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, 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, 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.
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!
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 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.
Suwen was established in 2005, with the aim of making comfortable and useful lingerie for women of all sizes. The brand mixes high quality and elegant designs with affordable prices.
With its slogan “My body is so special”, Suwen represents confident, classy and passionate women. Its wide product range includes lingerie, home wear, socks, corsets, swimwear and maternity wear. The brand aims to expand its store network in Turkey, as well as to Eastern Europe, the Balkans, MEA and the Far East.
Suwen and Inveon established a partnership that significantly boosted the brand’s digital commerce operations in a short period of time. With the UI & UX improvements that Inveon’s team achieved, customers are now able to have a fast and easy shopping experience, increasing customer satisfaction.
The renewed online store, suwen.com.tr, enables customers to view the various color options of a certain product, and complete transactions in a single page. Moreover, customers can cancel their orders within 30 minutes after the completion with just a few clicks.
MAKSU was founded by Mass Textile, one of the biggest ready-made clothing exporters in Turkey, as a pure-online, premium women’s clothing and accessories brand in 2019. MAKSU’s vision is to create well-thought out clothing and accessory designs for feminine, confident women. The brand targets real women’s lives, rather than temporary fashion trends.
The distinctive characteristics of the brand are present in its high-quality fabrics and unique pattern designs. All MAKSU products are designed to capture distinctive characters that comply with MAKSU women’s uniqueness. Modern, chic, comfortable and unique are the keywords that represent the brands’ products.
With the inCommerce platform, MAKSU ensures an easy and flawless shopping experience for its customers, which is especially vital for a pure online player.
One of the most distinctive features of maksu.com.tr is its modern design and high responsiveness. Users can not only view MAKSU products in detail with high resolution photos from different aspects, but can also watch videos and see how the outfits create a harmonious look on real women.
In addition to the inCommerce platform’s advantages, Inveon’s GrowthLab team will be responsible for the management of digital marketing processes, positioning of the products on the online store and increasing the brand awareness both in domestic markets and overseas.
Just like the line between online and offline shopping, the line between borders are also blurring. Now that consumers have access to a wide choice of brands from abroad, it is a necessity for retail companies today to exhibit their products to global markets.
Currently, there are more than 2 billion online shoppers in the world, generating almost $3 trillion in global e-commerce volume. According to a Forrester report, cross-border e-commerce sales will reach $627 billion by 2022. This increase is expected to account for 20% of e-commerce sales as a whole generated throughout that year.
According to the IPC, the volume of e-export is increasing by25%a year – almost twice the growth speed of domestic e-commerce. Even now, retailers who start their cross-border sales have 10 to 15% annual increase in their sales. Moreover, 1 in every 5 international shopping basket size totals more than $200 in value. Even in Europe, which is a highly saturated market, cross-border e-commerce share has increased to 13.2% in 2018, reaching an amount of €137 billion.
All of these exciting facts show that e-export presents many opportunities for retailers. With the development of digital commerce technologies, launching an international selling channel is easier than ever. However, many companies attempt to cease the advantages of e-export without being fully aware of the issues they might face leading to failure in a short period of time.
Inveon’s GrowthLab team, who helps many companies export their products online, argues there are two essential factors to achieve e-export success: choosing the right market and the right portfolio.
Choosing the right market
Any company can export its products worldwide today through online channels, but when it comes to a continuous exporting operation, the right markets to operate in must be carefully chosen.
To make the right decision, retailers should define the market first, in terms of demography, location and culture, affecting the needs and wants of consumers. After that, a detailed market analysis should be performed to provide retailers with a bigger picture, helping them see their potential positioning in the market.
An in-depth market analysis has many dimensions such as recent retail trends, potential competitors, growth rate of online sales and average basket size, as well as forecasted demand and potential barriers to entry. It also includes information about the most sold products in a certain market, customer habits and customer perceived value. All of these multidimensional market data is then used for choosing the right portfolio. Inveon’s GrowthLab department takes a look at all these metrics whilst keeping in mind operational excellence when preparing a market analysis.
Graph 1 represents an example of two of the metrics, online consumers and average annual spending, that GrowthLab uses in order to conduct a market analysis:
Choosing the right portfolio
The data provided by the market analysis will be used as a valuable tool in understanding the customers, which is one of the key factors impacting cross-border success. With the customer data, customer personas are created to help companies understand what products and services will be attractive to which customer group. It also helps companies forecast future demand and plan their potential scale. In the meantime, the gap between the customers’ needs and the current market offerings provides a great market opportunity.
GrowthLab performed a market analysis for a client operating in the home textile industry who wants to enter the EMEA region. By taking the market data into account, the team created customer personas and how they will perceive each product in the portfolio. The results show that because home textile is culturally a social status indicator, the more affordable products such as basic linens were not preferred by the customers and therefore sales did not reach its full potential. Moreover, the results indicated that the prices should have been doubled, while the products should have complied with the latest trends.
Graph 2 represents a forecast of the market share of different home textile products in the EMEA region. This is an example of one of the many market features that GrowthLab analyses when looking at market data.
There is no one-fits-all solution to e-export plans. Success of each action depends on the company’s unique internal and external factors. In order to minimize the potential risks, a comprehensive market analysis backed by solid data is the key.
GrowthLab performs the market analysis for companies and helps them define their market entry strategy in terms of entry model, product portfolio, pricing, inventory and 3rd party management. With its analytical approach backed by data of more than 40 million users from 90 countries, it minimizes the risks of entering a new market.
Bateks, Turkey’s largest swimwear and underwear manufacturer, was founded in 1996 and has become the leading company in the industry. Today, it exports more than half of its products to 31 countries in 5 continents. It is also known as the manufacturer of swimwear and underwear collections of many world-famous brands including H&M, Top Shop, Oysho, Penti and Decathlon.
With its years of experience and superior manufacturing capacity, Bateks established its own premium swimwear brand, AYJE, in 2019. AYJE distinguishes itself in the industry with its accumulated know-how regarding fabric and container factories, in addition to mold and model preparation.
Moreover, AYJE defines itself as a body-positive brand, encouraging acceptance of all bodies regardless of the form, size, or appearance. The products were designed with the mindset that all women are beautiful and should have a positive body image, to feel confident and comfortable in their own bodies.
AYJE chose Inveon GrowthLab to offer its products to all “women in the world who are as free as the sea”. The GrowthLab team will lead the brand’s domestic and cross-border e-commerce operations, along with its digital marketing and market entry strategies. With GrowthLab, AYJE will be able to build brand awareness across the world with highly personalized campaigns and advertorials.
AYJE released its first collection in April 2019, which is currently on sale on ayjeshop.com, as well as at Vakkorama, Sign In Store Alaçatı and Mendo’s.