We sat down with L'Oréal's Insights team to find out how they maintain their competitive advantage. (Hint: data).
In 2020, Power Retail launched Switched On, an industry-led data, insights and benchmarking service to help Australian e-commerce businesses improve performance and results. We sat down with world leader L’Oréal to find out how using Switched On has given them a competitive edge.
“We were interested in benchmarking ourselves and eBoutiques against themselves and the market,” explains the Insights team of their decision to join Switched On. “This enabled our teams to make data-based decisions.”
So, how does L’Oréal utilise the Benchmarking Data? “We track our market position and growth, especially against competitors,” the team explains. Switched On Benchmarking tracks key metrics in e-commerce to ensure retailers and brands understand what is happening in Australian e-commerce today—no relying on outdated reports from two years ago! Data comes from top e-commerce retailers in Australia only, which means companies like L’Oréal can gain full visibility of Revenue, Sessions, Conversion Rate and Average Order Value—and dissect this data by Channel, Device, Social Platform and more.
L’Oréal explains that it uses this data for performance reporting, mainly for its eBoutiques; in Beauty and across industry.
Source: Power Retail Switched On
How important is it for online retailers to understand how they are performing relative to the Australian market? “It’s very important,” explains the Insights team. “Otherwise, retailers are just operating in a vacuum. Seeing trended revenue and conversion helps our digital and eBoutique teams.”
“Switched On also helps with media buying and planning,” the team says. As well as regularly updated insights about channel and device usage, Switched-On helps retailers understand Google Ads trends, and gain access to automated insights in real-time.
Power Retail also releases member-only Shopper Profiles, providing a comprehensive and current psychograph of online shoppers across various categories. How do Shopper Profiles assist L’Oréal with marketing efforts, campaigns or other elements of business strategy? “They’re great to reference against our internal and division specific psychographic groups,” the Insights team tells us. “We use them as a jumping point for future research and will distribute to the wider business if they’re beauty specific.”
The Power Retail Top 500 dataset provides up-to-date performance rankings and analysis for Australia’s top-performing retailers. “If you don’t know where you rank against your competitors, you’re operating in a vacuum,” L’Oréal says.
The benefit of a Switched On membership is that it can be used across the company and incorporated as part of overall strategy. “Our Insights team use it most often, followed by our e-comm team and eBoutiques,” adds L’Oréal.
We don’t like to play favourites, but…L’Oréal says their favourite feature is the Retail Insights (which include fortnightly Trajectory Reports, consumer surveys and Shopper Profiles) as well as Retailer Benchmarking (which includes key e-commerce metrics and how they’re changing over time).
Want to know more? See how Power Retail Switched On can give you an edge here or contact us today: [email protected]