Silos Got to Go, Commerce is a Team Sport and More Takeaways from P2Pi
The P2Pi LIVE & EXPO 2023 event brought together industry leaders, marketers, and professionals to discuss the evolving landscape of commerce marketing. Here are five key takeaways from the event based on the insights shared by Sean Cuthbertson, VP of Performance Marketing, and Ellie Dolan, VP of Sales:
- The Power of Micro Occasions in Driving Sales
Micro occasions were a central theme at P2Pi LIVE 2023, emphasizing their impact on advertising decisions. In a presentation co-hosted by General Mills, the brand pointed to data that around 40% of all purchases are related to occasions, contributing to over half of total sales. There’s also a 33% increase in purchase value when consumers do occasion shopping rather than everyday shopping. This highlights the importance for brands to align their marketing strategies with these micro-moments, providing consumers with reasons to try and care about their products.
- Connect with Your People Across Teams and Functions
Connectivity & communication were go inescapable buzzwords this year, and for good reason. We know the significance of connectivity, not just in terms of connected commerce but also in fostering collaboration among various teams. Collaboration between teams leads to better ideas with more consistent brand equity. Much of the information at P2Pi Live stressed the importance of retailers, national media, eCommerce teams, brand teams, and account teams working together. As the lines between these roles blur, this connectivity becomes paramount for successful marketing strategies.
- Break Down Those Silos and Start Building Holistic Plans
The days of distinguishing between online and in-store sales are gone. A reported 57% of in-store grocery shoppers use digital devices before their trips, and a full 85% of in-store sales are digitally influenced. Pre-pandemic, eCommerce was not part of the national whole brand plan, but now it's essential to integrate eCommerce, media, data, search, and content equally. Brands must ensure their equity remains consistent across various platforms, including retailer marketplaces, social media, brand sites, and in-store experiences. Collaboration across teams and shared budgets are crucial in creating comprehensive commerce marketing solutions tied to annual brand and shopper initiatives. It all comes down to connectivity. Again.
- Let’s Celebrate The Age of Re-enchantment
The post-pandemic landscape has seen a shift in approach to eCommerce, where consumers feel like they’re emerging from an era of dread. So they crave joy, and it’s the right time to enchant shoppers. According to a study by Wunderman Thompson, as many as 65% of shoppers want to be wowed. And 70% can’t remember the last time a brand did anything that excited them. Engaged brands looking to grab new shoppers should focus on efforts that tap into the “joyconomy,” measuring emotional KPIs like “brings me joy,” “surprise and delight”,and “relieves my stress.” Can you engineer moments of reconnection to help people find their way back to togetherness?
- Driving Commerce is a Team Sport
The event emphasized the need for a shift in focus from big splashes to building meaningful relationships with consumers. Collaborative efforts, breaking down those aforementioned silos, and utilizing agencies for facilitation were key themes. Thoughtful personalization, incorporating AI in a smart way, and understanding the value added at every stage of the consumer journey is crucial for success in the evolving landscape of commerce marketing.
Whether we like it or not, “post-pandemic” is still a very real feeling in our industry. The good news is that we as brand marketers have an opportunity to launch campaigns that reinvigorate society. P2Pi LIVE 2023 highlighted the dynamic nature of commerce marketing and its collision and convergence with brand and shopper marketing. We’re seeing the importance of adapting omni-channel (or should we just say “shopping?”) strategies to align with micro occasions, and focus on building meaningful relationships with consumers. All while thirsting for brands to bring joy, color, and excitement back into our lives.
Ready to talk about these trends and how they could affect your brand's commerce strategy. Let BOLD show you our one-budget approach.