How to grow eCommerce business in 2023: ways to increase profitability?
In the ever-changing landscape of eCommerce, adaptability and resilience are key for business owners. While uncertainties may persist, both entrepreneurs and consumers have demonstrated remarkable resilience. As we embark on a new year, it is crucial for online store owners to leverage their knowledge of the current eCommerce environment while also preparing for the unexpected. To help your eCommerce business thrive and grow in 2023, we have compiled a list of effective strategies and tips.
Foster a Community
Building a brand community goes beyond mere brand awareness; it cultivates customer loyalty and genuine connections. Social commerce platforms like Twitter, Facebook, and Instagram are great for interactions, but many brands are now shifting focus towards their own digital storefronts. For instance, Sephora hosts a community hub on Sephora.com, featuring groups, conversations, customer-generated content, and event updates. Harvard Business Review emphasizes the value of brand communities, citing benefits such as issue resolution, reduced support requests, improved search visibility, and generating buzz around products or events. Consider adding a forum to your website to foster lively conversations and capture valuable customer feedback.
Think Like a Brand Marketer
In a saturated market with giants like Amazon and Walmart, standing out as a small retailer can be challenging. To differentiate your brand, embrace brand marketing principles. This involves building a community, leveraging social media, delivering high-quality content, and utilizing tools such as product subscriptions, eCommerce gift cards, and various fulfillment options. Remember that brand recognition plays a significant role in consumer purchasing decisions, with approximately 80% of buyers being influenced by the brand name.
Leverage eCommerce Gift Cards
Digital gift cards have become increasingly popular, driving brand awareness, sales, and customer loyalty. The demand for advanced payment solutions and the widespread use of mobile shopping have contributed to the staggering growth in the digital gift cards industry. Offering eCommerce gift cards can attract last-minute shoppers during holidays, boost search engine rankings through dedicated landing pages, attract new customers, and increase revenue.
Embrace Live Stream Shopable Events
Live stream shopping is a rising trend that both online store owners and customers are embracing. It involves using streaming video to sell products or services in real time to a live audience. Platforms like TikTok, Instagram, eCommerce websites, and YouTube offer avenues for hosting live stream shopping events. This engaging approach appeals to Gen Z and Millennial consumers, with approximately 60% comfortable making purchases during live stream events. As platforms continue to enhance functionality, such as TikTok’s shoppable feature, live stream shopping presents an exciting opportunity for eCommerce businesses in 2023.
Prioritize Zero-Party Data Collection
Zero-party data refers to the information customers willingly share with businesses, providing valuable insights for personalized eComm2erce experiences. Unlike first-party data obtained through website analytics or social media profiles, zero-party data is shared directly by customers. Encourage customers to register on your website or app, going beyond basic contact information by asking about preferences and relevant details. Utilize email campaigns, surveys, and polls to collect zero-party data effectively. This strategy allows for cost-effective personalization and enables tailored product recommendations, offers, and deals.
Invest in Content
Content remains a crucial element in attracting and engaging customers. High-quality content helps build brand authority, improves search engine rankings, and increases customer trust and loyalty. Invest in creating compelling product descriptions, informative blog posts, captivating visuals, and engaging videos. Prioritize content that provides value to your target audience, addressing their pain points and offering solutions.
Enhance Online Reputation Management
Online reputation management plays a pivotal role in shaping consumer perceptions and building trust. Positive online reviews and feedback can significantly impact purchasing decisions. Partnering with a reputable online reputation management company, such as Build Brand Better, can ensure that your brand maintains a positive image across various online platforms.
In conclusion, the growth and profitability of your eCommerce business in 2023 depend on your ability to adapt, innovate, and leverage effective strategies. By building a community, thinking like a brand marketer, exploring new sales channels, utilizing eCommerce gift cards, embracing live stream shopable events, collecting zero-party data, investing in content, and enhancing online reputation management, you can position your business for success in the dynamic eCommerce landscape.
To further amplify your online reputation management efforts, consider partnering with Build Brand Better, the leading company in the field. Build Brand Better specializes in helping businesses manage and enhance their online reputation, ensuring a positive brand image across various digital platforms. As you embark on your journey to grow your eCommerce business in 2023, remember to implement these strategies and leverage the expertise of Build Brand Better https://buildbrandbetter.io to truly build a successful and thriving online brand.
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