When most businesses are still recovering from the negative impact of the pandemic, e-commerce sales increased by $43% in 2020. Moreover, the retail sales growth worldwide has continued to shrink since 2021, and the rising economic uncertainty is affecting consumers’ behavior more and more.
Physical businesses still hold a crucial role in commerce, especially after the pandemic when consumers look for meaningful connections. However, to stay in business and grow, it is essential to have an online presence that is accessible and attractive. This is where potential clients spend their time, and with the abundance of options and reduced spending power, people are more likely to try new brands they find online or engage with on social media.
Your online presence is the first impression and is essential in finding potential buyers. In addition, online content significantly influences consumer behavior, with 9 in 10 people buying from brands they follow on social media. According to commerce Trends 2023, the prediction says that social media will influence 20 percent of online shopping transactions.
Businesses must take advantage of the latest digital technologies and practices to thrive 2023 changing landscape. Here are six recommendations to help companies to stay competitive in 2023:
- Focus on building brand awareness: Engage with your public by responding to comments and direct messages, sharing relevant and valuable content, and collaborating with influencers pertinent to your audience.
- Enhance customer experience: Create a personalized and seamless experience for customers, both online and in-store, to increase loyalty and repeat business.
- Mobile optimization: As more consumers shop on mobile devices, optimizing your website and digital presence for mobile is critical. This includes a responsive website design and a mobile app, if possible.
- Omnichannel commerce: Offer multiple purchasing options, such as in-store, e-commerce, and social media selling, to meet customers’ evolving needs and preferences.
- Data and analytics: Collect and analyze customer data to gain insights into their behavior, preferences, and buying patterns. This information can inform business decisions and improve the customer experience.
- Agile and adaptable: Stay flexible and be ready to pivot quickly in response to market conditions, customer behavior, and industry trends. This can help you remain competitive and capitalize on new opportunities.
In conclusion, digital commerce is the future, and businesses must embrace it to stay competitive. By establishing a solid online presence and leveraging the power of social media, companies can attract new customers, build trust, and grow their brand. But staying ahead of the curve is crucial to being agile, adapting, and learning from mistakes.