FIPP President and CEO James Hewes spoke to Axel Wolrath, Founder of Tipser, on the webinar, who introduced a series of key ecommerce topics including:
– Subscriptions, advertising, affiliates, and ecommerce as ‘the fourth revenue driver’.
– A look at the FIPP Innovation in Media 2020-21 Report and how ecommerce is predicted to become the main revenue source for online media.
– The importance of choosing the right ecommerce approach depending on your brand, e.g. Elle has opted for content commerce, InStyle for a curated store, etc.
– The online shopping ecosystem from merchant to customer, including product flow, order flow, and shipping flow, with publisher content in the middle.
– How InStyle turned its advertisers into ecommerce partners.
Wolrath also looks at wider lessons learned from the InStyle project, offering practical tips on how publishers can implement a successful ecommerce strategy:
“This is not an ad-solution that runs itself,” says Wolrath. “This is a people project. It’s also important not to assume things. While we all look at data these days, you must be aware that the challenge of bringing in ecommerce to a media environment is something that’s completely different. It has less to do with advertising for example than you might think. So study your data, study your audience, and know them.”
Ecommerce undoubtedly represents a significant growth area for publishers, and preliminary data shows that this revenue stream has fared particularly well during the coronavirus pandemic. US-led media owner Hearst recently reported triple digit ecommerce growth across Men’s Health, Good Housekeeping, and Cosmo. Digital subscriptions too, appear to be enjoying a strong period, and you can read more about this in the FREE FIPP Digital Subscription Snapshot Report here.
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