Welcome to episode three of Retail Reboot, hosted once again by SVP of Retail at emerchantpay, Angus Burrell! This episode’s special guest, Ahad Ali, Commercial Director at Megantic, joins Angus to answer some of the hottest questions on the minds of online retailers in 2021.
Twenty years of sales experience have given Ahad a wealth of insights into the world of eCommerce operations, the challenges that industry professionals face and how to overcome them. As the Commercial Director of Megantic, a company specialising in helping eCommerce businesses grow their revenue through data-driven strategies, this is someone who should capture the attention of retailers looking to remain relevant in the increasingly fast-paced world of online retail.
What is covered:
- The dwindling importance of traditional SEO methods
- Why a successful online business requires new data-driven SEO strategies
- Practical tips and strategies for expanding your business and reaching new audiences
- How applying the Pareto principle (AKA the 80/20 rule) to your own business can help to reinvigorate your product range
Quick bites from episode three
Traditional SEO has had its time
How can a business strategy born in the early days of the Internet still be relevant in today’s eCommerce landscape? The answer, according to Ahad, is that it can’t.
In the episode, Angus and Ahad discuss why the traditional SEO approach is not fit for eCommerce and how online retail, which has had its kind of revolution in the wake of the COVID-19 pandemic, requires a sui generis approach. His analogy says it all:
“Picture an F1 car – it’s in a class of its own. You wouldn’t take the wheel of an Audi and plant it on an F1 car, nor would you wait until you’re on the racetrack to fine-tune and calibrate the car, so it has a good chance of winning. Typical SEO service providers will try to convince you that you can shoehorn traditional SEO into the eCommerce environment. My question: How have you arrived at that decision? And what data do you actually have?”
In the analogy, Megantic is part of the F1 team, which equips the driver before she ever steps foot on the track. In real life, Megantic leverages its expertise in eCommerce to tailor strategies to a client’s products, relevant customers and commercial journey. According to Ahad, any other approach is like casting a fishing rod and hoping to catch a limited number of consumers.
The point? Don’t blindly jump on the SEO bandwagon just because it seems like everyone’s doing it - it’s often not fit for purpose. Instead, seek out eCommerce specialists backed by data and expertise in the same way you seek a payment service provider that understands how to help you tailor your payment portfolio to your customers’ needs.
Market research is imperative
When Angus asks what strategies Ahad would advise online retailers to adopt, Ahad answers without hesitation: a data-driven strategy.
“When we think about the pace of change through technology and competition driving technology as well, it starts to get quite scary in many respects because it’s moving so fast. As a result, it’s basically impossible to predict what’s going to happen in the next three to five years but what I do know is that you have to understand what’s going on - the patterns - through data. Without data, you’re lost.”
Tying up the idea of SEO as a fishing rod, Ahad says that what businesses really want is a fishing net. How do you achieve this?
Conducting market research allows companies like Megantic to identify and capture larger consumer groups. By deploying this tailor-made net along with ‘vast fleets of ships’, retailers are empowered to introduce the relevant products to motivated shoppers in the untapped segment.
The Pareto principle
Building on the Pareto principle, 20% of their products are given 80% of the SEO budget for most eCommerce businesses. In real terms, focusing on that top layer means that the products that sit beneath don’t get the chance to be seen by Google, so they’re not seen by consumers.
Interestingly, that top 20% tends to contain thin profit margin items that are highly competitive, whereas the meatier opportunities often sit beneath the radar.
In the episode, Angus and Ahad share a strategy for regaining control over your supply chain agreements and selling products that you wouldn’t typically sell by bringing them “to the surface”.
Understand your payments’ data
When executed the right way with tailored payment method options, the strategy empowers your business to sell those products that were previously hidden away, which helps boost your cash flow on higher profit margin products.
Get in touch with our retail payments experts and discuss your options for a tailored payments approach.