December 9-13: they unveil their Live Commerce strategies LIVE.
They unveil their strategy LIVE.
Register for freeRegister for free
.png)
The quest to effectively monetize marketplaces and maximize profits is a major challenge for retailers, as Tom McFadyen emphasized in his presentation at NRF. At the heart of his keynote was the transition from Marketplace 1.0 to a more comprehensive approach, embodied by Marketplace 2.0.
Marketplace 1.0 is essentially based on sales commission as a basic model. This structure, while effective, is limited in its potential to maximize profits.
Marketplace 2.0, on the other hand, is based on a more sophisticated and diversified business model. Integrating elements of Fintech, display advertising, sponsorship and complementary services such as warranties, it broadens the vision of the customer experience through the 3 Ps: from product to experience to artisanal product.
A key aspect of Marketplace 2.0 is the exploitation of advertising, representing a strategic means of maximizing revenues. Tom McFadyen highlights innovative solutions such as Marketplace 2.0 pioneer Mirakl Ads, which offers a forward-thinking approach to leveraging advertising within marketplaces.
This Keynote clearly shows that the transition to Marketplace 2.0 offers retailers a wide range of possibilities, going beyond the classic sales commission. By integrating elements such as advertising and complementary services, retailers can not only effectively monetize their marketplace, but also maximize their profits in innovative and adaptive ways.
Marketplace 2.0 must also be able to capitalize on Live Shopping, which boosts sales on the platform by increasing the average basket and building customer loyalty.
At the end of 2021, Caast.tv announced an innovative partnership with Mirakl, the global leader in marketplace solutions. This collaboration enables sellers on marketplaces using Mirakl technology to organize live shopping sessions via Caast TV.
Building on this success, the partnership now extends to include the new"Caast Shorts" functionality. These short, interactive videos, inspired by social networks, offer web users a seamless shopping experience, integrated with Mirakl Connect, the unique ecosystem dedicated to platforms.
With "Caast Shorts", Caast TV and Mirakl humanize the e-commerce experience, enabling sellers to promote, engage and convert their audience in innovative ways, while optimizing their revenue streams within Marketplace 2.0.
On the second day of NRF 2024, MasterCard and The Vitamin Shoppe revealed the secrets of successful loyalty program use and how to engage customers over the long term. The leaders in loyalty programs and dietary supplements revealed trends and best practices to be adopted as part of a retail marketing strategy. These testimonials offer a particularly pertinent insight into how Live Shopping can complement a loyalty program to capture customer insights. Brands and retailers can thus respond innovatively to the growing demands of consumers.
Speakers Michelle Carter, Mastercard, and Andrew Laudato, The Vitamin Shoppe, highlighted the growing consumer demand for effective, personalized experiences. This imperative resonates deeply with the mission of Live Shopping, which seeks to humanize e-commerce through interactive and personalized sessions, offering an immersive and unique experience.
The conference highlighted the contribution of loyalty systems to an omnichannel strategy by providing relevant, usable data on shoppers. This data is relevant whatever the customer journey, from "drive to store" to "store to home" and "online to home".
At the same time, it's a good idea to use Live Shopping to gain more insights through live customer feedback.
Importing loyalty programs to gain an in-depth understanding of buyers is a necessary part of your marketing strategy.
This principle resonates with Caast's approach, which relies on live shopping sessions rich in interaction to provide quality data and an in-depth understanding of consumer behavior.
The advice from Andrew Laudato, COO of The Vitamin Shoppe, is to "live your product". It's an approach connected to that of Caast. By inviting users, influencers and experts to live shopping sessions, Caast enables brands to experience their business in an immersive way and deepen their understanding of their audience's expectations, while carrying out an action that boosts online sales.
The "Test & Learn" strategy is presented as essential for better understanding consumers and adapting marketing actions. This approach is equally applicable to Live Shopping, whether through surveys, real-time analysis, or even in-house Feedback. Test & Learn then enables brands to adjust their strategies according to instant feedback from their target audience.
Lessons learned from the NRF conference converge on the need for an immersive, personalized and adaptable customer experience. These are needs that Caast is responding to, offering a comprehensive live shopping platform that meets consumer expectations while helping brands to understand, engage and retain their audience in innovative ways.
Stay connected for daily updates during NRF, with exclusive interviews and in-depth exploration of the highlights of this exceptional event.