Virtual Events, Gaming, and Omnichannel - The "New Normal"

Ecommerce Straight Talk

Virtual Events, Gaming, and Omnichannel - The "New Normal" ECOMMERCE STRAIGHT TALK EPISODE 7

This week we're discussing:

1. LinkedIn is doubling down on pushing events to advertisers, for more ad $... 21 million LinkedIn members attended virtual events on the platform last year. While its livestreams increased more than 400% from September 2019–September 2020. The latest updates come roughly a month after LinkedIn said its ad revenue was up 60% YoY, surpassing $3 billion. Will virtual events continue the traction they've held during the pandemic?
2. Roblox is an online gaming platform where users can immerse themselves in any of the 18 million virtual worlds. And in Roblox’s many worlds, players can buy an array of items from an Avatar Shop using the game’s currency – a Robux. Gucci decided to mark its 100-year anniversary by creating the "Gucci Garden". A game made up of various themed rooms. As visitors wandered the rooms, they could purchase exclusive virtual Gucci items for their avatars to wear. One item proved particularly popular – the limited-edition virtual Dionysus Bag with Bee, which Gucci was selling to gamers for an original price of 475 Robux (equivalent to $6). But, just as in the real word, users can re-sell the digital wears if the demand is high. And this bag was, leading one user to sell it on for over $4,100 – $800 more than the real thing... Should we expect to see more brands getting into gaming?
3. Retail stores are increasing staffing to focus on BOPIS. We've discussed this in past episodes, but we're now starting to see retail brands focus on omnichannel and what it really mans for their business. With Micheals, Ulta, Build-A-Bear, Madewell, Kendra Scott, and Foot Locker going all in on omnichannel, we're seeing big box stores take advantage of the new "normal"... So, how can your "Regular-Joe", Ecommerce store owner, take advantage of Omnichannel?
4. Ecommerce grew as much in the first 8-weeks of the pandemic as it did in the previous 8-years. With brands making huge investments into Ecommerce over the past year, more and more brands feel they need to hop on the Ecomm bandwagon. And although more folks are getting out and wanting to spend more of their $$ back into their local stores, we see 38% of consumers intend to do more shopping online and visit stores that provide great experiences. Instead of asking, "How does Ecommerce fit into a Post-Pandemic world?", we should be asking, "What consumer experience do I need to offer?"
5. Instagram released a feature update that’s more relevant for retailers: Drops, a dedicated section where brands can release new products via Instagram Shopping. A few years into its mobile mall renovations, Instagram is still used for window shopping more than shopping shopping. Brands that’ve tried Instagram Checkout said the app has yet to generate meaningful purchasing activity, and their websites offer more relevant product information than the app supports. By introducing Drops, Instagram isn’t just directing shoppers to new releases. It’s also helping retailers make purchase journeys more obvious on the app. Do you foresee this to make an impact on brand sales through Instagram?