Five Tips for Planning Your eCommerce Promotions for 2023

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Now is the ideal time to start planning your business goals for 2023. Whether you’re interested in improving your online store’s performance by partnering with a fulfillment warehouse or looking for ways to boost business, the following tips can help you plan your eCommerce promotions for this year.

Customer Loyalty

Focusing on customer loyalty helps ensure repeat business for your eCommerce store. Loyal customers can also bring more business to your store by telling others about what you have to offer. Consider starting a rewards program, sending out newsletters, or taking other steps to encourage customer loyalty.

Specific Incentives

Come up with specific incentives for your customers based on their shopping habits and interests. Using customer analytics can help you discover this information. Offering incentives targeted toward your customer base can help you improve your chance of running successful promotions in the new year.

Engagement

Staying engaged with customers through social media and email can help you spread the word about upcoming promotions for 2023. Set up email and social media campaigns that focus on letting customers know about promotions ahead of time and reminding them just before they start.

Cross-Selling

Offering two or more items at a discount or promotional rate can encourage customers to purchase from your store more often. Cross-selling can also help your customers learn more about different kinds of items your online store offers.

Micro-targeting

Customizing promotions for smaller groups of customers, also known as micro-targeting, can help boost business for your online store. Examining data about your customers can help you determine which groups to target and what kinds of promotions to offer.

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ECommerce Growth Projections for 2023 to 2026 – What’s in Store

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As you adjust your business goals for the new year, knowing what to expect can help. The Global eCommerce Sales Growth Report through 2026 shows promising trends for online businesses. Keep the following news in mind when writing your goals for 2023.

Increased Online Sales

Experts are expecting online sales to increase every year from now until 2026. For 2023, global eCommerce sales are projected to hit $6.3 trillion. Sales are expected to increase to $6.9 trillion in 2024, $7.5 trillion in 2025, and $8.1 trillion in 2026. The increase of nearly $2 trillion over the next few years is a result of more and more people turning to online stores rather than brick-and-mortar businesses.

Traditional Retail Sales vs. eCommerce Retail Sales

Online retail sales are continuing to take up a larger share of all retail sales on a global scale. As of 2022, online sales accounted for 19.7 percent of retail sales. This is expected to increase to 24 percent by 2026. With online sales making up nearly a quarter of all sales within a few years, it’s important for eCommerce business owners to make sure they’re prepared.

Boosting Your Online Business

The latest projections for global eCommerce sales mean that it’s time to make adjustments to your own business. This can help you take advantage of the increase in online purchases in order to help your company grow. With more consumers being comfortable shopping on mobile devices, make sure your online store has processes in place to provide secure transactions. Partnering with a fulfillment warehouse might also be a smart move to make, since this ensures that customers are able to get their orders on time.

If you’re looking for a dependable fulfillment warehouse to partner with your business, contact Medallion Fulfillment and Logistics.