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October 14, 2020

How Can Brands Become Ecommerce Leaders? Deloitte's Key Tenets for Success

Written by: Don Brett, Global Chief Digital Officer, NBG Home
TL;DR: Implement Deloitte’s table stakes to find digital commerce success — but first prioritize the tenets based on your needs to overcome challenges.

Digital commerce has become increasingly essential for brand manufacturers to gain a competitive advantage. When Deloitte surveyed consumer packaged goods (CPG) executives to develop its “table stakes” list, it identified four foundational requirements for digital commerce success:

  1. Develop a clear, well-understood digital commerce vision and strategy.
  2. Establish partnerships with retailers and social media platforms.
  3. Create a single view of consumers, enabled by technology.
  4. Build a talent base and organization with digital commerce skill sets.

Facing Table Stake Challenges

From establishing alignment over the importance of ecommerce across your entire organization to identifying the optimal sequence for building digital capabilities, table stakes also come with several challenges for industry executives.

While the foundational requirements for success are clear, putting them in place can be difficult. Moving forward will require brand leaders to consider their unique business needs and rank these tenets in order of priority.

Priority Order: 1, 4 — and a Tie Between 3 and 2

While this tenet ranking will vary depending on your digital commerce maturity level, number one (i.e., alignment) may be the most essential step for teams to check off before starting their journey to digital transformation.

My vote for the priority order: one, four, and a tie between three and two. Start with alignment, then build out your team, and finally, focus on partnerships and consumer insights.

How would your team prioritize?