But with the rise of online shopping and marketplaces comes the rise of eCommerce competition. With so many options, you’d think that the only way you could compete would be on price. But this couldn’t be further from the truth
Brand loyalty and the importance of your brand has never been more vital.
A new study by InMoment shows that younger generations are more loyal than any other previous generation.
Given that 67% of online shoppers are millennials aged between 18 and 34, this means that most of today’s online shoppers value trust and loyalty, over price and competition.
And why is this? Because brands are in the business of generating meaning and are an expression of today’s consumer’s identity.
One in three consumers believe the brands they buy from are an important statement of who they are, so much so that it is now an integral part of their buying behaviour and decision-making process.
And today’s consumers would rather affiliate with a brand that they feel represents their identity, even if they have to pay a little more for it.
So what makes a strong brand?
1. Have clear brand core values
Few can argue that Apple has created a cult-like relationship with its followers.
Apple is the archetypal emotional brand. It’s founding values was to give power to the people through technology, and represents imagination, innovation and design.
At the start, the company created a way of letting the whole world access the capability of computing while opening the boundaries of communication. Apple stands for the democratization of technology- “the computer for the rest of us”.
The company has always projected a human touch and are no longer selling products, but the brand, which evokes a subtle mix of people’s hopes, dreams and aspirations.
Hence why people are willing to spend more on their iPhones than their monthly rent. (No judging, I just bought the iPhone 8 Plus outright.)
2. Have an unequivocal positioning
Bhumi is an Australian based ethical bedding and apparel brand.
Their position? Redefine luxury and reshape conventional cotton textile farming and what goes on in the textile industry.
“We want to make a positive impact on our planet and the people on it, by inspiring people to make positive consumer choices”
The company positions itself as the beacon of the new era in the textile industry by choosing fair trade organic cotton for all of their products – creating a positive impact on the people and the planet.
Their ‘Seed to Shelf’ journey reflects the company’s ability to follow the flow of the entire supply chain from farmers planting the organic cotton crop, to the dyes used to colour the cotton fabric all the way to the finished products available on the shelf.
Bhumi promote awareness with their customers around the importance and point of difference of using fairtrade cotton & certified organic cotton.
3. Establish a heartfelt connection
Co-founders Casey Lyons and Sam Webb started LIVIN in honour of their close friend Dwayne Lally, who took his life after suffering in silence from a mental illness.
LIVIN is all about living your life to the top and breaking the stigma around mental health. Connecting, supporting and encouraging one another to talk about their feelings and challenges because “It Ain’t Weak to Speak”.
Their clothing line was inspired to kickstart important conversations via their LIVIN merch.
The company is more than just an Australian based clothing line, but also a not for profit organisation that aims to combat the stigma attached to mental illness.
Through the development of cutting edge educational programs, apparel and community awareness initiatives, LIVIN are launching a generational change and providing a platform to educate and allow important conversations to unfold around mental health.
So regardless if you are innovating in tech, or spreading mental health awareness, your brand stands for something much more than just its products. In today’s world of eCommerce, where people associate so much meaning with the products they buy, make sure you have a brand at the core of everything you do.
Want to read more about the latest news in eCommerce? Check out our recent blog posts.