Marketing
01 September 2022
Google helps merchants get ready for the holidays
Google laid out insights and tools for peak shopping season at Think Retail 2022.
Photo by Pawel Czerwinski on Unsplash
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Holiday prep is underway for many brands and retailers, and Google is providing resources to help get ready.
The company this week held Think Retail, a virtual event designed to help businesses prepare for the busiest shopping season of the year. In a series of presentations, Google shared insights on what to expect this year, as well as new tools for commerce and advertising.
What to expect
Google shared a few data points that help to characterize this year’s holiday season:
- Consumers are shopping earlier. In June 2021, 31% of US shoppers reported already having started their holiday shopping. In May, more than a third (36%) said they already had gift ideas.
- With a longer holiday season, demand is flatter. During the first 3 weeks of November 2021, US sales rose 10% year-over-year, with consumers shopping earlier.
- Shoppers are everywhere. In 2021, 54% of shoppers used five or more channels, like video and social media to shop over a two-day period. These shoppers made an average of 2x more purchases, and spent twice as much compared to those who used only one or two channels.
- In-store is back. Searches for “store open” on Google have grown 400% year-over-year globally. Brands and retailers must reach across online and offline channels to reach “intuitive” shoppers that expect seamless experiences.
- Availability is still a concern. Supply chain anxiety continues. Three in 10 consumers are shopping for things they don’t need until later because of out-of-stock concerns.
- Holding out for deals. The holidays are always a time when shoppers seek bargains, and a time of 40-year-high inflation will bring that into relief. Google said that more than half (55%) of holiday shoppers it surveyed are planning to hold off on buying gift items until they are on sale.
Google’s tools
Google laid out several recently-launched features that it believes will come in handy for merchants during the holiday season:
List online and in-store product inventory on Google for free through Google Merchant Center. Updating the product catalog ahead of the holidays can help to ensure that products stand out in ads.
Demand forecastson the Insights page predict upcoming trends for a business, so that merchants can review when demand increases, and identify events and expansion opportunities.
Product-specific insights are now available in the Google Ads products tab. “These insights let you spot underperforming offers, identify products with missing feed attributes and compare your bidding strategy with your top competitors,” Google said.
Performance Max campaignsallow merchants to access all Google Ads inventory across YouTube, display, search, Discover, Gmail and Maps through a single campaign that syncs with a product feed. Google said it plans to release templates this fall that will allow merchants to create video ads for Performance Max campaigns in a “matter of minutes.”
Performance Max campaigns help attract customers for in-store shopping. Merchants can promote in-store promotions or seasonal specials using these tools.
YouTube video action campaigns allow merchants to make video ads on YouTube shoppable. Through these ads, a panel below the video automatically expands to showcase products. Users can then click on a product to visit a landing page and learn more, or make a purchase.
The Content API is now a tool that merchants can use to add deals and promotions to listings. This is designed to help upload and manage deals at scale.
Delivery and returns can be noted alongside a product. Shopping Ads now allow merchants to make annotations that list expected delivery times, (“Get it by 12/20”) or generous return policies (Free 90-day returns).
For more, check out Google’s full library of resources at Think Retail on Air. A keynote from this week’s event is below:
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Marketing
09 June 2023
'There's a lot of ways to frame value'
Campbell Soup Company CEO Mark Clouse offered thoughts on messaging amid inflationary shifts in consumer behavior.
Photo by Kelly Common on Unsplash
After months of elevated inflation and interest rate hikes that have the potential to cool demand, consumers are showing more signs of shifting behavior.
It’s showing up in retail sales data, but there’s also evidence in the observations of the brands responsible for grocery store staples.
The latest example came this week from Campbell Soup Company. CEO Mark Clouse told analysts that the consumer continues to be “resilient” despite continued price increases on food, but found that “consumers are beginning to feel that pressure” as time goes on.
This shows up in the categories they are buying. Overall, Clouse said Campbell sees a shift toward shelf-stable items, and away from more expensive prepared foods.
There is also change in when they make purchases. People are buying more at the beginning of the month. That’s because they are stretching paychecks as long as possible.
These shifts change how the company is communicating with consumers.
Clouse said the changes in behavior are an opportunity to “focus on value within our messaging without necessarily having to chase pricing all the way down.”
“No question that it's important that we protect affordability and that we make that relevant in the categories that we're in," Clouse said. "But I also think there's a lot of ways to frame value in different ways, right?”
A meal cooked with condensed soup may be cheaper than picking up a frozen item or ordering out. Consumers just need a reminder. Even within Campbell’s own portfolio, the company can elevate brands that have more value now, even if they may not always get the limelight.
The open question is whether the shift in behavior will begin to show up in the results of the companies that have raised prices. Campbell’s overall net sales grew 5% for the quarter ended April 30, while gross profit margins held steady around 30%. But the category-level results were more uneven. U.S. soup sales declined 11%, though the company said that was owed to comparisons with the quarter when supply chains reopened a year ago and expressed confidence that the category is seeing a longer-term resurgence as more people cook at home following the pandemic. Snacks, which includes Goldfish and Pepperidge Farm, were up 12% And while net sales increased overall, the amount of products people are buying is declining. Volumes were down 7%.
These are trends happening across the grocery store. Campbell is continuing to compete. It is leading with iconic brands, and a host of different ways to consume them. It is following that up with innovation that makes the products stand out. Then, it is driving home messaging that shows consumers how to fit the products into their lives, and even their tightening spending plans.
Campbell Soup is more than 150 years old, and has seen plenty of difficult economic environments. It is also a different business today, and will continue to evolve. At the end of the day, continued execution is what’s required.
“If it's good food, people are going to buy it, especially if it's a great value,” Clouse said.
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