This episode of Functional & Fabulous features an interview with Vinny O'Brien, a successful ecommerce strategist and trainer with his company, Vinny & Co. The episode explores various aspects of the retail landscape, from the importance of marketplaces to the future of Irish retail.
Marketplaces as Sales Channels
Vinny highlights the value of marketplaces for retailers and their ability to reach a wider audience and increase sales. Platforms such as eBay have had huge success by establishing consumer habits and expectations among buyers. Vinny also discusses Amazon's high standards to serve as a benchmark for customer service excellence.
Retail Media Networks
Retail media networks offer a new opportunity for retailers to generate revenue through advertising. By selling advertising space to other brands, retail websites can increase their revenue while providing targeted reach and visibility to advertisers. Examples of successful retail media networks include Walmart, Boots, and Superdrug. This trend presents a significant opportunity for Irish retailers to leverage their customer data and generate additional revenue.
The popularity of retail media networks has been steadily growing in recent years. As retailers recognise the potential of this channel, they are increasingly investing in building and optimising their own platforms. However, it's important to note that retail media networks are still in their infancy. Challenges such as performance measurement and integration with existing retail teams need to be addressed to ensure their long-term success.
The Future of Irish Retail — A Collaborative Approach
Vinny believes that Ireland is ready for a shift towards a more collaborative retail landscape. He argues that the limited size of the Irish market calls for cooperation among retailers to achieve growth and efficiency. Shared services, such as fulfilment centres and marketing resources, can help reduce costs and improve competitiveness.
He also suggests that Ireland's cultural history of cooperation makes it well-suited for such initiatives. By reducing the technological barriers to entry and utilising shared services to reduce the barriers to fulfilment, retailers will be able to concentrate on their core competencies, including merchandising and customer experience. This can help retailers work more efficiently, and free up resources to provide great customer service.
In conclusion, this episode provides valuable insights into the evolving retail landscape and offers practical advice for Irish retailers. By embracing marketplaces, retail media networks, collaboration, retailers can position themselves for long-term success.
You can watch the full episode here or alternatively catch up with other episodes of Functional and Fabulous on YouTube Podcasts, Spotify and Apple Podcasts.
