With greater choice and more deals, shoppers are turning to online retailers as their preferred means of shopping for toys. This change in consumer behaviour has lead to online toy sales surpassing physical-retailer toy sales in many key European markets.
As toy buyers switch channels, toy brands need to adapt to the fundamentals of eCommerce retail. To that end Clavis Insight has developed the 6Ps eCommerce Intelligence™, a familiar, yet powerful framework to enable brands to understand and organize their online channel presence and performance, and to prioritize actions that will drive eCommerce success.
Product:
Key questions to ask:
- Is my product consistently in stock?
- Is my assortment optimized by the online retailer?
Key actions to take:
- Identify consistent out-of-stock issues and investigate what is the root cause of these issues.
- Watch for anchor events (holidays, retailer promotions, etc) and forecast availability appropriately.
- Analyze best sellers by online retailers to understand what products sell well on each retailer.
Placement:
Key questions to ask:
- Where in the retailer hierarchy is my product categorized?
- Can I cross list in other categories?
Key actions to take:
- Monitor your own and competitive product placements.
- Understand the overall location count and menu rank of your products.
- Analyze category insights supporting placement strategies.
- Maintain a collaborative relationship with your online retail partners.
Price:
Key questions to ask:
- What’s my price and does it vary by location?
- What are my competitors’ prices?
Key actions to take:
- Analyze pricing by priority SKUs at key online retailers.
- Review how pricing fluctuates over time.
- Create alerts to quickly inform you of pricing updates such as MAP violations.
Promotion:
Key questions to ask:
- Are my promotions active?
- Are my promotions competitive?
Key actions to take:
- Understand promotional strategies for your category.
- Study the impact that competitor promotional activity has on your brands.
Perfect Page:
Key questions to ask:
- Is my content accurate and optimized?
- Do I have a minimum number of reviews and what are shoppers saying?
Key actions to take:
- Monitor and update content across key online retailers.
- Make sure key terms are included in the product title.
- Identify products which have low ratings and reviews.
Performance:
Key questions to ask:
- Am I dominating online channel search for my category?
- Am I growing online sales and share?
Key actions to take:
- Optimize your performance with the previous five levers.
- Understand how many of your products are displaying on the first page in the top 5-10 search results.
- Monitor your online channel sales and market share and benchmark these figures against your competitors.
Watch Applying the 6Ps of eCommerce Intelligence to Drive Amazon Sales and Share to learn how to adjust the 6 levers to win on the world's largest online retailer.
