After a great response from our first blog post, we received some questions as to why we care so much about E-Commerce. For CEO Mike Dickenson, Ironbridge is more than a data company. It’s a tool to help your business succeed. Here’s Mike’s take on E-Commerce:
“I have been asked why we are concentrating our research in the E-Commerce field. The answer is simple. E-Commerce is the most disruptive factor in the fast-moving consumer goods industry since the arrival of Walmart and Target. Retailers are closing stores and they need new strategies for survival and growth. Some are succeeding, but others are not. We intend to find out why.”
So how can we go about solving the E-Commerce dilemma for our customers? As a start, we’re investigating E-Commerce trends by industry and identifying patterns of success. Dave Gilboa, co-founder and co-CEO of Warby Parker, recently told PBS, “We don’t think retail’s dead. We think mediocre retail is dead.” E-commerce has undeniably changed retail. You can either adapt with E-Commerce trends, or you can resist and risk shuttering your business.
This month, we’re focusing our E-Commerce matrix on the entertainment and fast food industries. Let’s start with entertainment.
Encompassing everything from live and movie theatres, concerts, sports and home entertainment, this category has enjoyed moderate E-Commerce growth. Technology rocked this industry decades ago when digital file formats were threatening CD sales in the music industry and pirated media skyrocketed. Having recovered from the days of Napster, the entertainment industry remains healthy. The key here is that the content being delivered can’t be replaced by a computer. Whether you stream your favorite shows or tune into cable is another matter–delivery of the media has surely been shaped by E-Commerce. But people still enjoy sports and movies and therefore athletes, actors and everyone in between, enjoys some job security in the face of E-Commerce.
Some initial reports accused millennials of passing on movie theatres, assuming they preferred streaming services to an in-person outing. But the film analytics firm, Movio, found that 29% of movie ticket sales can be attributed to millennials. This is a solid number and shows that there’s no sign of a dip in ticket sales due to generational preferences.
How can entertainment providers find a compromise with E-Commerce and their traditional in-person experiences? The answer lies in the sale and delivery of tickets. Offering online and mobile experiences to purchase tickets, and even reserve movie theatre seats, is key to integrating with the times.
Fast food also enjoys certain stipulations that have thwarted E-Commerce for quite a while. But recently, fast food delivery apps like Postmates and Uber Eats have cut into the traditional delivery methods of fast food. One shining example of fast food adapting to the E-Commerce age is Domino’s Pizza. According to an article by Digiday, Domino’s has positioned itself as an “E-Commerce company that sells pizza.” Some of the ways they’ve done this is by developing a mobile app in house, dedicating a third of their employees to digital platforms and pushing new technology like voice ordering. Domino’s has even teamed up with other technology giants like Amazon and Facebook to allow customers to order through their technology.
By committing to its digital strategy, Domino’s has been able to stay ahead of the E-Commerce curve. Other fast food companies would do well to mimic Domino’s embrace of technology.
Do you have an example of an entertainment or fast food company that’s competitive in the E-Commerce space? Tell us about it in the comments below!
Ironbridge Software was founded in 1989 by Mike Dickenson. Mike’s unparalleled expertise and passion for technology led him to create the first-ever analytical solution for the Consumer Packaged Goods Industry. He assembled a team that has more than 50 years experience and Ironbridge Software has been leading the field ever since. Back in 1989, Mike’s vision was to blend database expertise, analytical expertise and software capabilities to produce a complete service for the CPG industry. At Ironbridge, we’re passionate about solving our clients’ problems, one insight at a time.
Writing done by Kim Kelly Consulting