It’s officially 2024. While many are planning their fresh start, the ecommerce industry is just planning to continue its spectacular growth last year. Of course, we’re all for it—and we know you are too! So, to start this year strong, we’re gonna give you a platter of some 🌶️ spicy 🌶️ retail revelations, including:
- An ultimate 2024 success strategy cheat sheet
- A sip of drunken success
- A sales-booster for the first month of the year
It may be a new year, but our goal to help you become better sellers remains the same. ✨
BIG IDEA
Last year, the crazy ups and downs in ecommerce kept all industry players on their toes. Well, guess what—2024 is keeping the trend alive!
🔮 But don’t worry, eCommerce Fastlane listed some expert predictions to help you navigate economic uncertainty and changing consumer behaviors. Here are some of the strategies you can try to start your 2024 game strong:
1. Offer value-driven loyalty programs
Did you know an average American consumer belongs to 16.7 loyalty programs? That said, loyalty programs are as common as morning coffee. So this year, it's not about having one—but how exceptional yours is. ✨
Forget about throwing discounts around—that's too basic. 66% of consumers dig spending when rewards are on the line. Make those rewards personal and spot-on by:
- Introducing new products by offering them for free (for a limited time)
- Joining the eco-friendly movement by offering rewards that give back, like planting trees in your customers' names
2. Vibe with Gen Zs
This Internet-savvy generation is still taking the reins in 2024, soaking up social issues on social media. Simply using the color purple won't cut it anymore. You have to:
- Meet their expectations regarding sustainability, transparent sourcing, and product diversity.
- Focus on speed, clarity, and transparency rather than surface-level aesthetics.
3. Forge lasting connections
When it comes to customer engagement, choose quality over quantity. Having 100 customers who always click your emails is much better than having 1000 who don’t interact with your campaigns.
🤝 To forge a solid relationship with your customers, leverage the power of:
- Micro-influencers, for building genuine connections and starting meaningful conversations about your brand
- Customer loyalty through—you guessed it—loyalty programs. They’re pretty useful in turning buyers into advocates.
4. Go mobile
In 2023, the mobile commerce market reached a whopping global worth of $6.3 trillion. So, it’s safe to say that having a mobile presence can get your brand a lot farther in the industry. 📱
In fact, having a mobile app can:
- Elevate customer experience. With features like unlimited push notifications and one-click checkout, shopping will be a breeze for your customers. This would convince them to shop more often (and spend more money)!
- Enhance brand loyalty. Turn your app into a hub for exclusives and valuable content to make customers feel special and increase loyalty.
🛞 Ecommerce has always revolved around change, even if it's not a new year. To maneuver this change, you have to answer one important question: are you prepared to ride the wave, or will you let it leave you in the dust?
Our New Year tip? Enjoy the ride to hit the road to your success.
TOGETHER WITH STACK INFLUENCE
Kick-start your 2024 success with micro-influencer marketing
The era of one-sided transactional ads is gone. Customers now crave real and interactive engagements—something influencer marketing has perfected over the years.
But despite its potential, many sellers still shy away from diving into it. For starters, knowing the ins and outs of this marketing tactic can be confusing, if not overwhelming.
💡 The solution: Stack Influence
If you're having a hard time finding influencers, Stack Influence got you! They handle the selection process like a pro to make sure your brand matches with suitable influencers.
Even better, they have a network with 11 million trusted micro-influencers in the U.S. Now don't get fooled by "micro," because these social media personalities:
- Have 6.7 times more people interactions than bigger influencers;
- Attract 78% more audience with their posts; and
- Convince 82% of buyers to buy what they recommend.
Wait, there's more…
You don't have to pay them money. Stack Influence allows you to pay with products to generate more genuine testimonials! 🎁Could there be an easier way to put your brand in the spotlight? Set up your campaign now with Stack Influence!
BITES OF THE WEEK
- Sustainable 2024: Here are 5 steps toward ecommerce sustainability this year.
- Q4 Advertising Breakdown: This Advertising Report reveals the state of marketing in Q4 of last year.
- Warehouse Evolutions: Predicted problems for warehouse and logistics would need smarter solutions.
- Gift Cards Win: Gift card sales were up 43% and are expected to grow even more.
- DYK: TikTok Shop's first BFCM worked best for small businesses.
TRENDING TOPIC
Global alcohol ecommerce market to reach $40 billion
Just a few days ago, the air was filled with the pop of fizz and the taste of booze. According to the International Wine and Spirits Research (IWSR), this is a signal that the general market is moving past the pandemic-induced decline.
And here’s more good news for sellers in the global alcohol industry: By 2027, this market is expected to hit $40 billion!
🍾 Here are the other uncorked findings:
- The 2022-27 compound annual growth rate (CAGR) of alcohol ecommerce is set to grow at 4.5%.
- The ecommerce value share is settling at 4%–4.5%, leveling out after climbing from 2.1% in 2018 to 3.7% in 2021.
What do customers sip and seek?
If you sell in this niche, there are two things you should offer to online alcohol shoppers to grow your brand:
- Value
- The economic uncertainty and cost pressures drive consumers' value-hunting behaviors.
- To give this to buyers:
Offer strong and unique value propositions, such as free delivery or exclusive limited-edition products.
- Information
- Online alcohol shoppers spend more time on pre-purchase research than their in-store counterparts.
- To give this to buyers: Tailor your content and add as much information as you can.
💪 Resilience in the big picture
The pandemic and its aftermath have reshaped things beyond our wildest expectations. But ecommerce, regardless of niche, "remains a key element within the big picture of total value."
So, if you’re after long-term growth and stability, blend in innovation, value, and information to stay ahead of the ecommerce game.
ACTIONABLE ADVICE
How to create sales-boosting January campaigns
January is the perfect time to hit the reset button, get your act together, and start planning for what's coming up. But here's the thing—you may still be too wrapped in bouncing back from the holidays and plotting future moves.
As a result, you could miss the chance to kick off the year strong. Fortunately, Justano has a checklist of 3 key dates this month to help you gear up:
🎆 January 1: New Year's Day
It’s an unwritten rule to launch New Year, New You campaigns on the first day of the year. This way, you can insert yourself into everyone's shopping resolutions.
What to do: Provide tips and product recommendations to help buyers start their new year track. You can also segment your audience and send them tailored content to inspire engagement.
📦 January 2: National Returns Day
The second day of the year brings in a wave of holiday returns. But instead of seeing it as a headache, consider it an opportunity to deliver positive customer experiences that pay dividends.
What to do: Make returns convenient. Doing so can lead 92% of customers to return for more and become loyal patrons.
💌 January 20: National Use Your Gift Card Day
This day presents the perfect chance to reconnect with holiday gift card recipients who may have forgotten about their shiny plastic treasures.
What to do: Nurture the recipients with engaging content and personalized recommendations. There's about $21 billion worth of unused gift cards floating around in the US; encourage your audience to put those cards to good use!
🗓️ Each day of January presents a good opportunity for your business. And as the month rolls on, don’t forget to dive into those clearance sales to free up space for new offers for the rest of the year.
