How Ecommerce Brands are Planning for Q1 2023
Overflowing inventory and rising costs are leaving many Ecommerce brands facing the same challenges early on in 2023. The theme of this year: Prioritizing Efficiency.
What You Should Be Doing:
- Obsess Over Your Conversion Rate. Prioritizing efficiency in 2023 has to start at the source: your website’s conversion rate. Though no one knows your brand better than you, this is where you will want to seek out a professional outside perspective. Begin with an audit to establish your baseline and areas for improvement. You will find that while there may be some “quick-fixes”, conversion rate is impacted by many factors including Traffic Quality, UX/UI, Price Point, Product Assortment, and Content. Consider a CRO team to help build an Optimization Roadmap to get your brand’s website converting at its best.
- Optimize Your Resources. Reflect on where your team struggled most in 2022 and reassess your current Mar-Tech for improvements. Define where you need the most support, whether that be content distribution, operational improvements, or more efficient reporting – the first step is identifying your weaknesses, then seeking out the appropriate support to carry you through the year.
- Widen Your View with Incremental Data. Through attribution tools and experimentation, you can establish a more efficient perspective on marketing performance that can help lower risk and give a holistic view of how your media channels work together. Adding this extra data layer allows you to fine tune your marketing plan for hyper efficiency as you put your budgets together.
- Fortify Your First Party Data. With third party data becoming more and more a thing of the past, it’s time to seek out ways to organize, utilize and enrich your own customer data. Leverage tools like CDP’s and Referral/Loyalty Programs in the upcoming year to begin building wildly effective and personalized audiences.
- Check Your Inventory Vitals. The frenzy of holiday shopping has come to an end and the high shipping expectations that came along with it may or may not have been met. You may find that you need to reprioritize your initiatives and pivot your upcoming Spring campaign budget toward further markdowns and close-outs of older products. If caught unprepared, this sudden shift can have a domino effect and disrupt your marketing and fulfillment bandwidths. Obtaining a clear scope of where you stand with inventory and what your priorities are will keep you agile as you roll out your plan for Q1.