Insights to power 2023 e-commerce strategies
30 second summary:
- Retailers must use a data-driven approach to develop their marketing strategies to succeed in today’s volatile economy
- Current turbulent economic conditions are disrupting the retail landscape by forcing store closings and predicting bankruptcies
- Marketing intelligence for pricing, advertising and promotions is critical to gaining an edge over competitors
- Managing Director at GrowByData, Prasanna Dhungel shares eCommerce strategy tips for 2023 to attract, convert and retain customers
The economy in 2020 was in a volatile state, mainly due to the pandemic. In November 2020, despite increasing Covid cases, retailers provided SALE offers on 13% of advertisements and special promotions on only 7% of advertisements. On the other hand, consumer spending growth was recorded at 9%.
Fast forward to 2021 – The economy was recovering from COVID which was evident in the growth of consumer spending from 13.5%. With a slightly eased supply chain and better economic conditions, November holidays saw 14% growth in special offers in 2021, growing twice as much compared to 2020. Furthermore, SALE offers were seen on 12% of ads which was slightly lower than the previous year.
However, in 2022, the Russia-Ukraine war coupled with an unfathomable COVID increase in manufacturing nation like China again impacted the economic indicators. With rising inflation, consumer spending has fallen drastically to mere growth rate of 6%-8%. For this year’s November holidays, 60%...
source: https://news.oneseocompany.com/2023/02/16/insights-to-power-2023-e-commerce-strategies_2023021640705.html
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