Advertisement

“You can’t stop the waves, but you can learn how to surf”

Reading Time: 3 mins
By Published On: February 24, 20230 Comments

Key takeaways from Australia’s first Customer Lifetime Value (CLV) Revolution, a conference run by Webprofits and Omniconvert.

This week, Australia’s first Customer Lifetime Value conference was held online. The CLV Revolution brought together hundreds of ecommerce brands and business leaders to discuss the importance of building sustainable growth through a customer-first strategy in 2023.

With seventeen speakers across the global digital strategy industry, the conference ran across five timezones and streamed eight hours of non stop content.

This groundbreaking conference brought together some of the brightest minds in ecommerce to offer attendees an unique opportunity to gain valuable insights and strategies to succeed in today’s dynamic and hyper-competitive digital landscape.  The mainstay of the day was to put customers at the centre of all you do – yes embrace automation, yes use A.I – but at your centre be human, connect, get feedback and deliver a customer first awesome experience.

Here are the key takeaways from some of the industry leaders featured throughout the day:

  • Brent Nicholls, Agency Lead from Google urges ecommerce businesses to focus on ‘nowcasting’, following a turbulent economy over the past couple of years. “You can’t stop the waves, but you can learn how to surf.” Consumer needs change rapidly during times of change. Being agile and adaptive will help you protect or gain share” Australians are becoming increasingly money savvy with a “65% increase in ‘side hustle’ searches.”

 

  • Shanelle Mullin, Experimentation & Analytics Lead from Shopify highlighted the dangers of “heavy product discounting” stating, “Discount culture can be a race to the bottom. Make sure you’re matching the right products with the right consumers before you discount drastically. The sentiment is not to discount until they buy it, but create a buying experience that encompasses their needs, based on the data that you have. Test everything, break out every element that goes into an offer and think about ways to test it.”

 

  • Tim Doyle, Founder and CEO of Eucalyptus & Former Head of Marketing at Koala highlighted “Single transaction profitability is increasingly difficult, particularly in a crowded market. We had to augment the transaction, to get the lifetime spend high enough to have a defensible position to afford to be able to grow the brand at scale.”

 

  • Hugh O’Donnell, Director of Growth at Creative Converters feels the future of building a brand loyal community is through TikTok, “TikTok is creating a paradigm shift in ecommerce. People will buy where they are having fun. The rawness of TikTok allows true social engagement every other social platform has failed to create. That shift makes it so accessible and personal for brands to engage.”

 

  • Nick Mason, Head of Behavioural Marketing at Webprofits says behavioural marketing is something your business can’t afford to overlook, “Cognitive biases are the things that stand between you, and increasing your average order value. Behavioural marketing is the key to understanding what truly drives buying behaviour, and identifies those cognitive biases that brands need to understand to connect better with their audiences and grow at scale.”

 

  • James Reu, Ecommerce Manager at LSKD says, “Retention is a massive focus for us in 2023, but an increasingly competitive market pushes us to make the most personalised and tailored content for our consumers, it’s become crucial to how we do business. One of our values is to create a community and it’s something we nurture a lot.”

 

  • Negar Mokhtarnia, Director of Product at Pet Circle says “Our goal is to create habits, repeated behaviour rather than one off purchases. We want to understand our customers, their individual pet needs and ensure we deepen that relationship to provide value.”

 

The e-commerce landscape is changing. With a Power Retail Switched On membership, you get access to current e-commerce revenue and forecasting, traffic levels, average conversion rate, payment preferences and more! 

About the Author: Rosalea Catterson

Rosalea is the Editor of Power Retail. With a keen interest in consumer behaviour and tech, she covers everything ecommerce and hosts the Power Retail Power Talks Podcast.

Share this story!

Leave A Comment

Advertisement
Advertisement
Advertisement
Advertisement