‘Marketplaces are good platforms for brands to make quick sales, but sizable volumes of marketplace sales damage brand equity. Customers don't belong to the brand; they belong to the platform. Customers have no issue switching brands if the price is right.’
‘A lot of brands go to marketplaces to test the market. They start building an online critical mass that will justify the creation of branded websites. They then acquire the resources to move to the next level: to have their own online ecosystem.’
‘We are working towards more experiential online experiences, such as live consultations, live shows, and workshops. Experiential online experiences show consumers that the branded.com website can be something more than just transactional. Growing a sustainable online presence requires us to continuously reinvent our online proposition.’
‘In places like Vietnam, India, and Indonesia, even distributors find it expensive to cover a cluster of customers. Companies are collaborating to see how digital marketplaces can extend their reach. With e-commerce, you can coordinate purchases, reduce the cost of delivery, and track credit. These are ways many companies have started to successfully work in some marketplaces; but this requires collaboration among companies.’
The boom of e-commerce in Asia demands a robust omni-channel strategy and skilled management of diverse markets that are characterised by shifting brand loyalties and high customer acquisition costs. At a recent Asia Management Forum, members shared best practices, highlighting data-driven strategies and the modernisation of outdated IT systems as key ways to optimise operations and cut costs.
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