Staying Competitive in a Saturated Market: Brands That Are Leading the Retail Race
The new normal of retail has shifted fast and has steered a new reality for consumers and retailers alike. In a recent report by McKinsey, we have vaulted ten years ahead in consumer and business digital penetration in less than three months.
With more and more businesses adopting a digital-first approach, keeping track of even the smallest changes in your space can be tricky. Retailers now need to balance saving time, making profit, and dominating the online space, as well as working towards high customer expectations set by the pandemic.
To keep up in today’s market, retailers need to be competitive and dynamic to stay ahead, and some brands are already capitalising on the current market. The Marketing Intelligence Platform BOSCO™, scored 15 leading retailers across three industries for the months of May and June, pre–Shoptalk Europe.
What is the BOSCO™ Index?
The BOSCO™ Index is a measure of how well a retailer is exploiting their digital opportunities vs. their competitors. The index is computed 0 – 1000, with 600 being the average score.
A score of 1000 would mean a retailer is the only competitor in that country and category, a score of zero would mean the retailer has no offering online. Using cutting edge AI, BOSCO™ pulls in third-party data for the domains to rank and compare their paid search and SEO offering and each website’s online performance.
Topping the BOSCO™ Index Footwear league table is Dr Martens. For over 70 years, Dr Martens have been at the feet of various subcultures and held strong ties with the music industry and the retail space in general.
Their latest social-first campaign, #TeamUpOnTheTrack utilized Instagram Reels and invited Dr Martens followers to use their skills to create music visuals for a new artist. Funding creative opportunities have always been a priority for Dr Martens, this campaign is part of the ‘Tough as You’ initiative that supports emerging and under-represented talent.
Similarly, Adidas have released the latest chapter of their ‘Impossible is Nothing’ campaign, driven by women in sport and diversity. Reaffirming the same brand purpose, Adidas are continuing to support women by sharing experiences from female athletes to inspire women everywhere to build a future in sports.
Fashion is all about moving at pace, and our top performing retailer, Calvin Klein is showing us how it’s done.
In their latest #MyCalvins campaign, Calvin Klein has shifted the focus to community. All Together showcases a diverse cast of 120 celebrities, to share appreciation for the art of being together with loved ones following the pandemic.
As a fast fashion retailer with a reputation for influencers, Boohoo have introduced a new social-driven campaign #boohoofilterfree, which aims to eradicate filter abuse and reduce comparison culture. Under this new campaign, both influencers and customers are being encouraged to post across their social channels “filter free”.
Olaplex inspired a fast-growing following among not only professional stylists, but also everyday beauty consumers, reporting a 171% year-over-year revenue surge in 2021 to date. Olaplex’s surging EMV (earned media value) footprint can be partly attributed to its rapidly growing community of online fans and influencers. The brand has only continued to recruit new fans: 6.3k influencers mentioned Olaplex during the first seven months of 2021, 50% more than during the first seven months of 2020.
All the leading retailer campaigns focus on consumers and allowing them to engage or resonate with the brand. As we collectively brace for the big shift in value and a new generation of consumers, one of the most powerful ways retailers can prepare is by clarifying their purpose. As we’ve seen, purpose and consumer-driven brands have seen remarkable growth and are in pole position in 2022.
With the BOSCO™ Index, you can gain a top-level, holistic view of how you stack up against your competitors’ online performance. Once you have your score, you can see how well your competitors are performing and identify areas where they are performing better, or worse, than you.
In terms of competitor insights, the BOSCO™ Index offers unique intel that will save you and your team hours, if not days, of manual research. BOSCO™ also minimises the risk of human error.
Want to find out more about how the BOSCO™ Index can transform your digital marketing? Visit BOSCO™ in the Startup Village at stand H24 and find out your BOSCO™ score – it’s the first step in understanding how you’re currently performing.