As we begin to slow down from the rather frenzied and frenetic pace of the holiday rush, we’d like to take a moment to pause and reflect on the interesting year that lay behind us as we look forward to what’s to come in 2021. We believe first and foremost in data (no surprise there) and understanding the power of analysis, this past year is teaming with insight. Here’s our recap of 2020 and a few predictions for the year ahead.
- A digital transformation 30 years in the making
- Making lemonade from lemons (and data)
- Mining for data in the CX frontier
- We LOVE our customers
- What’s next? Looking ahead to 2021
A digital transformation 30 years in the making
While it’s most certainly not lacking in its share of news coverage, we’d be remiss if we didn’t call out the way that the pandemic completely leveled our expectations for this year.
The spread of COVID-19 did more than impact health and safety, it accelerated massive (and likely long-lasting) change to the ways we work and interact with one another. This point remains of particular salience for us in the eCommerce world as 2020 saw an incredible shift from brick-and-mortar shopping to online purchasing— one, that has been a long time in the making.
Beginning with the dot-com boom in the late nineties, we’ve watched the steady growth of eCommerce. …That is, until now, where the pandemic has kicked off a second wave of digital transformation. Couple that with the development of things like 5g and a proliferation of online selling platforms (like Shopify) and we’re looking at a massive opportunity for DTC businesses like we’ve never seen before.
Making lemonade from lemons…and data
This year, we’ve watched brands demonstrate a profound amount of resiliency. From our local favorites, through to the household names and retail giants, COVID has impacted business on an incredible scale. With stay at home orders in place, most business was forced online where it…flourished.
Nowhere was that seen more than in the last several weeks alone during the holiday shopping season where retailers and eCommerce businesses have demonstrated both agility and creativity during challenging times. Here are a few key takeaways:
- Companies that were able to move quickly and embrace the change were those that had the biggest wins this year
- Embracing change was not only required…it was frequent. Lots of companies had to readjust their plans often (monthly and, in some cases, weekly) in order to take advantage of the changing landscape
- For more on the tips and trends that shaped BFCM 2020, click here
Mining for data in the CX frontier
Customer experience has been predicted to overtake price and product as the key brand differentiator for some time now (read the Walker study here). …And that was before the mass exodus from brick and mortar stores to the web earlier this year. Now, more than ever, customers expect an immediate, personalized, and ‘always on’ experience from brands.
How can businesses provide the types of exceptional experiences customers have come to expect and demand in return for their loyalty? Well, data, of course.
This year, we’ve seen companies embrace data in a way like never before. Where digital offers an incredible amount of opportunity for scale, it can also be intimidating for businesses, especially those who are just entering the eCommerce world. That’s where data can help.
Companies that embrace data analytics are able to tap into powerful insights that can help transform the customer experience, but too often, organizing and interpreting that data is a daunting endeavor in and of itself. Endless spreadsheets, siloed information, not knowing what to look at, where to look, or how to analyze it, amounts to a frustrating experience and untapped revenue. That’s where leveraging a robust solution that can help you make sense of it all becomes essential.
With data, we can provide both holistic views of the business, and deep insights that have the power to reveal the truth of your customer’s experience with your brand. This year, businesses are tapping into this goldmine of information to create 1:1 experiences, optimize their web presence, tailor offers, streamline operations, and most importantly, own the customer relationship.
We LOVE our customers
At Daasity, we love data, and we also LOVE our customers. This year, we’ve watched merchants take on incredible challenges and turn them into opportunities — and we’re honored to be even a small part of their story. Here’s just a few examples of how our customers are using Daasity to more with their data:
- Uquora is doing more than just help women take back control of their health. By pushing data to Klayvio, they’ve been able to intelligently segment their email journeys for the personal touch their customers crave.
- Snowe Home was able to get out of ‘sheets’ and into their data to unravel BFCM fraud and find a shipping sweet spot for their customers. Read the full story here.
- Who Gives A Crap outsmarted the global TP shortage this year by using data to map where demand was over-indexing, at the community level — and they’ve been on a roll ever since. Click here to see how.
- For more data-driven success stories, click here
What’s next? Looking ahead to 2021
We could probably stop there after such an eventful year, but half the fun in analysis lies in the forecasting. With a ton of opportunity for DTC brands, here’s a few predictions for the coming year to help you make the most of it:
- With exponential growth in the eCommerce sector, we can expect to see larger retailers invest more heavily into online channels. This will drive up advertising costs, pushing smaller DTC brands off popular ad platforms.
- The power of habit will likely keep customers shopping online, even after storefronts open back up. This year, the pandemic forced shoppers to the web, including an entirely new demographic that had not done so before. As businesses and consumers adapt to the convenience that digital provides, we can expect this trend to continue through 2021 and beyond.
- …but don’t discount the ‘revenge shopping spree’. Shopping online means you can order both a pizza and a couch in the same instant — while wearing pajamas — but let’s be honest, we’ve all been cooped up for far too long. Once physical retail opens back up, you can also expect to see a surge of in-store shopping sprees (pajamas, optional).
- Being data-driven won’t just be encouraged, it will be essential. Customers have gotten a taste of the level of personalization that’s possible when businesses leverage data to tailor the customer experience. Whether it’s owning the customer relationship, or your strategy, data will be a critical component to getting it right. Lucky for you, you’re in the right spot.
Lastly, as we say farewell (and good riddance!) to 2020, I’d like to extend a heartfelt thanks to the entire eCommerce and DTC community. From longtime customers, and those just joining us, to our technology partners, industry experts and leaders in the space, it has been a pleasure to work with you, learn from you, and grow together. Cheers to all that is to come in 2021!
Ready to reach new heights with your data analytics strategy in 2021? We’d love to help you uncover actionable insights that fuel business growth. Learn more here.
Daasity CEO & Co-Founder, Dan LeBlanc is an analytics, customer experience, and business technology expert who is passionate about helping DTC brands achieve their goals through more informed insights. In his spare time, you can find Dan outdoors enjoying the San Diego weather, or visiting one of the many great craft breweries the city has to offer.