With about 9 million e-commerce retailers in the world, staying competitive requires more than just offering a good product. When customers decide which brands are worthy of their purchasing decisions, online retailers must be able to engage their audiences on a much deeper level, and it all starts with brand value. brand.
What is brand value?
Brand values are the fundamental beliefs and ideals that a company stands for. These values communicate what is truly important to the company and guide all company activities, including where and how they source products, how employees are treated, and how they are treated. They deliver products to customers.
These values act as a guide to our business, guiding our behavior, actions, and decision-making. They are how brands carry out their mission both in front of customers and behind the scenes.
As an e-commerce business, establishing brand values is critical to communicating who you are as a business, what you care about, and how you carry out your mission. And in a sea of e-commerce businesses, these values are your secret weapon for turning one-time visitors into loyal customers.
How does brand equity affect trust and loyalty?
Consumers prefer honest and transparent brands
With countless brands to choose from, today’s online shoppers need more than just a good product to earn their trust. Any brand can offer a high-quality product, but the ones that stand out are the ones that connect with their customers on a much deeper level by expressing themselves in a true way. authentic through their brand values.
According to a survey by Google and US Black Chambers, Inc., 22% of consumers say they want to find out about the owner’s identity before supporting a business. This proves that shoppers care more than what they see on the surface. They want to know where your brand stands in the limelight and behind the scenes.
Most consumers want to buy from sustainable brands
Without a doubt, one of the top brand values that customers look for is sustainability. According to the United Nations World Commission on Environment and Development, “Sustainable development is a development that meets the needs of the present without compromising the ability of future generations to meet their own needs.”. For e-commerce brands, this means conducting business activities in a way that uses natural resources prudently and wisely to balance the environment, equity, and economy.
According to a Statista survey on attitudes toward brand sustainability, almost 89% of respondents said they wish brands did more to reduce their carbon impact and 82% said they would like brands to do more. Brands prioritize people and society over profits.
Gen Z and high earners care the most about sustainability
However, our survey also shows that sustainability is of different importance to consumers, depending on age and income. Overall, our data shows that Gen Z is more likely to consider sustainability a very important purchasing decision factor. Only 8.5% of Gen Z consumers say they are indifferent to sustainability.
When it comes to consumer incomes, the same pattern holds – as incomes increase so does the importance of sustainability. As a result, there is a huge opportunity for both luxury brands and those targeting younger demographics to gain a competitive edge. By highlighting sustainability efforts and maintaining transparency, your business can attract new consumers and stay on top.
Needless to say, among all the trends poised to transform the future of e-commerce, brand equity is here to stay. With millions of brands at their fingertips, today’s online shoppers need more than just a convincing product. Whether you’re passionate about sustainability, human rights, or education, establishing brand values is an opportunity to humanize your business and build a deeper connection with your customers.