One thing is certain – online retailing is growing inexorably. Combined with ever-lower barriers to entry, however, this poses a serious problem: it’s becoming increasingly difficult to stand out from the crowd. One of the top e-commerce trends for 2024 is the creation and development of one’s own personal brand – it is clear that authenticity is one of the key e-commerce buzzwords of the moment.

Harnessing brand power

Promoting customer loyalty in today’s competitive market requires innovative strategies that resonate with consumers. Authenticity has emerged as a powerful tool, with 91% of consumers worldwide indicating a willingness to reward brands that demonstrate genuine authenticity, according to a survey by Cohn & Wolfe. Personalization is another key driver, as evidenced by Epsilon’s finding that 80% of consumers are more likely to make a purchase when brands offer personalized experiences.

Gone are the days when most companies were aloof and inaccessible, trying to appear particularly serious. In fact, there seems to be no alternative but to create, through social media and other means, well-thought-out advertising campaigns, a brand that is more than just a name: a means of identification that allows you to credibly convey your values and convictions to the outside world.

Let’s have a look at some examples like Apple or Starbucks, two absolute kings of branding. Of course, they may not be the benchmark for “traditional” online retailers, but they are impressive examples of the power of a strong brand:

·        Extreme brand identification and customer loyalty

·        Imposition of (very) high product prices

·        Large market shares, even monopolies in some cases

·        Network effects, e.g. AppStore

·        High barriers to entry for new market players

What strategies are used for building a strong brand?

·        Clear values, virtues and objectives: For people to identify with the brand, they first need to know what it stands for. What are its most important principles? Quality? Sustainability? Efficiency? What is the stated objective, your leitmotif?

·        Authenticity: It’s easy to come up with great marketing slogans. What counts is implementation: are they credible with the business? The brand must make sure that their actions are consistent with the claims, create transparency and involve the customers. User-generated content (UGC) is an excellent way of achieving this.

·        Personalization and customization: According to experts from the discount platform Promo-Codes personalized content not only enhances the shopping experience, but also promotes customer loyalty. It is important to leverage technologies such as AR to give customers exactly what they need. Chatbots help provide assistance to customers. Personalized discount coupons based on individual preferences with offers that appeal to the customers not only increase the customers’ loyalty but also attract new customers.

The search for the best price is increasingly important for consumers in the current economic climate. Making personalized promotions stand out among the growing number of discount offers on the Internet is an excellent way of attracting new customers. However, this method of development needs to be part of a well-thought-out strategy.