Last week, the Trigg team had the privilege of hosting eBay, Gumtree and Salesforce on a webinar entitled ‘Learnings from the UK’s top marketplaces’. In this blog, we’ll look at some of the key takeaways.
The webinar began with Vinay Vaswani, EMEA Retail Insights lead from Salesforce, talking the audience through the impact that the COVID-19 pandemic has had on consumer behaviour.
Even before the pandemic, retail was going through tough times. When COVID-19 hit, stores were forced to close their doors, and even as a tentative reopening begins, footfall is still not at the levels it was before.
Salesforce research saw a shift towards essentials and home products and less towards luxury and fashion. Consumers are changing how they shop, and supply chain and last-mile fulfillment has taken a hit. As a result, retail has seen a drop in revenues, from between 30% (McKinsey) and 50% (IDC). This has obviously resulted in liquidity issues, administration, and layoffs.
On the flipside, online shopping has increased significantly. The Salesforce Shopping Index, powered by Commerce Cloud, analysed data from the activity of more than one billion global shoppers. This data, which is analysed on a quarterly basis, not only shows a dramatic shift from physical to digital browsing and buying, but also a change in the source and device type of consumers as more people work from home and navigate their lives.
“Q2 saw 71% year on year growth in digital commerce revenues globally…If I call out the UK we saw close to 60% jump in digital commerce year on year, and this continues into Q3 as well”
As digital shopping increased, we saw a significant increase in marketplace revenue. Amazon, Alibaba and eBay all saw incredible results, and online grocery sales tripled.
eBay added a million active buyers in Q2, and so marketplaces are seeing considerable benefits from the growth of online shopping, but also potentially from online selling and squeezed consumer spending power.
Marketplaces are at the forefront of another huge industry trend- data. Huge amounts of data are being produced with all this online shopping, and disparate data and siloed systems reduce the ability of retailers to maximise revenue growth.
We heard from eBay that they use ‘2.5 billion rows of data in Einstein Analytics. When we talk to Salesforce about Einstein, while we’re not the biggest customer, we’re definitely one of the most complex’.
The Salesforce Advantage
One of the biggest themes of the webinar was how important a solid data strategy, working with Salesforce and consultants like Trigg Digital was to the marketplaces. Utilising functionality like Einstein next best action, and the power of marketing cloud to run initiatives across thousands of sellers was called out as a game-changer by the brands.
One of the biggest themes of the webinar was how important a solid data strategy, working with Salesforce and consultants like Trigg Digital was to the marketplaces.
Utilising functionality like Einstein next best action, and the power of marketing cloud to run initiatives across thousands of sellers was called out as a game-changer by the brands.
When Gumtree shared their strategy, they called out the capabilities of Salesforce for self-service and Customer 360. Sellers on Gumtree can see their own sales performance data on a dedicated dashboard, reducing the calls to the service centre, which in turn is powered by Service cloud. Gumtree also reiterated the power of Marketing Cloud to help connect to their customers in a personalized way, at scale.
Trigg Digital and where to start
Before the speakers embarked on a Q&A with donations being made to the NHS for every question, the Trigg team shared some key facts about their experience, and one of the common themes of their work with Salesforce consulting and implementation- how to get more done.
The Trigg team work as an extension of brands’ in-house teams, working to deliver consulting projects, implementation and managed services that untangle data for success.
Click here to watch the full webinar with eBay, Gumtree and Salesforce on demand