The Digital Shelf Institute and Profitero Deliver Framework for Driving Digital Shelf Success
The DSI Members Framework for Measuring Digital Shelf Performance based on Insights from Top Brand Executives
BOSTON, March 15, 2022 /PRNewswire/ -- The Digital Shelf Institute (DSI) and Profitero today announced The DSI Members Framework for Digital Shelf Measurement to provide DSI members with a guide to measure digital shelf maturity and offer a proven path to maximize ecommerce investment.
The guide was created by analyzing the digital shelf strategies of leading members of the DSI Executive Forum. It analyzes frequently used performance KPIs and benchmarks for brand manufacturers at each stage of digital shelf maturity, including beginners, intermediate and advanced practitioners. The result is an inventory of frequently used key performance indicators (KPIs) and benchmarks for brand manufacturers at each stage of digital shelf maturity.
"Our membership is continually asking how other Digital Shelf Institute (DSI) Executive Forum members measure their performance — and what metrics they use for digital shelf optimization," said Molly Schonthal, founder of the Digital Shelf Executive Forum and co-author of the report. "We were delighted to partner with Profitero, a leading ecommerce analytics platform, to create "The DSI Member's Framework for Digital Shelf Performance and share it with the industry."
"Many brands talk about investing in ecommerce but don't calibrate that level of investment to maximize results," Dean McElwee, Director, International Ecommerce Strategy, Stanley Black & Decker. "Our shoppers are naturally moving online. This framework provides concrete guidance to align ecommerce investment to the metrics that matter for business growth overall rather than just metrics that matter to individual teams."
The Framework helps members identify metrics to address three critical questions:
- Do we have the right level of investment: Metrics that guide how much you should be spending on the digital shelf
- Is that investment paying off? Metrics for measuring your high-level performance in the channel (includes category share leadership, online vs. offline share, performance by retailer, channel economics, etc.)
- How do we improve our return? Metrics that contribute to performance: both positively and negatively. (includes assortment and availability, pricing, search, content, ratings and reviews, and some of their key sub-metrics, etc.)
By assessing themselves against the framework and benchmarking current performance, brands can close gaps by following proven sets of best practices used by retailers with more mature digital shelf strategies.
The Member's Framework for Digital Shelf Performance provides value at every stage of your maturity.
- The guide establishes what to measure, how to measure it, and how different KPIs relate for beginners.
- For intermediate brands, the guide evaluates measurement practices against peers and demonstrates the breadth of digital shelf metrics so you can uncover additional metrics and enhance your performance measurement.
- The guide helps communicate the value of measurement practices across the organization for advanced practitioners. It also provides reassurance that you have all your bases covered as it relates to measurement and can provide benchmarks and metric definitions to build upon.
"Through our industry research, we've found that brands who use data and analytics to optimize their digital shelf at retailers generate anywhere from 60% to 200% higher sales for products," said Mike Black, CMO at Profitero. "At the same time, there are still so many brands who have yet to make metrics a central part of their eCommerce growth strategies. We hope this guide will help educate and motivate more brands to adopt a data-driven growth mentality, and we look forward to continued collaboration on the subject with the DSI Executive Forum."
The DSI Members Framework for Digital Shelf Measurement is available at no cost to DSI Members.
About the Digital Shelf Institute
The Digital Shelf Institute is the commerce community for manufacturers. In the digital age, manufacturers have more opportunities to control their commerce destiny than ever before. The Digital Shelf Institute brings together an ecosystem of experience to share ideas, outcomes, and strategies in the form of virtual content, podcasts, reports, and articles that will drive revenue in the years ahead. The Digital Shelf Institute also hosts the Digital Shelf Executive Forum, an invitation-only community platform for digital shelf executives of leading brands.
About Profitero
Profitero is a leading global provider of eCommerce performance analytics. Google, L'Oreal, General Mills and more than 4,000 other brands use its platform to measure their eCommerce performance across more than 600 retailer sites and mobile apps in 49 countries. Profitero's proprietary technology and algorithms estimate daily sales for products sold on Amazon and provide actionable insights to improve product content, search placement, ratings and reviews, availability, assortment, and pricing to help brands identify competitive advantages and accelerate their eCommerce sales. On average, brands that use Profitero are able to grow their Amazon sales 70 percent faster than category competitors. To learn more, visit www.profitero.com
Contact:
Ron Favali
The Message Garage
[email protected]
SOURCE The Digital Shelf Institute
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