your brand should stand behind great values. Creating great value leads to our number 1 tip: it needs to be clear.

1. Clear

Having a clear message is important to build trust. Consumers are making purpose-driven decisions and your message should be clear and as short as possible because the clear ones are the ones that stay in consumers´ minds.

2. Distinct

Consumers have contact with so many different brands every day and with social media, this amount is only growing. Your voice (or brand) needs to be strong, and have a personality, differentiated from the ones in the market. You can start with the cliché question: what am I doing that no one else is doing? If you have this answer, you should make sure that it looks obvious in your brand to the customers.

3. Relevant

Continuing with this idea that ‘consumers are purposefully making decisions’, your brand needs to speak up about the relevance of the product or service. If the consumer values are now different, it is preferred to connect with brands that (at least show) the relevance of their being.

4. Credible

The last tip is a friendly reminder that if you make a promise, your consumers will remember it. Keep in mind that, after the COVID-19 pandemic, consumers are skeptical of the market and the brands, and we, as consumers, curse brands that are not delivering what they promise.

And credibility leads to our EXTRA TIP ✨: be authentic!

Michael Platt is a professor of neuroscience, marketing, and psychology whose research demonstrates how our perception of brands influences our decisions and defends: “we relate to brands in the same way we relate to people”[3]. In these terms, our consumers will know if you are not creating an authentic brand with a credible, relevant, distinct, and clear voice in the middle of all the other brands.

It is important to remember that identity and community are somewhat related to brand creation. Consumers are using one brand over another to show community affiliation and identity connection. This mindset is powerful if your brand creates a sense of community and identification with a purpose that people trust. And, unfortunately, there is no magic to creating a great value brand and a brand that people trust, the only way to do so is by hard-work and consistency in the everyday life of the brand.

Finally, from an educational perspective, there is a role that institutions should play to help companies increase their brand trust, even in societies where we can check that institutions are losing trust over years. Effective communication & transparency are at the center of this relationship among educational institutions, companies & their brands, and consumers.

About The Author

Flavio Andrew do Nascimento Santos/PhDc is Lecturer at Berlin School of Business and Innovation (BSBI)

Flavio has more than 11 years of professional experience in tourism (3 years in management positions) working on diverse hospitality companies, revenue management, tourism agencies, market research, consulting projects, and as a university MBA professor.

[1] https://www.ama.org/marketing-news/does-the-world-really-need-more-brands/

The year of impactful work: Redefining priorities for marketers

By Esther Flammer, Chief Marketing Officer at Wrike  

Current economic uncertainty means that many businesses and consumers are struggling with reduced budgets. With global growth expected to slow down even more in 2023, it’s never been more important to connect with the right audiences and stand out from competitors.

At the same time, the pace of work has increased significantly, as businesses have had to quickly adapt to seismic market and economic shifts and reduced spending has been met with higher expectations. For marketing teams, the pressure to deliver is higher than ever, and it doesn’t look like it’s going to be calming down any time soon. This has shed light on numerous productivity challenges that have affected the industry for decades, including the need to prioritise innovative strategies that get in front of buyers and do high-value, results-driven work that maximises ROI while still getting pulled in too many directions by work that isn’t tracked or measured.

Recent research from Wrike found that the total cost of wasted time for marketing teams is around $59 million per year, significantly higher than other departments. The average marketing professional is wasting 16 hours per week on miscellaneous work. This equates to 820 hours, or 103 working days per year. This staggeringly high figure goes to show that business leaders must find a better, more efficient way for marketing teams to work.

In order to excel in this current period of economic uncertainty, marketing teams must find a way to maximise their most precious resource – time. Only then can they boost productivity, deliver better results, and produce their most meaningful work.

Marketing and the Dark Matter of Work

Research from CERN revealed that we can only see about 5% of matter in the universe, with the other 95% flying under the radar as ‘dark matter’. This can also be said about much of the work we carry out today. Many of the activities we undertake and the interactions we have are never captured, tracked, or measured against a specific goal.

The very nature of a marketing professional’s job is exacerbating the problem. The need to constantly move at pace, producing and using reams of data alongside a never-ending list of applications can be challenging. When a task isn’t managed in one single platform it can create Dark Matter. Whether it is trying to find notes from the latest creative huddle or missed messages about editing work which were shared over email, Dark Matter is everywhere.

As marketing teams get busier –  taking on more projects per year (11 large-scale) – and with the number of messages increasing to 301 each day, this Dark Matter is beginning to have serious repercussions, and not just in terms of a lack of productivity. In fact, 80% of marketing professionals are experiencing burnout. This human cost of the Dark Matter of Work is sadly unsurprising. Many marketing teams are feeling the stress of trying to navigate broken workflows, which leads to misalignment, missed deadlines, duplicate work, and stalled projects.

Delivering impactful work

Working in synchrony is key for marketers to eliminate wasted time and tackle feelings of burnout. It’s important that every team has the ability to collaborate effectively cross-functionally and cross-departmentally, without silos and within a single source of truth. Teams also need access to tools that increase visibility into the work taking place and allow them to automate time consuming, mundane tasks like approval processes. This leaves more time and space for creative thinking and the ability to focus on delivering what really matters – brand consistency, customer experience, and maximised ROI.

At the moment, marketing leaders don’t have visibility into 45% of work taking place. In response to this, 97% of marketing professionals said a single source of truth would reduce stress for them and their colleagues. So, what’s the solution? This is where collaborative work management platforms come in.

Collaborative work management platforms ensure that individuals are aware of exactly what they are contributing to a project, meaning fewer mistakes, greater consistency, and a shared knowledge of what others are working on. This creates an environment in which creative thinking is encouraged from start to finish – which will ultimately enable marketers to create more impactful work.

One company already witnessing the benefits of these technologies is AVEVA. Over 20,000 enterprises in over 100 countries rely on AVEVA to help them deliver life’s essentials: safe and reliable energy, food, medicines, infrastructure and more. By connecting people with trusted information and AI-enriched insights, AVEVA enables teams to engineer efficiently and optimise operations, driving growth and sustainability. However, with the company going through a significant merger the leadership team urgently needed to work out how to consolidate multiple project teams, tools and processes. This is why the marketing function decided to implement a collaborative work management solution.

Implementing a collaborative work management solution has enabled AVEVA to centralise multiple project teams, tools, and processes, while bringing together employees in one easy-to-use platform. By helping to boost visibility across marketing teams and the other departments they work with, this technology has been key to building better brand consistency and improving results. Since onboarding, the organisation has grown from 248 to 505 users and collaborates on approximately 1,000 tasks in the platform each month.

With a looming recession, marketing teams cannot afford to fall victim to the Dark Matter of Work. In order to be successful, they need to gain greater visibility and better integrate applications. It is only then that they will truly understand the work being done across an organisation and streamline it. By implementing these changes, marketers will have time back to focus on work that drives ROI.

Survey says marketers ‘remain defiantly creative’ in the face of recession

Marketers feel more under pressure than ever to show their worth, with 84% agreeing that proving ROI has become more important as budgets are scrutinised and businesses tighten the purse strings.

That’s according to Optimizely, which surveyed 100 in-house marketing professionals across the UK and found that despite anticipated financial constraints, almost two thirds (63%) of marketers are determined to be even more creative in 2023 with half of those surveyed (50%) also looking to take more risks as we head into the new year.

Optimizely’s research also looked at the role of marketing in navigating economic uncertainty and how to market most effectively when budgets are cut.

Key findings include:

  • An overwhelming majority of marketers (91%) believe that it is important to invest more in marketing during a recession – with over half (55%) strongly agreeing with this statement.
  • Three quarters (76%) also believe that customer experience will remain an ‘essential’ part of their marketing strategy in the year ahead despite the uncertainty — more than any other factor.
  • Over half (55%) also believe that personalisation technology will be an essential element in their plans for reaching consumers during the tough times ahead.
  • Seven in ten (70%) marketers in the UK believe that their ability to experiment is being restricted as Britain enters what is anticipated to be its longest period of recession since the 2008 financial crisis.

Commenting on the findings, Optimizely’s CMO, Shafqat Islam said: “The bleak economic outlook undoubtedly puts marketers under more pressure to deliver more business outcomes under increased scrutiny h in 2023. But while cutbacks are being made, using data and insight to experiment and learn about customers will continue to play a vital role in brand growth.

“To limit creativity and experimentation at a time of economic hardship is a short-sighted approach based on the fallacy that experimentation does not provide ROI because it includes an element of ‘failure’. Rather, experimenting helps teams to fail fast, enabling them to quickly learn what does and doesn’t work in the new economic landscape. There are no failures, just learnings.”

“The right experimentation strategy helps marketers decide which creative ideas are, and aren’t, worth pursuing. This informed, creative strategy — combined with a personalised approach — will provide the backbone for marketers’ success in 2023, no matter what happens with the UK economy.”

Marketing experts crack Christmas code and reveal how to generate last-minute festive sales 

While eCommerce businesses should have planned in advance of the festive season, it’s never too late to implement new tactics to improve a brand’s Christmas marketing strategy to generate last-minute sales before the New Year ends. We spoke to marketing experts to gather the top trends eCommerce brands should be taking advantage of NOW before the end of 2022…

Digital PR 

For eCommerce brands with Christmas discounts and deals galore, taking advantage of shopping journalists is a good way to generate last-minute coverage and referrals to your site. Mollie Haley-Earnshaw, Account Manager at Wild PR, highlights: “The festive season is the peak period for gift guides, with journalists covering the best gift picks from a range of brands and across various budgets. For the eCommerce industry, it’s important to maximise organic efforts to support sales of hero products.

“Gathering the best discounts and products and forming a press release which covers off key details, such as product information, creating a bespoke media list and sharing this content with relevant journalists looking to pull together gift guides is a sure-fire way to place yourself in the festive online conversations before it’s too late.”

Being reactive to the news agenda is another tactic eCommerce brands should consider ahead of the New Year. Communication experts at Wild PR recommend paying attention to the news cycle during the lead-up to Christmas, considering how you could comment on topics relevant to your eCommerce business.

Twitter is also your best friend during this period. Monitor the #journorequest hashtag, and you can guarantee you will find an opportunity to get your business featured in the media.

For example, an eCommerce brand that sells ethical products should consider commenting on how to be sustainable during the Christmas period, when the plastic and packaging waste produced is considerably higher.

PPC 

Integrated marketing agency, Fishtank, comments on the last-minute PPC tactics brands can take advantage of before the year ends. Fishtank highlight that the time between Christmas and January is called Q5 and is statistically the cheapest time to go big on social adverts whilst achieving outstanding results.

Fishtank adds: “High-quality visuals, including images, gifs and videos, are key to success during the holiday season. With so much competition, make sure your brand stands out from the crowd.”

Another PPC tactic to consider before year-end is reviewing past data. If eCommerce brands can analyse past performance and understand what worked best last year and what didn’t, this will help narrow down your focus and help optimise your budgets better.

Fishtank also recommends creating bespoke ad copy and implementing A/B testing for various Christmas-themed messaging, ensuring that target keywords are mentioned in the headline and description to increase the relevance of the ad copy.

Creating scarcity is another way to tap into last-minute shopping stress. In the PPC ad, an eCommerce brand should aim to emphasise fast shopping options paired with a product deal. Additionally, adding a timer to a display ad with a countdown to Christmas will help create a sense of urgency among consumers, encouraging them to buy.

Commercial Director at Circus PPC, Ahmed Chopdat, expressed how important Q4 is for eCommerce brands. The paid media specialist commented: Push PPC as a key marketing channel as this is where you can get instant results. The one channel you can rely on to be able to manipulate to help make up for lost sales in other channels is PPC, so it’s essential that not only you have it switched on during the Advent period, but that it is appropriately optimised.”

Content 

Usually, when customers are browsing your site in December, they’re taking part in some last minute shopping. For some, this could be considered stressful. To make the user experience stress free, eCommerce brands should drum up content that provides concise information on the products they’re interested in.

Examples include taking gift guide press releases and turning them into blogs, utilising user-generated content to drive campaigns to make them relatable, and making content shoppable; particularly on social media.

When drafting gift guides and blogs for a site, eCommerce brands should ensure that they’re keyword-rich to boost organic traffic. Engaging in on-page SEO will help search engines understand the content of pages so they can provide shoppers with the appropriate results. User intent should also be considered when drafting copy.

For example, if an eCommerce business knows its customers will be looking for inexpensive gifts or shopping last minute, then drafting gift guides with headings such as ‘gifts under £20’, ‘last minute Christmas gifts’ or ‘gifts with next day delivery’ would be catering to the users intent.

Search Engine Optimisation (SEO) is a powerful tactic to get your online store in the spotlight. Many might believe that SEO only works when a strategy has been in place months ahead of the festive season, however, there are SEO techniques that can support last minute exposure.

Keywords are key players in SEO, and are pivotal in bolstering eCommerce sales. Ideally, brands will begin to work on their Christmas SEO in the summer. However, while updating your online store with last minute  festive content, optimising landing pages, product pages, and blogs with seasonal keywords will assist in getting your eStore in the search results.

Creative 

Landing on a website during the festive season and seeing pages come to life with Christmas-infused branding is a great way to engage potential customers. Fishtank suggests: “Add interactive seasonal elements to your website e.g. a Christmas gift hunt or falling snow across your website, adding a Christmas hat to your logo, adding festive website banners that feature holiday exclusive discount codes.

“An eCommerce brand could also add a holiday landing page that can feature exclusive holiday discounts and products for that season.”

Social media

Lastly, ramping up social activity is a foolproof tactic to undergo to generate those extra Christmas conversions. In December, potential customers love to engage with Christmas-themed content, such as advent giveaways and competitions and Christmas countdowns. To drive traffic to the site, it’s important to include a clear call to action (CTAs) with delivery deadlines, so it initiates a sense of urgency within the customer.

Running paid ads across social media platforms should be another consideration for eCommerce brands. During December, shoppers will be looking for the best deals and information on the products, and by setting up social advertising, an eCommerce store will expand reach and target people at the right place in the buying process.

Other festive social ideas include creating engaging visuals, utilising reels and video, incentivising UGC, and collaborating with influencers.

Wild PR also highlights that engaging in off-page SEO with social media is an effective way to generate leads, yield brand exposure, and engage audiences. Using social media will support the reach of your new festive content and will encourage more clicks to the online shop.

Ahmed adds: “Some channels, such as SEO, take longer to get desired results, so the earlier you have an idea of the messaging you’ll be using, the better!”

Katrina Cliffe, managing director of Wild PR commented: “Online exposure doesn’t happen overnight, which is why businesses need to crack the Christmas code early and ramp up their festive marketing campaigns before it’s too late. Ideally, this would be done during the summer months in the first instance, but sometimes it doesn’t work that way. Ultimately, these tips are the fundamentals to leveraging that extra bit of festive exposure while you still can.”

“If your Christmas strategy is already well underway, but you’ve forgotten about prepping for 2023, it’s time to get started. Before the end of the year, we really encourage eCommerce brands to tackle their large dev tasks, delving into technical SEO, optimising content and nailing your PR, social, and PPC strategies with the aim of getting ahead of competitors to kick off the New year.

“Another quick win to take you into 2023 is offering first-time buyers of your eCommerce store a unique discount that only activates in the New Year. This is a great way to generate repeat customers.”

Marketing agencies using technology to plug talent gaps

77% of UK organisations, including marketing agencies, say they are finding ways for technology to do jobs formerly performed by people in the face of hiring and skills issues.

That’s according to new research from Rackspace Technology, which shows two thirds (64%) of UK companies are downsizing their staff, facilitated by technology, out of a necessity, with roles in customer service the most likely to be automated, as identified by 70% of business decision makers – followed by IT operations (62%), sales and marketing (57%), business operations (56%), and HR and admin (56%).

Half of UK companies (47%) have increased their IT investment due to the current economic climate, recognising the crucial role technology will play in improving performance and plugging skills gaps.

Almost two thirds (63%) are looking for technology to drive greater efficiencies, such as through moving infrastructure to the cloud, but the motivation for increased investment also extends to talent issues, with UK companies now investing 1.5 times more money in roles performed by technology than those performed by people.

This reflects the challenging labour market, with two thirds (65%) of companies finding it difficult to fill technical vacancies and a similar proportion (62%) struggling to retain IT staff.

This commitment to technology to combat talent shortages, and the consequent trend for an increase in IT investment, is also being driven by growing confidence in return on investment among senior leaders. Three in five (58%) organisations acknowledge established ROI on technology is encouraging further financial commitments.

It is also shifting the requirements for all staff, not solely those working in IT. The vast majority (85%) of UK companies now prefer non-technical staff to have a degree of technical proficiency, regardless of whether it’s a core element of the role. 

Mahesh Desai, Chief Relationship Officer, EMEA, at Rackspace Technology, comments: “In times of economic uncertainty, committing increased spend to technology is a risk a majority of companies simply must take in the face of technical skills shortages across the board.

“Not only can technology offset the reduced workforce available but it is a well-established way of driving business efficiencies as well – though only if used effectively.

“Three quarters (73%) of UK organisations also said cloud operations would be a key investment area over the next 12-18 months and while they have correctly identified an important tool in improving their operations, they will need to optimise these investments and strategies to feel the true benefit.

“It should also be noted that technology itself is very different to technical-proficient staff. A tough labour market and therefore necessity might be driving the growing role tech is playing within companies but finding and retaining capable staff will remain crucial for businesses to thrive.”

To download the full report, click here.

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PlayStation-VR

Building an Omnichannel Shopping Experience: AR/VR and the Metaverse

By Bach Nguyen Luu, Deputy Director of Integrated Commerce Solutions/ Head of Digital Commerce & Experience, FPT Software

Omnichannel is no new concept in retail, especially after the COVID-19 outbreak. Brands can no longer rely solely on the brick-and-mortar in-store experience as consumers flock to the internet to shop. Today’s shoppers expect a unified, customised experience, with 76 percent of consumers more likely to buy from brands that personalise customer interactions across touchpoints. This means building a true omnichannel shopping experience is no longer a nice-to-have – it has turned into a strategic priority.

Offline and online co-exist

When e-commerce came to life and forever changed the retail landscape, there were questions over whether online shopping would mean the end of brick-and-mortar stores. However, the past few years have shown that it is not a question of online or offline; instead, both worlds co-exist and complement each other.

Online shopping has boomed in recent years, accelerated by the pandemic. According to UNCTAD, the average share of global internet users that purchase online went from 53 percent in 2019 to 60 percent in 2021. Some countries even experienced a sharper increase, such as the United Arab Emirates, doubling from 27 percent to 63 percent.

Despite this trend, brick-and-mortar stores remain a strategic distribution channel for retailers. Indeed, nearly half of American consumers prefer in-store over online shopping, attributed to factors such as the ability to see and feel products before they buy. What is more, the retail sector is now experiencing a reversal of what happened during the pandemic. In-store sales are growing at a higher rate than online channels. But consumers no longer want offline-only or online-only shopping; they expect a smooth, seamless and highly integrated experience of both.

Given the shift in consumer behaviour, retailers that invest in a solid omnichannel strategy enjoy a competitive advantage over pure online/offline players. On one hand, they can achieve higher revenue as omnichannel consumers shop more frequently. According to McKinsey & Company, in the apparel category, omnichannel customers shopped 70 percent more often and spent 34 percent more than pure offline shoppers.

On the other hand, retailers with a brick-and-mortar presence typically attract more customers organically than online-only players. This translates to lower investment in paid marketing and a better bottom line.

Global retail giants are already participating in the omnichannel game. Previously online-only brand Amazon has joined the brick-and-mortal playing field with Amazon Go and Amazon Fresh. Equipped with technology such as Artificial Intelligence (AI), multi-sensors and state-of-the-art CCTV cameras, these stores allow customers to shop without the hassle of checking out. In return, the company can keep track of consumers’ habits, send corresponding offers and discounts, and offer a customised shopping experience.

Augmented Reality shopping

Consumers should be the focus of any omnichannel approach, and Augmented and Virtual Reality (AR/VR) is the vehicle for brands to become more consumer centric. According to Eclipse, 71 percent of consumers say they would shop more often if they could use AR.

AR/VR bridges the gap between in-store and online shopping. With the help of AI and machine learning, brands can now engage with consumers in a way never seen before. The pandemic has fostered a new demand in retail – the ability to see and feel a product on a digital platform. With stores closed down, the live, in-store experience had to become virtual, and AR/ VR is the perfect solution to fulfil this new demand.

Global brands are beginning to leverage the technology. Ikea is already incorporating AR/VR into its strategy. With its mobile app, the company allows customers to scan their rooms and digitally place furniture in their houses with real-time customisation, browsing through 2,000 catalogue items from the comfort of their own homes.

Metaverse for retail? 

Metaverse – a current buzzword – refers to an “integrated network of 3D virtual worlds” accessible through a VR headset. It is a fast-emerging space where people can shop, be entertained, and it blurs the lines between physical and digital life. Given its potential, the metaverse is expected to empower the next evolution in omnichannel retail, with AR/ VR being the key vehicle for that journey.

Big brands such as Ralph Lauren and Gucci are already on their path of exploring a new business model called “Direct-to-Avatar” (D2A), where they will be selling products directly to avatars – the consumer’s digital personas on the metaverse. Their products are no longer made of atoms, but of bits and pixels.

Even the runway has made its debut on the metaverse. The first ever Metaverse Fashion week was held in March, featuring luxury brands and household names. It is now possible for consumers to sit next to the runway, try and buy any outfit they like in a matter of seconds – all in the virtual world. Companies will not only be selling products on the metaverse but also offer new worlds of virtual experiences to their customers.

With the incredible success that AR/VR games like Minecraft, Fortnite and Roblox have had, the next generation of consumers will be familiar and comfortable with virtual worlds. It is only a matter of time until they will want to see their favourite brands on the metaverse. Major tech players have already invested billions of dollars into making the metaverse an indispensable part of e-commerce. Hence, a good starting point for companies looking to engage with consumers on the metaverse is to build up their resource pool involving AR/VR,5G internet, blockchain, crypto and non-fungible tokens (NFT).

It is only a matter of time until the metaverse becomes the new playground for retailers. Those brands that have planned ahead will take the lead.