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

Image of a graph trending up sitting on a hand.

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.

Get With Our Fulfillment Experts Today

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

Five Tips for Planning Your eCommerce Promotions for 2023

Man in a warehouse smiling by boxes ready to ship out.

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.

Your #1 Solution for East and West Coast Fulfillment Services

The shopping holiday crunch may be over, but your need for effective fulfillment services doesn’t end. Medallion’s comprehensive programs are specifically designed to accommodate the ebbs and flows of your particular company.

Consider our robust Amazon replenishment warehousing services meet Amazon’s standards at a more cost-effective price.

If you’re looking for a fulfillment warehouse that offers reliable service, please contact Medallion Enterprises. We also offer a wide selection of services to help your online business grow.

Christmas and New Year’s Hours

Holiday table setting

The holidays are here! We wanted to take a moment to say thank you for your business and to share with you our holiday hours for Christmas and New Year’s.

Medallion and Sprocket Express’ 2022-2023 December and January Closures

Our holiday season hours are as follows:

Christmas: Closed Monday December 26th

New Year’s Eve: Monday January 2nd

Thank you again for allowing us to be your warehouse and fulfillment partner.

It’s That Time of Year Again – Prepare for Increased Shipping Rates for the 2022 Holiday Season

The picture depicting the delivering of valuable asset using a trailer truck without protection

As the Holiday season grows ever closer, it’s time to start thinking about the impact of increased shipping costs. This is not the first-time shipping companies have increased prices for a holiday season and it certainly won’t be the last. The price increases for the past three holiday seasons by the United States Postal Service (USPS) have been to build financial sustainability for the USPS and is part of a 10-year plan.

On August 9th the USPS filed notice with the Postal Regulatory Commission (PRC) for their planned holiday price increases and it was approved later that day by the Governors of the Postal Service. This price increase is to go into effect October 2nd at 12AM Central time and will continue until January 22nd 2023.

These changes will increase shipping costs from anywhere between $.25 and $6.00 per package.

The planned price changes include:

Priority Mail and Priority Mail Express:

Commercial:
$0.75 increase for PM and PME Flat Rate Boxes and Envelopes.
$0.25 increase for Zones 1-4, 0-10 lbs.
$0.80 increase for Zones 5-9, 0-10 lbs.
$0.75 increase for Zones 1-4, 11-25 lbs.
$2.80 increase for Zones 5-9, 11-25 lbs.
$3.00 increase for Zones 1-4, 26-70 lbs.
$6.50 increase for Zones 5-9, 26-70 lbs.

Retail:
$0.95 increase for PM and PME Flat Rate Boxes and Envelopes.
$0.30 increase for Zones 1-4, 0-10 lbs.
$1.00 increase for Zones 5-9, 0-10 lbs.
$0.95 increase for Zones 1-4, 11-25 lbs.
$3.20 increase for Zones 5-9, 11-25 lbs.
$3.25 increase for Zones 1-4, 26-70 lbs.
$6.45 increase for Zones 5-9, 26-70 lbs.

First-Class Package Service, Parcel Select Ground, and USPS Retail Ground:

Commercial:
$0.25 increase for Zones 1-4, 0-10 lbs.
$0.40 increase for Zones 5-9, 0-10 lbs.
$0.75 increase for Zones 1-4, 11-25 lbs.
$1.60 increase for Zones 5-9, 11-25 lbs.
$3.00 increase for Zones 1-4, 26-70 lbs.
$5.50 increase for Zones 5-9, 26-70 lbs.

Retail:
$0.30 increase for Zones 1-4, 0-10 lbs.
$0.60 increase for Zones 5-9, 0-10 lbs.
$0.95 increase for Zones 1-4, 11-25 lbs.
$2.70 increase for Zones 5-9, 11-25 lbs.
$3.25 increase for Zones 1-4, 26-70 lbs.
$5.85 increase for Zones 5-9, 26-70 lbs.

The Competition

Just like in previous years we would expect to see USPS competitors such as FedEx and UPS increase their costs as well. We have checked and nothing is posted on their websites yet, but we would expect to see price increases posted in late September to early October.

Here’s what happened last year and was published on our blog last October.

Leave the Shipping Logistics to Us!

When it comes to high volume order fulfillment leave it to us. We have years or experience navigating the intricacies of fulfillment services. Medallion Fulfillment & Logistics has a service plan that fits your budget and takes the guesswork out of running your business. We take care of the logistical side of things so you can focus on selling your products and services.

Contact Medallion Fulfillment & Logistics today and get a free rate quote. Let us take care of you so you can take care of your customers.

Finding the Value in Your Fulfillment Partner – Does Yours Measure Up?

Young woman comparing with two things.

With the school year over and summer in full swing, this is a perfect time to ask yourself: what grade would you give the performance of your fulfillment warehouse? Do they get a passing grade or below average? Use this scorecard to determine whether your fulfillment partner is making the grade or flunking out.

Pass or Fail: Performance Metrics

No matter what you sell, from accordions to zippers, your customers have many sources to choose from. Elite customer service is what will set you apart from the competition. Your fulfillment partner has a responsibility to uphold the commitments you make to customers regarding delivery time, presentation, accuracy, and other measurable factors.

Service level agreements, or SLAs, are a standard way to document what you expect from your fulfillment partner.

Use these metrics to answer key questions such as:

* Are same-day, next-day and two-day delivery windows met consistently?

* Are you processing a high number of returns because of damages or product quality?

* Are customers receiving the correct items in the correct quantities?

* Is inventory updated at least once a day? Are discrepancies addressed promptly?

Pass or Fail: Open Channels of Communication

We all know (and have experienced) the horror stories of being stuck in voicemail limbo when contacting a company’s customer service department. But when it comes to your fulfillment warehouse, you are more than simply a customer. You are partners, with both of you invested in the same goals. If you have concerns about your fulfillment partner’s performance, do you get passed off to an account executive? Even worse, do they simply ignore you?

A dependable fulfillment partner will offer full transparency in their business relationships. If you do not have access to contact their leadership team for open and honest discussions, that is a red flag. But keep in mind that just talking to leadership is not enough. They should also be responsive to your concerns and create acceptable solutions in a timely manner.

Pass or Fail: Up-to-Date Technology

In the fast-paced world of e-commerce, you cannot afford to be left behind due to outdated technology. A web-based portal allows you to access your information 24/7 without the need to contact your fulfillment warehouse. Make sure they use encryption or other appropriate measures for data security.

Even the most sophisticated technology is bound to hit a snag now and then. Ask about support protocols and whether upgrades are performed on a regular basis.

Pass or Fail: Initiative-taking Improvements

Do you sit back and let your e-commerce business roll along, content with the status quo? Of course not, and neither should your fulfillment warehouse. A good partner understands that improvements benefit both of you. Ideally, they are constantly seeking out ways to boost productivity and decrease costs. If your fulfillment warehouse is not presenting you with ideas to improve efficiency, that is a sign they are not as committed to your success as they should be.

We are glad to offer a free review of your service with us for recommendations or review your current fulfillment provider and let you know what we can do better. Just ask us!

Pass or Fail: Safety Precautions

Accidents and disasters can result in problems ranging from returns of damaged products to complete loss of inventory. What measures does your fulfillment partner implement for protection from fire or theft? At minimum, they should have a 360-degree monitoring system with no dead ends.

Safety does not stop with the products themselves. A high rate of workplace injuries can seriously compromise productivity. The warehouse should have an efficient layout and the company should have an established set of protocols to enhance employee safety.

Medallion Fulfillment and Logistics is a Fulfillment Warehouse that Scores High on the Satisfaction Scale

Find out why clients from coast-to-coast have chosen Medallion Fulfillment & Logistics to be their partner in success. Contact us to learn more about how our services can enhance your business and why we are the fulfillment warehouse choice for a wide variety of businesses around the nation.