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.
So, for 2023 you’ve resolved to lose weight, read more and eat your vegetables. Have you given any thought to New Year’s resolutions for your Ecommerce business? Our fulfillment warehouse team is here to offer some helpful suggestions.
1. Step up your customer service.
If December is a month of sales, January is a month of returns. People are taking stock of their gifts, sorting out which ones to keep and which ones to send back.
While no business enjoys dealing with returns, how you handle them will greatly affect how customers perceive you. Gracious and professional customer service will leave people with a favorable impression. In many cases, you may even manage to turn those refunds into sales.
2. Get creative with marketing techniques.
Post-holidays, customers go into January with a shopping hangover, leaving sales as cold as the temperatures. Dig deep into your marketing bag of tricks for creative ways to generate sales.
Consider these possibilities:
- Review abandoned shopping carts from the last few months and send emails to gently prompt customers to complete the sale.
- Encourage shoppers to redeem gift cards at your online storefront.
- Make judicious use of discounts and coupons. For example, make them contingent on a minimum purchase to drive multiple sales.
3. Analyze your inventory.
After the controlled chaos of the holiday season, inventory numbers may be off. Now is the time to reconcile quantities on hand and current pricing to avoid disappointed customers.
Did you turn up some products that didn’t move as well as expected? Run a sale to help clear out those items and make room for new products.
Team Up with Our Fulfillment Warehouse
Inventory reporting and quality customer service are just two of the benefits provided by partnering with Medallion Fulfillment & Logistics. Contact us today for more information.
The online marketplace gets more crowded every day. How do you make your products stand out above the competition? Our fulfillment warehouse staff shares some easy-to-implement SEO tips that will do the job.
1. Use Keywords
This is an oldie but goodie because it really works. Incorporate keywords that people are likely to use when searching for your products.
2. Include SEO with Images
Using keywords in text is only part of the process. They should also be included in names, titles and “alt” text of image files.
3. Optimize Your Site for Mobile Use
People on the go frequently use phones and tablets to do their online shopping. You’re losing opportunities if customers can’t access your site on mobile devices.
4. Add Customer Reviews
Studies show that as much as 75 percent of online purchases are influenced by recommendations. Encourage customers to post reviews and add them to the appropriate product pages.
5. Leverage Social Media
Social media platforms provide modern-day community centers for exchange of ideas. These outlets are great places to build your brand, create awareness and connect with customers. Facebook, Twitter, Instagram and Pinterest are the big four, but TikTok and Snapchat will help widen your reach.
6. Use Google Ads
The power of Google Ads is a wonderful resource for your marketing plan. Combine Google Ads on search engine result pages with skillful keyword use to maximize results.
7. Monitor Analytics
Don’t just cross your fingers and hope for the best. Monitor website traffic and other analytics, making adjustments to your plan as needed.
Your #1 Choice for a Fulfillment Warehouse
Are you prepared to handle increased sales from your SEO campaign? Medallion Fulfillment & Logistics offers a full range of services that can be tailored to meet your specific needs. Contact us to learn more.
This time of year is the ideal opportunity 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 next year.
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.
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.
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.
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.
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.
If you’re looking for a fulfillment warehouse that offers reliable service, please contact Medallion Enterprises. We also offer other services to help your online business succeed.