The 31st Olympic Games started in Rio de Janeiro at the weekend, and in the following weeks, the world’s best athletes will battle it out to be crowned the best in their field. However, another battle is taking place off the field: that between the sports brands the athletes use and endorse.
The Sporting Goods Industry is set to grow by 3.4% between 2015 and 2016 and e-commerce is playing an ever increasing role in this sector; in a recent report, Sports Direct revealed a 26.8% increase in online sales, with e-commerce now representing 17.1% of total revenue. However, it can be difficult for newcomers to start selling in this crowded market, as a report has revealed that sports brands is one of the sectors that inspire the most consumer loyalty (15%). Here are some tips to help you get ahead:
One of the reasons why many sports retailers fail to succeed is bad pricing strategy. Obviously, if the price is too high, customers will be turned away. However, some retailers fall into the opposite trap and choose to price their products too cheaply, undercutting competitors to shift stock and generate turnover quickly. However, by doing so, they throw away valuable margins, and risk going bust.
Online shoppers are often pushed for time and/or looking for a specific item. Make sure to create different sections on your site for different sports. You should also create as many SKUs as possible to make it easier for consumers to find the product they are looking for.
Make sure you put as much focus on design as you do your products. Spend time creating beautiful, emotive images that tell a story and convey your brand message.
Social media is a great outlet for retailers to create a narrative on, reaching new customers and increasing brand loyalty. Make the most of the Olympic period to run a certain campaign. Advertisers can benefit from Facebook Dynamic Ads and Instagram Dynamic Ads, whereby they can target the most relevant audience.
To find out more about Facebook Dynamic Ads,
Your e-commerce library
By submitting this form you authorize Lengow to process your data for the purpose of sending you Lengow newsletters . You have the right to access, rectify and delete this data, to oppose its processing, to limit its use, to render it portable and to define the guidelines relating to its fate in the event of death. You can exercise these rights at any time by writing to firstname.lastname@example.org
Gen Z shopping is known as versatile and very dynamic, as teens are always trying to follow the newest trends…
E-commerce has become a tumultuous sea for many internet retailers. Although the coronavirus pandemic boosted digital commerce it also led…
Temu, a shopping app developed by China's Pinduoduo, has become the most downloaded in the U.S. since its launch in…
To sell or not to sell on TikTok? That is the question many brands still ask themselves. But here is…
Amazon, the world's largest online retailer and marketplace, has recently made efforts to enter the world of social commerce.