5 opportunities to ensure your eCommerce business is protected during the recession

B2B - Brand Strategy
B2C - Brand Strategy
Paid Search & PPC
E-commerce Strategy
User Interface Design (UI)
Mobile Usability
Ecomms Usability
Optimisation/Conversion
Content Strategy/Creation

Cyber Monday, along with Black Friday, is one of the most anticipated events of the year for retailers and consumers.

 

While Cyber Week numbers did drop slightly in 2021, the entirety of the shopping season still saw growth in November and is anticipated that despite the UK falling into a recession which is touted to last more than a year and push half a million people out of work, with households facing the biggest fall in living standards since records began, this year it is still predicted that we will still see an increase in consumer spending.

 

For the 2021 shopping season, it was reported that Shopify stores saw a 23% increase, whilst Big Commerce sellers had 15% YoY growth on Cyber Monday sales. Commerce Cloud sellers experienced a 9% increase in year-over-year sales on Cyber Monday, too.

 

With 2023 just around the corner, the 2022 Cyber Week performance will play a pivotal moment in providing insight into consumer behaviour for the year ahead - so if you're in the retail space, now is the time to think about Marketing Strategy, UX Optimisation, SEO and possibly most importantly, your connected experience - as people seek value, and being out shopping in person will be considered as a perk. Are you doing enough to serve and excite not just your customers but your staff - in-store and online?

 

In a recent Coveo report, they asked 4,000 consumers about their behaviour and reported that:

 

  • Only a fraction of customers begin their journeys on retailer sites
  • More than 2/3 say personalised shopping is still lacking
  • More than half of GenZ say they would like to avoid Amazon

 

In turn, there are a few considerations and opportunities to ensure your eCommerce business is protected during the recession:-

 

Increase customer lifetime value (CLV) and boost customer retention through in-store and online advocacy and referral - acquiring new customers organically.

 

Understand changes in customer behaviour and display relevant content using behavioural targeting of the likes of LAB partner Uniform's 'Context' personalisation product.

 

Be agile in the face of rapid change and explore the migration to composable architecture, consolidating under-used platforms and investing in flexibility.

 

Leverage best-practice User Experience and design thinking to ensure online customers are encouraged through the sales process as efficiently and effectively as possible

 

Create a solid SEO and content strategy by positioning your brand where you have a right-to-win with your target demographic, establishing trust with your customers and creating moments of need between normal purchase cycles.

 

If you lead a marketing, product or digital team and are wondering what's next to ensure your budgets are shielded from potential loss of revenue, innovation is key and partnering with the right agencies that have the relevant domain experience and credentials is the way to go.

 

A recession doesn't need to result in a loss of earnings. With an effective strategy, sensitivity within messaging, targeting a suitable profile of consumers, and technology that prioritises customer journey - this could be a period of opportunity!