This is the final instalment in a three-part blog series on the 3 Global E-Commerce Tactics to Address for Success in 2023. Check out the first instalment on adapting to changing consumer behaviour and the second on increasing product visibility and shoppability to learn more.
The market has long been bracing for a potential recession in 2023. Consumers have felt the pull too, preparing for harder times by shying away from large purchases and opting for the necessities instead.
Instead of shying away, we believe now is the time to double down, tune up your consumer/partner relationships and execute digital shelf operations with precision and heightened attention to detail.
Focus on the Things You Can Control
While you can’t change the economy or directly influence consumers’ purchasing habits, you can step up your digital shelf execution. That way, when consumers are finally ready to purchase, they know exactly where to turn. We recommend that you:
- Lean into personal relationships. One currency that doesn’t fail in a recession is personal connections. Spend time nurturing retailer relationships and strengthening ties that will be harder to sever when push comes to shove. This is even easier to accomplish when you have Brand Analytics data in hand to streamline partners’ jobs with the ability to spot pricing mistakes, check content accuracy and compliance and monitor out-of-stock products.
- Fine-tune the details. If retailers start carrying less of your brand SKUs, counterbalance by stepping up your digital shelf execution. Win the digital shelf by making products easy to find and seamless to purchase. Audit SKUs for prices, stock rates, visibility and content so the surviving products you do have on the shelf perform at their peak. By staying attentive to the performance of each product, you can help maximise conversion rates.
Improve Execution, Recession or Not
You can’t always predict consumer behaviour or economic volatility — but you can stay alert and proactive in your approach. Even without a looming recession, you can always step up your e-commerce game with strategic execution that prioritises:
- Staying in tune with consumer behaviour trends
- Expanding to and selling in the channels where target customers browse, research and shop
- Executing advanced retail media campaigns that target the right audiences
- Fine-tuning content and product details to increase visibility
- Streamlining customer experiences from click to purchase
- Doubling down on key campaigns and SKUs to maximise conversion
- Monitoring campaign performance and product analytics
Rithum’s Managed Services professionals help you spot trends early and often, so you can tweak campaigns and achieve goals even in an atypical environment. With solutions like brand analytics, and professional guidance in digital marketing and automated feed management, we help you spot the program areas that need immediate attention while planning ahead for growth.
Download the full eBook, 3 Global E-Commerce Tactics to Address for Success in 2023, for more tips and tactics as you navigate the year ahead.