Looking Forward to 2023 Growth
To ensure your business is ready to take on the future, it’s important to consider key areas such as customer acquisition, customer retention, product development, technology, and data. Here are a few tips to help you plan for growth in 2023.
“The best way to predict the future is to create it.”
– Peter Drucker
Whether you’re a small business or a large enterprise, planning for 2023 growth is essential for success in the coming years. To ensure your business is ready to take on the future, it’s important to consider key areas such as customer acquisition, customer retention, product development, technology, and data. Here are a few tips to help you plan for growth in 2023.
The GA4 Migration
If you haven’t already done so, you’ll need to migrate to Google Analytics 4 from Universal Analytics. Google has announced that they will be discontinuing UA in July of next year. We’ve done a full write up on the other reasons for making the transition, (and a few tips on doing so along the way). We have helped a few of our merchants from the transition to setting up, and we’d love to walk you through it, too. Drop us a line for a free consultation today.
Early Planning = Sooner Success
This year, several early Black Friday sales began in the middle of October, allowing customers more time to spread out their buying. In a Justuno poll on Christmas trends for 2021, 65% of US consumers said they will buy their holiday gifts even before Thanksgiving. While Black Friday sales fell 31%, overall November 2021 sales increased 10% over the prior year.
“U.S. consumers continue to give contradictory signals.”
In today’s e-commerce landscape, it’s important to stay ahead of the competition. Research the latest trends and technologies and invest in the necessary tools and resources to ensure you stay ahead of the curve. As we move into the new year, we’ve heard the same question “How early do we start planning and then promoting?” The answer: Plan earlier than you think.
Build a Data-Driven Tech Stack
Invest in the necessary tools and resources to ensure you have the insights to make informed decisions. Utilizing predictive analytics and machine learning to uncover customer insights and staying ahead of the game is key to building a strong e-commerce plan. Is your tech stack built out?
Finding the right tech stack for your business is a time-consuming process, with plenty of trial and error if you’re not familiar with the apps. If this is an aspect you’re struggling with, it may be time to schedule a huddle with us.
Own Your Audience
By owning your audience, you are able to build trust and loyalty, stronger brand awareness, and retargeting during your promotional seasons. Implement strategies for cross-channel communication (i.e. incentivizing email subscriptions, running email campaigns to build your SMS list, etc.).
Having a comprehensive marketing plan focused on owning your audience is essential to success in an e-commerce marketplace. An estimated 67% of consumers have spent more online than before the pandemic, along with a 22% increase of contactless payment from 2020. This is indicative of a younger audience growing into money-power. This means that now is the time to invest in leveraging social media audiences, subscriptions, and the value of BOPIS (Buy Online, Pick Up in Store).
BOPIS and BOPAC
In-store and curbside pickup are two fulfillment alternatives that customers have grown to love, and it’s not just because they’re the more health-conscious choices. The perks of in-store and curbside pickup can be significantly greater than more conventional shipping methods to a growing number of consumers. Buy online, pickup in-store (BOPIS) and buy online, pickup curbside (BOPAC) allow customers to browse your products from the comfortability of their mobile devices and pick up their order when it’s most convenient for them.
E-commerce companies will need to consider their BOPIS and BOPAC initiatives and strategies for 2023 to stay on top of demand, above the competition, and satisfy the customers’ expectations for order fulfillment.
Practice Some Brainstorming
Sometimes, it’s most advantageous to mind-meld with an experienced Shopify Plus agency.
Just to come back to this – If you’re looking to get serious with a Shopify Plus agency, it’s important to find a partner that has the necessary experience and expertise to help you succeed. Look for an agency that has a proven track record of success and can offer a comprehensive suite of services such as strategy, design, development, marketing, analytics, and support. Make sure you’re comfortable with the agency’s approach and can trust them to deliver results.
If you’re still not sure, see if they offer a free consultation (like we do) so you can sit down in an informal environment and discuss. We would love to work closely to ensure you have the right strategies and resources in place to succeed in 2023. Submit an inquiry today.