December may be full of hustle and bustle, but it’s also time to set goals for the new year. And for those in the e-commerce business, it’s time to get a pulse on trends, tools, and strategies for 2023.
Things move quickly in the online space, and customer demand can shift in an instant. To build a foundation that will enable your e-commerce business to thrive in the new year, consider implementing these three strategies.
1. Use Data to Drive Decisions
Business leaders know that there’s beauty in data. Sales figures, website traffic, and customer feedback all tell a story. However, as great as it may be to hear that story, what really matters is what you do as a result.
Review your current data collection processes and determine whether there are layers you need to add. If you’re lacking adequate data, there’s a good chance that you’re also missing growth opportunities. E-commerce analytics is a science that allows you to monitor performance so you can make better decisions in your business.
Cyclical collection and analysis of data allows you to identify performance trends and spot vulnerabilities. For example, your analysis could reveal seasonal sales spikes that can help you improve inventory management. Additionally, you can better understand customer desire, optimize contact center staffing, and fine-tune marketing strategies.
If you’re not already reviewing this type of data in your status meetings, add it to your agenda. Everyone on your team should be aware of and engaged in e-commerce analytics. Each person plays a role in creating these metrics, so understanding how their actions drive results is critical to success.
2. Build Your Content Library
Online, it seems like everyone is selling something. Consumers are inundated with pitches for their hard-earned income, so it’s no wonder that traditional marketing makes people tune out. While there’s a place for standard marketing tactics, content offers a way to build deeper connections with your audience.
Cut through the noise in 2023 by utilizing high-quality, consistent content marketing. Beyond just maintaining a company blog, strive to develop useful and trust-building content that attracts customers. Frequently, consumers use organic search to find a product that meets their needs versus shopping directly with one retailer. Take advantage of this tendency to present your offerings to your ideal customer.
Say your e-commerce site sells naturally derived skincare products and features a top-performing shave cream that banishes razor burn. Since your product provides a solution to a much-hated problem, use content marketing to draw customers in. Consider the mindset of an individual plagued with razor burn and what they may be searching for.
Content focused on shaving tutorials, skin preparation, and product options can both provide helpful advice and point potential customers to your site. Share your content on social media, other reputable sites, and relevant news outlets to optimize search engine results. The more times your links appear online, the higher you’ll rank, which will introduce your brand to more customers.
3. Clarify Your Social Media Personality
The prevalence of social media means that there are more eyeballs than ever on branded content. Because there’s more competition and more noise, that’s even more reason to clarify who you are.
Your e-commerce site represents a brand with its own personality, tone, and appearance. And just like an individual person, your brand’s behavior establishes itself with your customers. Complete an assessment across your social media channels to determine what your current personality is. Then compare that against your brand manifesto to see whether the two are in alignment. If not, it may be time for a social media shake-up.
Historic brands with major trademarks have their social media personalities down pat. Whether it’s color scheme, ways of interacting with customers, or something else, their followers know what to expect. In reviewing your brand and its voice, determine what you want to be to your customers.
If your site focuses on products for marathon runners, it may make sense for your social media to be celebratory. Establish a social media voice that’s engaging and conversational, just like a friend who’d cheer on a fellow runner. Follow your customers’ journeys and encourage them to tag and share your products. Reshare their posts and join in their accomplishments, which can build loyalty and earn you new customers organically. You’ll make genuine connections with your audience while aligning your business with their milestone achievements.
Identify Your 2023 Goals
It may be the home stretch for 2022, but there’s no time to slow down. The deadline pressure that comes along with a quarter’s close can bring with it a productive level of stress. Use the momentum of the final days of the year to clarify your goals for 2023 and identify the steps to achieve them. Meet with your team for an idea session, keeping open minds and even better notes.
Encourage free-wheeling ideation as you craft your 2023 goals, but bring everything back to your “why.” Prioritize a set of goals that allow you to meet your current customer demand while boosting your revenue. Before you know it, your team will be innovating, analyzing, and driving record-breaking results in 2023.
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