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Ecommerce In Uncertain Times with Raul Galera
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In this episode of The Ecommerce Podcast, host Matt Edmundson welcomes back Raul Galera from Referral Candy to discuss the latest trends in Ecommerce. Raul shares insights from their Ecommerce Agency Confidence Index (EACI), a monthly report gathering data from around 100 agencies worldwide. They explore how global events like the US elections might impact Q4 sales, the paradox of price sensitivity versus outsourcing in Ecommerce, and the enduring optimism of entrepreneurs in the face of uncertainty.
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Timestamps:
0:00 - Introduction and welcome
2:27 - Catching up with Raul Galera
5:24 - Discussing the Ecommerce Agency Confidence Index
8:53 - Black Friday and Cyber Monday expectations
13:09 - Impact of global events on ecommerce confidence
19:48 - Marketing strategies during uncertain times
23:33 - Price sensitivity and outsourcing trends
31:25 - The future of agency models
37:52 - Raul's question for Matt
38:32 - Closing thoughts on agency optimism
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Key Takeaways:
1. Focus on building a community around your brand. Raul emphasised that brands that work really well are those with a strong community. This doesn't necessarily mean a physical community, but rather a group of customers who identify with your brand even before purchasing. This community can generate word-of-mouth marketing and user-generated content, which can be leveraged across platforms.
2. Consider the value of outsourcing to agencies. Despite increased price sensitivity, brands are still choosing to outsource to agencies rather than hiring in-house. Agencies offer intangible benefits such as access to collective knowledge and data from multiple brands, which can be invaluable for navigating uncertain times.
3. Stay optimistic but realistic. Raul noted that even in challenging times, agency owners and entrepreneurs maintain a positive outlook for the future. This optimism is crucial for success, but it's also important to balance it with realism to avoid overselling and under-delivering.
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If this episode of the eCommerce Podcast piqued your interest make sure to check out everything that gets done over here on the eCommerce Podcast, a space dedicated to eCommerce Wow!
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