In order for brands to dominate and gain the most benefit during the e-commerce boom in Southeast Asia, brands must consider these 3 key ingredients to gain leverage in the online retail industry:
New innovative software and specialized tools can help brands to execute their business faster and often comes with a customized report which helps brands with analyzing data. There are many new technologies that can do the same tasks, the key is to look for the one that has customizable features.
What data is available from the marketplace?
Data is important for business in general, especially in online business and e-commerce platforms. The data is the best performance indicators for brands to measure and learn how to improve their customer experience, online campaigns, conversion rates and in the end, improve their ROAS.
After getting this valuable data, there needs to be an analyst, who will make strategic changes when the performance is not up to expectation. Another thing brands should consider is, can technology be used to replace people and automate manual tasks.
The Covid-19 pandemic reignited the e-commerce flame, but what will turn retail media into a US$100 billion reality are the players who adapt quickly to the tech-and data-driven world.