In a recent study, Shopify has partnered with global market research firm Ipsos to explore where the commerce industry is, where it's going, and how leading brands are pivoting to keep up with the ever-changing commerce landscape, especially in 2023.
The study includes responses from 900 business owners and commerce decision-makers based in 14 countries, including the United States and Canada.
In this study, they have identified 5 key areas that will impact the way business is made online and offline. So, if you’re interested in making your business thrive in 2023, you’ll want to consider the following recommendations. Go take a notebook, a good cup of coffee, and dive with us in this quick summary that will help you understand what to really put your money and focus on.
This refers to how you will get your resources and products from a third-party. So, let’s say you are dropshipping at the time. How will you guarantee that you’ll have enough stock to satisfy your customers’ requirements?
Experts had noted that the Russia-Ukraine war has further pressured supply chains, and studies show that disrupted supply chains can cause a 62% financial loss.
What does this mean for you and your business? That you’ll have to be very proactive regarding how much stock you have available, be in close communication with your providers, and be clear about how much delay you might encounter before being able to get new stock. So, you’ll want to be sure to have a good amount of stock, especially for your number one sales product.
During the pandemic, three out of four consumers tried a new brand, product, or purchase method. This is a huge opportunity for small businesses to be known. But converting potential customers is challenging, especially considering already-high customer acquisition costs are on the rise as return on ad spend (ROAS) declines. So, how are you going to stand out from the crowd?
The easiest answer: collaboration.
If you have never considered an alliance, this is the time to really do it, because in the absence of being able to touch, feel, and test products in-store, consumers watched unboxings or product reviews to experience products by proxy. So, this is a great opportunity for your product to be shown elsewhere. Consider that more than 7 out of 10 businesses expect online influencers to become even more important in the near future.
That being said, invite some people to collaborate with you and collaborate with others to obtain a win-win strategy that will benefit your business in 2023.
Ecommerce might be growing at a slower pace, but it's still taking an increasingly larger slice of total retail sales worldwide. The key here is to learn how to be more interactive. A great way to do so is to be sure you have an amazing store design that will provide your customers with a great online experience. If you have no idea how to do this or if you want to redesign your online store and have it ready for the new trends in 2023, we’ll be happy to help you. Just contact us today and we’ll be more that happy to help you creating an amazing online store experience.
Did you know that 9 in 10 people buy from brands they follow on social media? That’s huge! Social commerce reduces friction between discovery and conversion, simplifying one-on-one engagement and potential sales, which is why you should consider these top five customer acquisition and retention strategies brands are using to drive growth:
- Using social channels more for marketing and promotions
- Offering more premium products and services
- Using ecommerce marketplaces more
- Offering more payment methods (like Apple Pay)
- Using customer data for better targeting, customer segmentation, and personalization
It will be crucial for brands to diversify and differentiate their in-store experiences from their online experiences. Shopify Retail senior product marketing lead Kevin MacGillivray points out a recent trend of making in-store experiences truly experiential. “Let's assume it's a soap store,” says MacGillivray. “Try the soaps, smell them, use them—do what you can only do in store and add that bit of magic you can't get from buying on a website.” He adds, “You can now shop from exercise equipment, the car, the couch. All things you can't replicate in a digital world. There's no good way to do that yet because it's so tied to your personal experience as you use it. More and more successful in-person retailers are doing this."
This mean that you’ll have to be very clear on how your in-store experience will be different from your online experience, considering also that your online experience is something that can’t be left aside as non-important. Now more that ever, the two of them must work hand in hand. If you want to redesign your online store and have it ready for the new trends in 2023, we’ll be happy to help you. Just contact us today and we’ll be more that happy to help you creating an amazing online store experience.
As brands and buyers continue to see their spending power decrease in light of inflation, both are finding ways to reduce expenses.
Shoppers are doing that by seeking cheaper options, which means the 81% of brands that plan to raise their prices (or already have) need to emphasize their value to keep customers or find a way to introduce new products at a higher price, instead of making existing products more expensive.
Whatever the strategy that suits your business, always have in mind that your branding experience is key, and it’s way better to introduce new products with higher prices than to reduce the quality of your current offerings.
Need help preparing your online business for 2023 business trends? We’re here for you!
Hiring a Shopify Expert can help you streamline your store's development. Having the experience of working with hundreds of stores online, we have developed a systemized process to set up any new Shopify store by following e-commerce best practices that will work for your business and actually give you a competitive advantage.
If you are new to Shopify and you are running a serious business, you need an Expert partner like us to help you take it from zero to launch with the best chance of success.
By the way, did you know that you’ll only have 14 days if you activate your trial and after that, you’ll have to start paying your Plan subscription, even if you haven’t finished your store’s setup?
How cool would it be if you can take your time setting up your store and not have to worry about starting to pay your Plan before you have everything figured out?
As Shopify Experts, we can not only help you accelerate the setup process, but if you decide to start your online store with us, you won’t have to pay your monthly plan during the development time, even if it lasts 1 year! If that’s something you’re interested in, let’s know more about you and your business. Contact us today by clicking here.