Elevating Nordic digital sales - the strategic role of an ecommerce manager

About Forex

FOREX was established in 1965 by travel agent Rolf Friberg after taking over the currency office at Stockholm Central Station. Expanding into travel currency sales was a natural step, and the business grew to become the only non-bank entity authorized by Sweden's Riksbank to trade currency until the early 1990s.

In 2003, FOREX transitioned into banking as FOREX Bank. After transferring most deposits and lending to ICA Banken in May 2021, the company returned to its roots as FOREX. They are now focused on strengthening their position as the Nordic leader in travel currency and offer related services and products, including travel currency and FOREX credit cards.

Challenge

Strategic Digitization Initiative for FOREX

In the fall of 2022, Eidra collaborated on a strategic initiative to guide FOREX through its digitization journey, to meet and support the needs of future travelers. One key recommendation was to establish a new role within the sales organization: an Ecommerce Manager, responsible for driving digital sales in the Nordic region.

The project was structured around two primary workstreams, focusing on establishing the Ecommerce Manager role and optimizing e-commerce operations across the Nordic countries.

Workstream 1: Establishing the Ecommerce Manager Role

• Role Definition and Implementation: Developed the Ecommerce Manager role, aligning Sales, Marketing, and IT to create a cohesive e-commerce strategy.
  
• Tactical Planning: Created a comprehensive tactical plan for e-commerce operations, ensuring strategic alignment and clear responsibilities.

Workstream 2: Optimizing E-commerce Operations

• Site Optimization: Enhanced Nordic e-commerce sites for improved performance and user experience.
  
• Standardized Processes: Implemented standardized optimization processes across all sites.
  
• KPI Framework: Established a robust framework for key performance indicators to track and measure success.

The project was executed over a span of approximately 10 months, yielding substantial results and establishing a solid foundation for ongoing improvements.

Overall results

• +58% Growth in Digital Sales: Achieved substantial growth in digital sales compared to the previous year.
  
• Enhanced Cross-Functional Collaboration and Alignment: Fostered stronger collaboration and alignment among Sales, Marketing, and IT departments.
  
• Implementation of Data-Driven Processes: Established data-driven methodologies for decision-making and continuous improvement.
  
• Increased Operational Efficiency: Streamlined processes and improved resource allocation, leading to higher productivity
  
• Robust KPI Framework: Developed a comprehensive framework for tracking key performance indicators, ensuring focused and measurable outcomes.
  
• Strategic Insight and Understanding: Significantly enhanced the organization's understanding of the digital channel's contribution to overall business performance.