During the pandemic, the percentage of shopping that was done online naturally ramped up hugely, and in the wake of that period, it has stayed incredibly high. With eCommerce being such a growing industry, with lots more competition and lots more data, keeping competitive requires an understanding of the entire business model and the nuances therein.
On the latest episode of The eCommerce Toolbox: Expert Perspectives podcast, host Kailin Noivo is joined by Luis Gerardo Torres, Head of eCommerce Operations at Specialized Bicycles in Europe, to explore the differences and challenges within the European and Latin American markets, and to understand how, in times of growth, you can keep track of your relationship with your customers.
Latin America vs European eCommerce Markets
The retail markets in Latin America and Europe have very different characters. There are a number of very tangible reasons for this – the geography itself is relevant, with the differing terrain in each country providing its own logistical challenge. In South America, the hills of Colombia versus the relative flatness of Mexico is a good example of this disparity and an eCommerce manager working across Latin America ought to be aware of the challenges presented as a result.
In Europe, the situation, geographically and around borders is more fluid, Luis describes it more as feeling like one big country. What with free movement, it is much easier to deliver far and wide in the continent. Luis is an advocate for eCommerce leaders having a fuller grasp of the business as it grows.
Being across all of these logistical details helps to make sense of the data and tangible feedback you receive. Another example would be the GDPR laws across Europe: these mean that users are giving businesses far less consent to use their data. In South America, this is less of a problem and it’s far easier to gather lots more information about your customers.
Build a Data Team You Can Trust
It’s vital to be putting as much work into understanding both the human side of your customers and the data aspect, because together they inform each other and help you make the right decisions. If neglected, you could be making decisions blind. To do this you need dedicated teams in place. The sheer quantity of data that can be gathered in this era of eCommerce means having a team that can reliably and accurately process and analyze this data is an invaluable asset to your company.
Without this, it could be easy to drown in a sea of numbers without being able to see where the actionable insights are. Again, having a broad perspective on your offering as a company is key here – that means understanding the granular details around your supply chain, logistics, warehouses, and all of that. Luis suggests that an eCommerce manager really should have a solid grounding in digital marketing these days in order to give themselves the best chance of leveraging the data they’re receiving to find that competitive advantage.
Driving Long-term Customer Satisfaction
Customer satisfaction can be measured in many ways. It’s also true that it’s a metric that can be slightly left by the wayside during the periods of fast growth that many platforms are experiencing at the moment. Increasing revenue is of course vital, but there are a few ways you could and should keep a thorough and regular eye on your customers.
Having the right CRM in place to monitor various KPIs on a daily basis is an absolute necessity if you have designs to raise the satisfaction of your customers in line with the growth of the company as a whole. Repurchase rates and lifetime value figures are not necessarily always valued as highly as other key metrics when determining the success of your company.
But long-term value is often at least as much about customer retention as it is about reaching new customers, and these are fantastic ways to figure out if the users of your eCommerce platform are coming away from each purchase feeling content with the whole process.
Listen to the Full Episode Below!
Tune in to this episode of The eCommerce Toolbox: Expert Perspectives with Luis Gerardo Torres to find out more about maximizing your data and understanding the detail and the context of your eCommerce platform’s success.
👉 Apple: https://apple.co/49Ri9Hz
👉 Spotify: https://spoti.fi/4bUJfzj
Luis is a professional with more than 13 years of experience in Mexico and Europe working as an eCommerce manager. He had a background in finance and the stock exchange before an internship in Poland taught him marketing. Lots of courses, hard work and nous led him to where he is now. He has worked for Specialized Bicycle Components for the past three years or so and now leads their operations across Europe, shaping and executing a roadmap for continued growth and improvement.
