Home Business Convenience is King: Brands must match online marketplace to compete in cost-of-living crisis

Convenience is King: Brands must match online marketplace to compete in cost-of-living crisis

by uma
Editorial & Advertiser disclosure
gawdo

 

Brands need to match the convenience of the online marketplace like for like, as the rising cost of living continues to impact consumers, according to research undertaken by PFS, the premier eCommerce order fulfilment provider.

As the UK continues to battle through the cost-of-living crisis, purse strings are being pulled with consumers becoming increasingly choosy over where and how they spend their hard-earned cash. As a result, brands are facing increased competition against online marketplaces such as Amazon that – due to their size and set up – can offer unrivalled prices, seamless one-click purchasing experiences and same-day delivery.

According to the findings from the PFS Consumer Pulse Check Research, 61% of consumers agree that they prefer to shop with marketplaces and online retail giants, due to the breadth of products, competitive pricing, and fast delivery. In addition to this, whilst 52% of consumers agreed that they tended to stay loyal to specific brands, they also acknowledged that they didn’t mind which website or marketplace website they made their purchase from.

Ben Scherpenbergs, Director, Business Management, commented:

In order to compete in a crowded environment, especially as the cost-of-living increases, brands need to ensure their online experience is just as good in-store to stand out.

“Most of the time this isn’t the case with online marketplaces, where brown box deliveries and poor customer services can often be the status quo. Whilst smaller brands will have a hard time matching the level of convenience offered by larger online marketplaces, they can compete with these major players by having their customer service on point.

“Brands need to streamline their operations and maintain the detail of their branded packaging to ensure they deliver both efficiency and quality of experience to the consumer, to help set them apart from brands competing for custom and ensure they remain profitable.”

Whilst employing additional strategies such as reducing prices and devaluing products may not be the answer for some high street brick-and-mortar brands, especially as they face their own cost pressures, with the right infrastructures and fulfilment strategies in place – they can compete with the online marketplace on convenience and experience.

 

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