How to Grow Your Ecommerce Business in 2023
By 2023, online retail sales are expected to reach $6.51 trillion, according to research by Statista and eMarketer.
According to the same research, e-commerce websites will account for around 22.3% of all retail sales.
If you were not going to invest in your e-commerce strategy this year, you should do so now.
Here, we will discuss the many components of an intelligent e-commerce strategy.
You’ll get familiar with:
- Product strategy trends: • supply chain management in 2023; • search engine optimization and online visibility; • reputation management; • influencer and affiliate marketing; • big data analytics; • local SEO; • customer nurturing strategy.
In addition, we have added insightful advice and recommendations from industry professionals regarding the growing trends you may anticipate encountering in 2023.
Data and search appear to be the most prevalent subjects of conversation.
What I’ve observed with many people (clients and many agencies) is that not knowing what to do with their data costs the company a small fortune, not only in terms of lost potential new revenue or customers, but also in terms of lost revenue on acquiring data and not understanding what they should be doing with it.
Head of Performance Marketing | International Keynote Speaker & Judge, Dan Saunders
- Liran Hirschkorn, CEO and Founder of Incrementum Digital; Fernando Angulo, Senior Market Research Manager at Semrush; Kevin Indig, Growth Advisor; Himani Kankaria, Founder of Missive Digital; Pavel Beinia, CEO and Founder of BuzzGuru; Colby Almond, Digital Marketing Speaker and Leader with Expertise in Amazon and Ecommerce; Will Haire, CEO and Founder of BellaVix
Without further ado, let’s get started!
Identify items that will sell in 2023.
Choosing the right things to offer is essential for e-commerce success.
No longer can you manufacture commodity or “me-too” items and anticipate success.
Instead, you should ask yourself, “What issue would my product solve?” and “Why would someone buy my product above all the others?”
Use information from Amazon reviews and forums to improve the quality of products and make the shopping experience better for customers.
This, along with being aware of how popular certain keywords are on Amazon, will make it easier to launch and market the product.
Because e-commerce has become more competitive and the previously suggested techniques no longer work, this will be especially popular in 2023.
Liran Hirschkorn, Chief Executive Officer and Founder of Incrementum Digital
Choosing which things to offer is arguably the first and most essential consideration.
In spite of the fact that it is anticipated that inflation will reduce from 8.8% to 6.5% in 2023, giving customers greater spending power over the following 12 months, you must still be extremely picky about the things you plan to provide in this environment.
You have many options for refining your product offerings:
- Consider what unique pain points your customers will be experiencing in 2023: COVID-19 restrictions, inflation, recession, and a digitally-forward culture will all influence consumer purchasing decisions.
- Do keyword research to discover what buyers are seeking.
Let's illustrate the last bullet point with an illustration.
Keyword research is a great way to find out what problems people are having and trying to solve in the new year.
Examining search engine results is one method for determining what buyers desire.
Keyword Magic Tool provides information on both exact and broad match keywords, so you can see what other terms people are searching for in addition to your chosen keywords.
Even if you have a smart, keyword-focused product strategy planned for 2023, you will still need to understand how to operate the global supply chain as it exists now.
Instruments that can aid:
- Product Research for Amazon Receive up-to-date information on in-demand ecommerce items, discover top-profitable products with straightforward filters, and calculate your return on investment with in-built calculators.
- Shopify Finder: Acquire information on more than 50 million Shopify items and 100 million AliExpress products that span 40+ countries (AliExpress data is available with a Pro plan).
- Keyword Wizard for Amazon: Gain access to a massive database of more than 200 million keywords and intelligent filters, and discover high-volume, low-competition phrases to help you dominate Amazon search.
- DataHawk: Get completely configurable KPIs and dashboards that improve your ecommerce reporting and data management/workflows.
- Sellvia: Get access to more than 250 million U.S.-based digital purchasers; let Sellvia manage storage, shipping, and returns to the U.S.; and uncover new business prospects.
- Ecomhunt: Receive a daily curation of the greatest new items with complete insights on profitability, engagement, links, advertisements, targeting, and pricing. Klevu: Discover customer intent and assist in the discovery of your products.
Use data to solve current and future supply chain problems.
I believe that supply chain management will be a big focus for retailers in the coming year.
Since the implementation of COVID, 2023 will be the first year in which COVID will not affect sales statistics.
Retailers should have more precise data to estimate and prepare for inventory, so they don’t run out of things or have excess stock.
Colby Almond, Digital Marketing Speaker and Industry Leader with Amazon and Ecommerce Experience
Global shortages of things like painkillers for kids, computer chips, garage doors, and even a popular hot sauce have put pressure on the customer base.
A number of things, like the new COVID-19 virus, unemployment, a drop in raw materials, and instability around the world, led to these shortages.
Regrettably, it is not anticipated that these concerns will improve by 2023.
Yet, you need not worry just yet.
With the help of free tools like ImportYeti, you can do competitive market research to find suppliers and keep track of your stock.
Your inventory may be less robust than it was before 2020, but you do not have to live in supply-chain limbo.
ImportYeti displays more than 70 million records of U.S. customs marine shipments.
This is crucial information about where your rivals transport their items.
Let’s imagine you operate an e-commerce firm for video games.
Your primary rival may be GameStop.
If yes, enter “GameStop” into ImportYeti to view the retailer’s inventory and product sources.
You may refine your search results by the nation of origin of the provider, the shipping date range, the total number of shipments, and even product descriptions (which also have a keyword search feature so you can really narrow down your research).
ImportYeti also gives you a matrix of the most important connections your competitors have with their suppliers and the businesses those suppliers have connections with.
With this information, you can get in touch with these vendors to see if they want to do business with your company.
Knowing where you can get your products is just one part of the competitive research you need to do to grow your business in 2023.
In addition, this year's e-commerce strategy should also emphasize competition analysis.
- ImportYeti—Find the suppliers of any firm.
- Veeqo lets you pack and ship your own orders using intelligent automation and inventory tools.
- InventorySource: a network of wholesale and dropship suppliers; Sellbrite: a platform that assists brands and merchants in listing and selling their items on online marketplaces.
- Shoppingfeed—Creates a custom, game-plan-specific business model to assist you in reaching your e-commerce objectives.
- Cogsy: Provides complete visibility into retail operations (replenishment needs, incoming orders, promotions, etc.)
- SoStocked by Carbon6: Amazon inventory management and forecasting software that can be customized
Do a Competitive Analysis—Small Businesses Are Thriving
To build your business on marketplaces, you need to look for ways to stand out that go beyond advertising.
Use services like editorial recommendations, paid search, social media, and email marketing to grow your audience at a reasonable cost per acquisition.
Will Haire, Chairman and Founder of BellaVix
Amazon will introduce several new seller tools and enhancements in 2022.
To stay ahead of the competition in 2023, I believe companies will need to keep on top of these technologies and become category leaders. — Colby Almond is a digital marketing speaker and leader with experience in Amazon and e-commerce.
Instead of focusing just on direct competitors, consider indirect competitors or even industry leaders in other areas to determine what works for them.
Occasionally, even your rivals may have fantastic website traffic but conversion problems.
Don’t focus just on the immediate competition while making a decision.
Check their method to see if it fits with how customers feel, how the market is doing, and what customers expect in your industry. Then, decide which competitor to go after and how much research will help you reach your goals.
– Himani Kankaria, Founder of Missive Digital
The greatest strategy to expand your business is to outperform your rivals. Be the website or brand that clients choose first when they have a problem.
You cannot determine if you are outperforming the competition, however, without conducting significant competitor analysis and study.
The growth of e-commerce is anticipated.
By 2023, online retail revenues are estimated to surpass $6.5 trillion.
This indicates that competition among small e-commerce enterprises will likely be strong in the coming year.
Competitor analysis is important to the success of your business because there are so many new and growing small ecommerce businesses fighting for the same clients.
The availability of numerous tools and templates has thankfully made this study simple and straightforward.
Create a list of your competitors first.
You can cite this by consulting:
- Organic search results • Paid search results • Googling your specialty or business + “near me”
Once you have prepared your list, prioritize the following three items:
What is the cost of their products?
Product: Just what are they selling?
How does their advertising reach their customers?
Afterwards, visit the websites of your rivals and take notes on each of these focal themes.
With this convenient, free template, you can keep track of your discoveries.
Are the prices of your items and those of your rivals comparable?
Have a look at the photography equipment-selling websites B&H and Adorama, for example.
Both stores offer the Nikon Z5 camera.
You will observe that both costs are similar to a penny.
Both Adorama and B&H offer bundles, kits, and other packages that let customers set their own prices.
This is also advantageous for individuals who need more than a camera body to begin their photography hobby.
When choosing rates for your own ecommerce firm, you should consider bundles and other special deals that set you apart from the competition.
This is especially crucial if your margins are low and you have little wiggle room with the base pricing of your products.
Adorama has designed a Nikon Z5 bundle that includes an SD card, camera case, and other accessories for the same price as other photography websites offer the Nikon Z5 body alone.
Observe the promotional packages, bundles, and other deals that your rivals provide.
Uncover Your Market Potential With Semrush’s Senior Market Research Manager, Fernando Angulo
To expand your online business, you must understand your online market and be aware of competing businesses, goods, or services that may pose a danger.
Why do we conduct market research?
Brands require real-time information on the state of their sector.
And they need to know where they stand in the market, how to grow their market share, and how much money they can expect to make.
Having information about your industry can help you make a good marketing plan. Here’s an example from the Market Explorer tool.
What considerations should be made during the process?
You decide the extent of your market research; however, you should examine the following concepts:
- Digital market share: The proportion of the whole market that your company controls.
- Degree of competition: The ease of rivalry in a specific market is essential for determining the necessary resources.
- Major players:
The quantity and size of significant players enable you to identify your competitors and develop creative strategies.
- Size of the market: A potential market of 1,000 people is not the same as a potential market of one million people. The size of the market is important for figuring out its potential.
When comparing the growth of our brand to that of rivals, such as those in the chart above, including The North Face, Patagonia, and Columbia, we must examine the causes of such quick growth and conduct a deeper study.
The term “electronic commerce analysis” refers to any technique or technology designed to analyze huge quantities of data in order to provide usable information.
Because it functions in a virtually totally virtual environment, e-commerce generates complicated and comprehensive data sets, particularly those pertaining to audience analysis.
Ecommerce competition research expands to track purchases across all touchpoints: mobile, social, online, and retail stores.
Competitive Paid and Organic Search Analysis
Do not neglect the methods your rivals use to contact their clients.
What is their relative volume?
Where do their advertisements show up in search results, and for how many high-value keywords do they rank organically?
All of these are questions you should ask during your analysis.
Luckily, tools for competition analysis may assist with the majority of the tough job.
For a breakdown of how your rivals acquire traffic (organic versus paid), consult the benchmarking report in Market Explorer.
Instruments that can aid:
- Traffic Insights for Amazon: A reverse ASIN tool that helps you analyze the promotional strategies of competing products Trends—A competitive intelligence solution available with paid Semrush subscriptions (includes Traffic Analytics, Market Explorer, and EyeOn) • EyeOn—Monitor your competitors’ online sales and marketing strategies 24 hours a day, 7 days a week.
- AdClarity: “Unwrap competitors’ digital ads, ad spend, and impressions.” Audience Intelligence: “Discover in-depth consumer segmentation and cultural insights.” Klevu: “Discover shopper intent and help get your products discovered.” Commerce Inspector: “Free Chrome extension that allows you to track any Shopify store’s product launches, best-selling products, and more.”
Dan Saunders, Head of Performance Marketing and International Keynote Speaker & Judge, Will Help You Increase Your Traffic’s Performance
Adobe recently said that for 55% of marketers, data-driven marketing is the most important business opportunity, while for 42%, improving customer intelligence is the most important business opportunity.
If your marketing endeavors are supported by data, you’re likely to experience a considerably greater ROI, and there are several methods to leverage it to generate conversions:
Maintain consumer progression during the purchase process:
Your statistics indicate that traffic is going to your website, but only a few visitors are converting.
Using data, you can look at a user’s journey through your website, including where they came from, how they used the site, and where you lost them. You can use this information to guide your future work.
By assessing data to inform onsite enhancements, CRO approaches may be utilized to optimize these chances for conversion and eliminate obstacles to conversion.
Reactivate dormant customers:
Many businesses think that if they offer a better product or service, their customers will stay with them automatically.
In certain situations, this may be true, but it is not a successful long-term plan.
Building client loyalty demands a continuous and continuing commitment.
Exist consumers who have not purchased from you in a while?
Engage them again!
You’ve already built trust and given them confidence, and you know about their past experiences, so it’s easy to figure out what they need.
Customers’ brand awareness and loyalty may be increased by reengaging them in a relevant and favorable manner.
Determine what's popular:
Data enables you to monitor developments in real time.
If you can predict audience trends before they emerge, you may use them to give your firm a competitive advantage.
Using data from advertisements, social media, consumer behavior, and even the economy, it is possible to make accurate forecasts about what your audience may desire next.
The capacity to predict future behavior enables you to enhance business operations, product development, future-proof technology, and maintain the relevance of your marketing approach.
—Dan Saunders, Chief Marketing Officer, International Keynote Speaker, and Judge
With Market Explorer’s analysis, you can make a list of your competitors and compare their traffic sources side by side.
You can filter by channel at the top of the page (see the blue box in this picture) to view their traffic patterns in greater detail.
Advertising research is yet another useful instrument for competitive analysis.
With the Advertising Research tool, you can keep track of which Adwords your competitors are bidding on.
The tool provides an abundance of data points and filtering options.
For example, you could keep track of the Adwords that your competitors have bought and sold over time.
Simply click “Position Changes” to get a report of their gains and losses.
This is an excellent method for determining the paid advertising gap in your sector.
Perhaps you can recover Adwords that your competitors have lost, generating additional visitors.
Paid advertising is important for you and your business, but search engine optimization (SEO) on a local and global scale may improve the return on investment (ROI) of your marketing efforts.
