Digital marketplaces have become an epicenter of brand exposure and experience, capturing consumer attention in ways that augment traditional channel exposure.
Case in point: Eighty-one percent of consumers who bought a name brand product on Amazon recalled the product detail page (PDP) three months later. Yet only 28 percent remembered the television commercial. This is not a knock on television and traditional media. It signals how much digital has extended customer brand relationships. Put simply, the creative story cannot end with traditional media. The brand essence must be present across every interaction point with customers, making it more important than ever to extend the brand story across marketplaces.
This evolution of digital marketplaces is evidenced by the success that small, agile companies are having with them. As digitally-native businesses that can evolve on the fly, these brands are capitalizing on the droves of people who are shopping on these sites. But this disruptive model requires manufacturers to transform from the top down in order to have the same agility to succeed. This is unchartered territory for manufacturers. They need new capabilities to manage business performance and brand experience at the product level—and across countless marketplaces. With consumer demand heating up, agile competitors closing in, and shareholder value on the line, building a strong digital marketplace strategy is not optional. It is an act of survival.