Key Challenges and Solutions for Ecommerce Businesses in 2023

– Businesses are experiencing challenges such as reduced headcount and the need for higher profitability.
– The focus is on refining core offerings and establishing more hybrid relationships, such as profit sharing or equity.
– The key to success lies in understanding the target audience and using data to optimize the customer journey and ad performance.Focus on understanding your target audience and their buying behavior through data analysis, and use that knowledge to create the right content and improve your customer journey for better conversion rates.Some themes emerged from conversations with agency owners and ecommerce businesses over the past few months:

1. Reduced headcount
2. Searching for higher profitability
3. Refining core offerings
4. Seeking more hybrid relationships (profit sharing/equity)

In my opinion, businesses are realizing that things are more challenging than they initially thought. Continuing with the same old strategies is becoming more expensive, and their resource management is at an all-time low.

Instead of spending more money on creating new content, businesses should invest in understanding their target audience and why they purchase their products. This is a recurring issue I’ve noticed – it’s not about creating a large volume of content, but rather creating the right content for the right audience. Without real data, this becomes a costly lesson.

Once businesses have gathered this data and understanding, they should apply it to their entire customer journey. This will result in better conversion rates, a more specific Ideal Customer Profile, and the ability to automate decisions regarding ad performance.

One problem I’ve observed is that brands often lack the budget for important matters because those in charge of budgets lack the necessary internal resources or expertise. Similarly, agencies treat all businesses the same, despite their differences. Many agency owners lack the experience to properly train their staff beyond basic knowledge, as they often don’t have MBAs.

So, here’s the deal – no judgment. If you’re a brand in need of assistance, simply DM me. No need to like or comment on this post. If profitability is an issue, we can analyze your numbers. If you need help understanding your core product offerings and their value to customers, we can work on a plan to collect relevant data. If you’re looking to reduce upfront capital expenditure and gain control over your agencies’ work, DM me.

As the industry evolves, we all need to adapt accordingly. The advantage of working with us is that we have access to all the data, giving us more insight than your agencies. We understand every aspect of the customer journey – from landing pages and product pages to ads, emails, and pricing. This is why we have a love-hate relationship with agencies; we quickly identify what’s working and what’s not, and we don’t tolerate dishonesty.

The same goes for agencies – we can help you retain clients, but it requires a change in strategy and a commitment to improvement. The year 2023 will present new challenges for ecommerce, and technology alone won’t solve everything. It will require more.https://www.linkedin.com/in/jivanco

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