FutureCommerce360: Shaping the Future of Commerce

The fastest-growing technologies are influencing the way consumers behave, companies position themselves to adapt and shape the future. In order to better understand what’s next and help create a better future for digital commerce, we decided to become the main sponsor of the Future Commerce 360 Conference.

We organized a session, with the moderation of our CEO Yomi Kastro and the participation of Andre Jordao, the CEO and Founder of Barkyn, Şervan Adar Avşar, the Head of E-Commerce at Watsons, Ozan Bektaş, Head of E-commerce at Coca-Cola CCI and Serdar Ersoy, the COO of DeFacto, where they shared their insights and practices in digital commerce.

Check out the recaps from this session.

Barkyn: Human connection is the next e-commerce

Barkyn is an all-included subscription company for dogs, headquartered in Portugal and active in Italy and Spain. It is also featured among Wired Magazine’s Europe’s 100 Hottest Startups 2019 list and has recently raised €1,7 million in investment. 

Barkyn is different from many startups we know today with its incredibly innovative business model. They provide hyper-personalized services with each box, connection and communication with a vet. Andre Jordao stated that the recipe for success in subscription-based models are solving convenience issues, diversifying offerings, providing brand engagement and good user experience.

Jordao mentioned that providing an omnichannel experience through web and mobile devices, supporting a 360° experience with their products, such as personalized recipes, pharmacy and supplements are going to be their next actions for growth. He stated that commerce experiences with human connection, serving individuals and products that are combined with services are the future of digital commerce.

Watsons: A global case

In 2017, Watsons Turkey started its journey as the first major online store of cosmetics in Turkey. In a very short period of time, it became a global case-study with the huge growth in brand endorsement and digital customers. As of November, they reached a total of 1 million online customers.

Şervan Adar Avşar, Head of E-commerce at Watsons, outlined several reasons for this success; building a correct team structure, creating online based promotions, developing an annual e-commerce plan with suppliers and effective team coordination. Practices like “-1 TL Shipping” and “Surprise Box” and their effect on sales were also discussed.

Avşar talked about the success of the 11.11 Online Shopping Festival 2019 which resulted in the sale of more than 165,000 products in a single day. Avşar also mentioned their future plans by discussing a personalized journey’s correlation with online-offline integration. 

Coca-Cola CCI: Online-only is the next

Coca-Cola CCI is one of the largest and most established companies in the world with more than 400 million consumers. In such established companies long processes and adaptation problems are common, but Coca-Cola CCI is not one of them. They realized the pioneering CCINEXT Project in digital transformation. Such that the CCINEXT Project received a Stevie Award in the Supply Chain Management category. 

Ozan Bektaş shared the award-winning CCINEXT project’s results:

  • 20,000 online orders placed from CCINext customers
  • 15 million in sales
  • Users scored 9 million TL in rewards
  • Operational costs decreased

DeFacto: the first comprehensive smart store

DeFacto recently pioneered the first comprehensive smart store in Turkey. Serdar Ersoy shared the story behind the Smart Store and presented their striking video. 

DeFacto offers smart mirrors, product reviews with VR glasses and automatic check-out at their digital store. The combination of these technologies benefit customers in creating a better shopping experience and benefit the environment with zero paper consumption.

Moreover, they have lowered loss of sales by 90% through this store, while gaining 100% accuracy in their stock management. Ersoy also discussed his insights on the future of digital transformation and how it affects the retail sector.

Inveon and Watsons celebrated 11.11 Online Shopping Fest by raising the bar once again!

Watsons, the world’s leading beauty and personal care products chain, and Inveon, the digital commerce partner that provides high customer satisfaction through its powerful products and quality services, shared the results of the 11.11 Online Shopping Festival. Every year, there are discounts worldwide on 11.11. Singles’ Day, which was first celebrated by China, spread to the world reaching Turkey with rapidly increasing online shoppers.

The previous campaign conducted in 2018 earned Watsons Turkey the “Online Marketing Campaign of the Year” Stevies Award. This year, the number of total products sold were multiplied by 2,2 in comparison to the previous campaign, raising the bar even higher.

165,000+ products sold throughout the campaign!

Watsons customers bought more than 165,000 products at the 11.11 Online Shopping Festival. While the number of visitors were multiplied by around 5, the page to session ratio increased by 67% compared to the last 30 days. This led to a significant increase in the conversion rate, reaching a value of 8%. Furthermore, Watsons gained 9.4 times more new members than the last 30 days’ daily average.

78% of the total revenue was generated by mobile.

Mobile revenue constituted of around four-fifths of the total revenue generated throughout the online festival. While mobile users accounted for 90% of all traffic, 1 in 4 visitors came from social media. The online campaign was managed in real time by the Watsons and Inveon team who interpret the data and take instant marketing actions.

111 products in a single basket!

One of the shopping enthusiasts, who showed great interest in Watsons campaign, added 111 products to their basket. The number of products sold in 1 minute reached 217 at peak moments. The interest shown in the eyeshadow palettes surprised everyone. The total number of the eyeshadow palettes sold reached 12 Eiffel Towers in length!

Watsons 11.11 Online Shopping Festival proved Inveon’s incredible success again this year with a 100% uptime ratio.

The results show the marvelous impact of the agile digital campaign management conducted by the Watsons and Inveon team who have scheduled the digital marketing efforts according to real time data results.

 

We won two International Stevie Awards with our clients!

As digital technology improves, the e-commerce industry is also developing. To steer into the future and keep up with the change, we are preparing our brands for the future by making a difference in the retail and FMCG sectors. Based on this strategy, we are glad to announce that we have received two awards from the 2019 International Stevie Awards, which is known as one of the most respected awards in the business world, together with the brands we provide service to.

We obtained two International Stevie Awards by creating exceptional success stories with our customers. At Inveon, we build reliable partnerships by bringing customer satisfaction to the highest level possible with powerful products and premium services.

We believe that the first condition of being successful is to achieve sustainable growth for the brands we serve on every medium. With this mindset and working spirit, the “11.11 Online Shopping Festival” campaign we carried out with Watsons Turkey was awarded a Gold Award as the “Online Marketing Campaign of the Year”. Moreover, the “CCINEXT Project” which we developed together with Coca-Cola CCI’s e-commerce team, won the Bronze Award in the “Supply Chain Management Solution” category.

Many thanks to Watsons Turkey and Coca-Cola CCI for trusting us in their digital commerce success.

The 5 Most Critical Trends That Digitalize Retail 

The rise of mobile technologies and digital disruption have changed the retail business as well as the implementation of the levers of retail mix and the behavior of shoppers. As one of Turkey’s largest and most deep-rooted digital commerce solutions companies, we discussed 5 critical digital transformation trends in retail.

1. Omnichannel DNA

While omnichannel may have been considered a buzzword at one point, this approach is now the new normal for today’s merchants. According to a McKinsey & Company report, omnichannel shoppers now represent one in every three shopping journeys. More than 60% of shopping journeys now have a digital component for either research or transaction—a share that is projected to grow at a rate three times that of in-store sales. 

The future of omnichannel shopping journey relies on voice assisted shopping, set to grow over the next four years to a value of US$40 billion by 2022. Most smart speakers depend on assistants from existing e-commerce giants – which opens up new doors into consumers’ homes for retailers.

2. Hyper-personalization

Hyper-personalization may be summarized as the use of behavioral and real-time data to create highly contextual products, services and communication strategies relevant to a specific individual in a particular situation. AI, image recognition and mood analyses provide a deep and detailed understanding of consumer attitudes, reactions and patterns.

There is an undeniable reality that customers want and expect a personalized shopping experience. Today 91% of customers prefer retail brands that offer personalized recommendations and 3 out of 4 customers are ready to actively share their personal data in exchange for more personalized campaigns.

Whilst the importance for deep retail (to generate hyper-personalization) continues to grow, some major players have already mastered the importance of tailoring their offerings to their customers.

3. Social Commerce

As the use of digital technology for businesses becomes increasingly popular, this convergence of social media and e-commerce provides companies with a vehicle to simplify the purchase process and make effective use of social media advertising for their brands.

There are some key important figures that must be taken into consideration:

  • 43% of consumers research products online via social network platforms
  • 55% of the global online population is affected by social media

4. Marketplace vs Brand Competition

Marketplaces are popular online shopping platforms, since customers are attracted to the large number of products offered, typically at lower prices. The top online marketplaces in the world amounted to $1.66 trillion in sales in 2018. Sales on marketplace websites, like those operated by Alibaba, Amazon, eBay and others, accounted for more than 50% of global online sales in 2018, according to Internet Retailer’s analysis. The growth of these e-commerce websites is one of the reasons why many large brick-and-mortar retailers, including sportswear e-retailer Fanatics Inc. recently began selling on marketplaces.

5. App-commerce

Despite what you might have heard, brick-and-mortar retail isn’t dead. In fact, 61% of shoppers would rather shop with brands who also have a physical location than ones that are only available online. Nearly 80% of shoppers will visit an offline store to purchase an item they need or want immediately.

On the other hand, retail apps are one of the 4 most commonly used applications on users’ devices. Data for the first half of 2019 show that smartphone users mostly use mobile apps for purchases.

Briefly, taking these trends into account, do you think your company is prepared to stand out in the future of the digital commerce industry?

AdL’s Equinox Campaign resulted in an increase of 175% in online revenue!

Inveon’s GrowthLab Team and AdL conducted an Equinox campaign lasted from the 22nd to the 24th of September 2019. By implementing  the right segmentation and targeting approaches, the campaign was a huge success. 

  • Number of products sold increased by 263%
  • Traffic increased by 44%
  • Conversion rate increased by 107%

As a result of this successful campaign, adl.com.tr’s revenue has increased by 175%, compared to the daily average revenue obtained in the last 30 days. 

Congrats to the AdL and GrowthLab team for this great result!

Inveon won the EuroAsian Startup Awards’ “Investor of the Year” award with its investment arm Inventures

Inveon, with its venture capital arm Inventures, won the “Investor of the Year” award at the EuroAsian Startup Awards Turkey, which is one of the most prestigious entrepreneurship awards in the world – the Global Startup Awards.

By applying a distinguished business model from the usual venture capital companies, Inveon does not only invest financially in startups, but also shares it business know-how, business development approaches and network with potential startups and their stakeholders through Inventures.

Yomi Kastro, the Founder and CEO of Inveon, stated that Inveon aims to add the technological value they produce together with the startups they invest in to its customers, by offering exceptional digital commerce solutions:

“As Inveon, we are delighted to receive this award. We have created an ecosystem for Inveon’s stakeholders. Today, with our platforms and solutions, the annual e-commerce volume of the companies we serve in 11 countries has exceeded $1 billion. We want all our stakeholders to benefit from this growing ecosystem and, most importantly, from this know-how.

We do not only invest in companies with Inventures. In addition to providing financial benefits and mentoring, we continue to support them in terms of technology, business development, team building and management. In doing so, we share what we have learned at Inveon with entrepreneurs and enable them to benefit from this collected information. On the other hand, with our flagship Inveon, we integrate the products of the companies we invest in through Inventures with our own products, to provide more holistic solutions to our customers.

By combining our strengths, we offer digital commerce solutions with the latest technology available to retail companies. We will continue to invest in teams with a global vision in various fields, especially in digital commerce technologies, with whom we can grow together with.”

Linens enhanced its digital commerce operations with Inveon’s inCommerce platform!

Linens, the international home textile retailer from Turkey, was founded by Zorlu Textile Group in 2000. By bringing the approach of end-to-end customer service to the home textile sector, Linens proved itself as a brand that guarantees unconditional and prompt customer satisfaction. It became the first home textile chain of Turkey that has ever expanded its store network abroad. With a total of 86 stores operating in 8 countries, Linens continues to grow internationally.

Inveon and Linens teamed up to transfer the website’s infrastructure to the inCommerce platform, with the aim of aligning its digital commerce power with the company’s accelerating growth.

Inveon Team renewed the website’s UI&UX design while increasing the overall website performance. They also added a new module to the inCommerce platform, enabling real time tracking of cancellations and returns. With this module, the reasons for cancellations and returns can also be viewed by the Linens admin users.

Moreover, the stock and order management were optimized so that Linens can ship orders faster and easier through prioritizing the stock points according to product availability. As a result of the optimization measures carried out by Inveon, orders can now be shipped faster, and extra logistics costs will be eliminated.

Suwen, who partnered with Inveon to boost its digital commerce, has experienced an increase of 286% in its online revenue!

This year, Suwen and Inveon have partnered together to enhance Suwen’s digital commerce operations through the flexible and fast inCommerce platform. The inCommerce platform, along with the UI & UX improvements, provided Suwen customers with a whole new and improved shopping experience. The results demonstrate an astonishing change!

In just 3 months after its opening, the renewed online store’s

  • Page speed has increased by 58%*
  • Number of visitors have increased by 41% 
  • Traffic has increased by 72%.

As a result of this tremendously increased performance, along with a rise of 141% in the brands’ conversion rate, suwen.com.tr’s revenue has increased by 286% in the first 3 months! 

We are proud to grow and create success stories together with our clients. Congrats to the Suwen and the Inveon team for this great success!

*compared to the previous 3-month period.

E-Exports: Marketplace, what are the specific risks you may face?

The marketplace strategy is generally the first strategy that comes to mind when considering e-exports. However, expanding globally through marketplaces is not as simple as it may seem. Let’s take a look at the factors that must be considered before implementing this model. 

Marketplaces reflect wide differences from country to country when it comes to target segment, functionality and required entry conditions. Moreover, each marketplace has different bidding and marketing strategies. For example, many marketplaces in Russia do not allow entry if the brand / supplier does not have a warehouse in the country. Therefore it is important to create a benchmark analysis to unlock and understand which marketplace is suitable for your brand.

The benchmarking analysis should include many different dimensions such as; product portfolio fit, analysis of competitor brands within the same marketplace, pricing analysis, entry conditions, marketplace specific risks, and risk management strategies. 

Examples of marketplace specific risks that a brand may face include the following: 

  • Brand Image: A brand’s image can be negatively affected if marketplace partners are not carefully selected and managed. 
  • Price Control: A clear pricing policy must be defined. This policy must be developed with accordance to  other sales channels. Moreover, it is important to be aware of the flexibility that a marketplace offers with regards to promotions and price changes. 
  • Marketing Investment: Optimising your brand’s marketplace presence can require intensive marketing efforts and investment, to secure popular search keywords. Therefore, ROI must be closely monitored in order to optimise such efforts. 
  • Hidden Costs: Marketplaces can involve hidden costs, therefore it is important to ensure that all costs/fees are clearly set out. 
  • Logistics: An important point is to be able to effectively manage shipping, returns and customer service. Such operations are more challenging in global markets due to factors such as legal requirements. It can be helpful to work with a partner that manages your marketplace presence.

If these risks are taken into consideration and the right strategies and partnerships are developed when implementing this strategy, marketplaces can be very advantageous. Inveon’s GrowthLab department offers e-export services to its customers by implementing not only the marketplace entry model but also franchise and direct exporting strategies. 

In our next article we will discuss the risks of e-exporting through a franchise model, tune in!

Inveon broke a new record with the Watsons 7.7. Online Shopping Fest!

Inveon and Watsons Turkey carried out an Online Shopping Festival together on the 7th of July. The campaign broke a new record among e-commerce campaigns in many areas, including sales volume, traffic and conversion rate.

16 products were sold per second!

The number of visitors reached 12,000, and 16 products were sold per second. Moreover, during the campaign a single user added a total of 97 products within a single basket! With the 7.7. Online Shopping Festival, Watsons gained 13.5 times more new members than the daily average, in just 24 hours.

Mobile revenue generated the 78% of the total revenue.

An increase in the volume of mobile shopping was also witnessed in the results of the campaign. Mobile shoppers accounted for 78% of the total revenue generated from the Watsons Online Shopping Festival. While mobile users constitute 93% of all traffic, 1 out of 3 users visited the online store through social media accounts.

Conversion rate hit 17.3%…

Compared to the previous month’s average, the number of Watsons online store visitors has increased by 3 times. Moreover, the campaign had a conversion rate of 17.3% on desktop, and 8.4% on mobile.