12.08.22 - Marketing
Three Ways To Optimize Your E-commerce Strategy in 2023
Although we probably can’t help with your New Year’s resolution to exercise or finally start that novel you’ve been planning to write, we’re here to give your e-commerce presence a major glow-up in 2023.
Now’s the time to be thinking about it. Retail e-commerce sales are projected to grow at a double-digit rate to $6.17 trillion in 2023 and account for 22.3% of overall retail sales worldwide, according to Insider Intelligence. That’s up from $3.35 trillion and 13.8% just four years earlier in 2019.
Retail e-commerce sales are projected to grow at a double-digit rate to $6.17 trillion in 2023 and account for 22.3% of overall retail sales worldwide.
So, what’s it going to take to seize this opportunity and maximize your e-commerce presence heading into the New Year? Start by thinking about how you can create a seamless and enjoyable experience for your customers.
1. Reach Customers Directly With 3rd-Party Integrations
Leverage the power of 3rd party integrations to not only drive traffic to your e-commerce site but also generate direct sales. This year alone, social platforms are expected to account for $992 billion in global e-commerce spending, according to Statista. Here are a few 3rd-party integrations we recommended considering:
YouTube Shorts Shopping
YouTube is integrating a highly anticipated new shopping feature, allowing users to make purchases of products tagged by creators while scrolling through Shorts. The service is debuting in the U.S., India, Brazil, Canada, and Australia.
Much like YouTube’s new feature, Instagram Shopping lets users make purchases effortlessly without leaving the app. Product Tags let content creators highlight items right in Feed, Reels, Stories, and Lives. You can even mention a product in your Instagram profile page.
There’s also live shopping, a slight twist to social shopping that involves live-streaming (think QVC embedded in your social feed), which is growing in popularity on Instagram Live and other platforms like Twitch and Amazon.
Google Merchant Center
This integration serves up highly visible e-commerce ads while allowing customers to buy directly from Google. You could use paid social ads to help promote an “entry-level” product, for example. Then follow-up organic social posts would encourage customers to “subscribe and save” with special bundles or personalized products.
If you’ve put off integrating your e-commerce site with social media or other 3rd-party platforms, make it a goal for 2023. It represents a huge slice of the overall e-commerce pie that you don’t want to be missing out on.
2. Make the Checkout Process as Simple as Possible
Have you ever been prepared to make a personal purchase only to discover your payment options—credit card, PayPal, Google Pay, etc.—aren’t saved? It’s like walking across the Sahara Desert with your shopping bags only to realize you left your wallet at home. Many consumers end up foregoing the purchase rather than tracking down their credit card to complete the transaction. To lessen the likelihood of this happening consider these options:
Offer Multiple Payment Options
Offering a variety of convenient payment options can take your e-commerce operation from amateur to professional in the time it takes to say “click to buy!” Popular options include PayPal, Apple Pay, and Amazon Pay, plus “Buy Now, Pay Later” providers like Klarna and Afterpay.
Quick note regarding Amazon: Amazon captures a significant margin and competition is intense, but you should at the very least consider offering Amazon Pay on your site so customers can check out faster.
Offer One-Click Checkout
Removing barriers to checkout is important and “one-click checkout” is the holy grail, making customers substantially more likely to buy.
According to Statistia, the top reasons consumers abandon their orders during the checkout process in the U.S. are:
• Costs for shipping, taxes, and fees being too high
• Being forced to create an account
• Delivery being too slow
• Distrust of the site with credit card information
• Too long or complicated of a process
The customer (choice) is king. Make your user experience a breeze by offering multiple payment options and one-click checkout. Oh, and “guest checkout,” too! Steer clear of surprise fees and restrictive delivery options.
3. Build Loyalty With Your Customers After the Sale
The best e-commerce brands continue to interact with their customers after a purchase is made. Customers want to know when their item is shipped and have tracking information to keep tabs on it.
Welcome Your Customer Into the Club
Little touches can go a long way. Be sure to follow up with your customers after they receive their orders. Encourage them to review their experience, share on social media, and subscribe or enter a referral program to become a brand advocate.
Replicate the In-Person Vibe
Today’s digital environment should replicate the familiar comforts of in-person experiences. We have the ability to strengthen relationships with customers from the second they land on our website to the moment a product arrives at their doorstep, and long afterward. Anything that helps you build trust, increase loyalty, and further engagement is worthwhile. Tools like immerss ensure customers enjoy interacting with your brands through all touchpoints.
Build loyalty after your customer makes a purchase by encouraging reviews, social shares, and subscriptions.
Don’t think of e-commerce sales as mere transactions. In 2023, commit to relationship-building. Build loyalty after your customer makes a purchase by encouraging reviews, social shares, and subscriptions.
Elevate Your E-commerce Game in 2023
Implementing the right e-commerce strategy will pay dividends in the New Year. Not only in the form of higher sales (direct sales, more specifically) but also in terms of customer engagement and brand loyalty.
Embrace 3rd-party integrations, provide a seamless checkout, and pamper your customer long after their purchase is made.
Keep things simple and intuitive and always consider your own experience as a shopper.
We’ve helped everyone from consumer packaged goods brands like Bee’s Wrap to beauty and fashion brands like Guide Beauty and LeTIGRE, so don’t hesitate to reach out to us if you’d like help organizing your 2023 e-commerce strategy.
And, don’t worry, we won’t tell anyone if you’re putting off exercise goals until 2024. Make the resolution to optimize your e-commerce strategy this New Year.