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What can we take into the new year to improve business in 2024? Let’s start with the “aha” moments of 2023 from these ecommerce leaders.
Things have slowed down in many industries given what time of year we’re in. (On that note, bring on 2024, we say!) It’s certainly been a turbulent year for many with rate rises, AI-assisted business developments, and evolutions in the ecommerce space.
So what have been the big “aha” moments – the biggest learning in 2023 for business leaders in the ecommerce space?
We reached out and got feedback from these seven founders, CEOs and SME owners. They had much to report. It looks like the biggest takeaway from 2023 is, in a world of chatbots and automation, customers respond most positively to human-to-human interaction. What else can we take with us as we move into 2024? Read on – and let us know what you find useful!
We wish you the best for 2024, and we look forward to seeing what you do with the information in the new year.
Kerry Kingham
Chief Executive Officer: The Chooze Shop
Being a leader in an ecommerce business is one big learning journey! But in 2023, my biggest “aha” moment came from seeing our site (rather than what we are selling) as our product. The quality of the site, how seamless the customer journey is, and how engaging the user experience is, are the keys to a successful business which achieves its growth goals. This realisation resulted in our most significant business investment for the year – replatforming our entire site.
It’s like any product; go back to knowing your customers intimately, the problems they face and the solutions they need. If you can do that and do it more simply and uniquely than others in the same space, you’ll build trust and drive growth (and revenue).
From this, it became clear you can never stop iterating, improving, or innovating – it’s an endless journey. Keeping this in mind, as the focus for our business moving forward, is what I’m taking into 2024 (and beyond)!
Also on The Big Smoke
Jacob Burn
Founder: Drop Coffee
This year, we learned that communicating directly with customers is a powerful tool for long-term success. As an online business, it is easy to automate all customer interactions entirely. However, doing this excessively can obscure the subtle qualities that distinguish your business from the competition. Engaging in personal conversations with customers is not just about understanding their reasons for choosing your products but also about identifying opportunities to enhance or broaden your offerings to meet market demands better.
Additionally, when customers interact directly with your business, it shifts their perception of the relationship from transactional to relational. This shift can significantly improve their overall experience and boost the likelihood of a return purchase or them recommending your product to a friend.
Lastly, hearing firsthand how your products impact customers’ lives can be incredibly motivating for you and your team, reinforcing the value and impact of your work.
Also on The Big Smoke
Damian Hamilton
Owner: Hamilton Home, Garden and Crafts
In 2023, the biggest learning we as a small business have had is to prepare accordingly for the cost of living challenges affecting our nation. The rise of inflation and interest rates have affected the way everything is done, including how customers purchase in a cycle of financial unpredictability.
Without your customers you don’t have a business. If you keep delivering an excellent experience for those who buy from your business, they will return even in these uncertain times. That professional sales and service ethic kept many returning this year.
Offering a product that is different and unique to others is what will ensure continued success; finding your own niche in an already overcrowded market is essential to further growth. We are looking forward to enhancing and delivering more of that unique customer experience in the new year.
Also on The Big Smoke
Leanne Sexton
Co-Founder: Joonya
Be bold, build trust, and stand out as a reliable leader in your niche. Parents are demanding transparency from their chosen brands in order to make informed decisions for their babies’ wellbeing. As parents ourselves of children who have suffered from chemical-induced rash, we know the only way to build trust with our customers is to do the exact opposite of the big guys, by backing up every claim we make about sustainability and skin safety.
Every brand should be investing in independent certifications relevant to your product and claims, as well as putting the health of their customers first by performing independent laboratory toxicology testing, and publicly posting the results on their website.
We believe that the significant financial outlay and time required to be audited, tested and certified by our chosen certifications (Nordic Swan Ecolabel, EU Ecolabel, Forest Stewardship Council®, AllergyCertified, Dermatest, and PETA Animal Test-Free & Vegan) has been necessary to build a nappy and wipes brand that parents love and trust.
Also on The Big Smoke
Shelley Brock
Owner: Shelley’s Sensory Shop
This year has been full of ups and downs for my business. There was not one big thing that I learnt this year, but it has been filled with small, but crucial lessons. Understanding my customers’ ever-changing needs has been paramount. By deeply knowing their profiles, I’ve anticipated demand shifts, introducing new products in a timely way and avoiding excess inventory.
But it wasn’t just about products; it was about expertise. Beyond stocking items, I immersed myself in the sensory and special needs industry. This knowledge allowed me to guide customers to assist them when choosing the right products for them or their child/ren, earning trust and enhancing their experience. As a special needs parent myself, I am uniquely placed to really understand my customers, what they might need, and any issues they face. I attend expos and conferences several times per year to stay up to date in this ever-evolving industry. I think my customers appreciate that I am not a faceless corporation. Not only do I understand, I care.
Also on The Big Smoke
Rennae Hoare
Founder: Weanish
The year 2023 was challenging for ecommerce, with increased interest rates and decreases in consumer spending. My biggest takeaway is that existing consumer relationships are integral to revenue consistency and brand stability. The adage that it costs more to gain than keep a customer is true, especially when marketing funds are tight due to limited budgets or reduced revenue.
The use of email marketing is critical when building relationships with customers. Email marketing is a huge driver of consumer loyalty. Not only does it allow two-way communication, but it offers the customer a personalised and nurturing experience with the brand.
This approach adds value to your customers’ post-purchase journey, ensuring they return repeatedly, increasing lifetime value, brand advocacy, and higher revenues. Continued efforts in customer relationships through all channels offer more than just stable revenue; it also acts as a brand-awareness exercise through word of mouth and brand recommendations.
Also on The Big Smoke
Natasha Morgan
Founder and Chief Executive Officer: 8ADay Hydration
My learnings and insights for 2023:
The ecommerce industry is dynamic, requiring you to adapt swiftly to emerging technologies and market trends. Making time to seek out this information will fuel your ecommerce business for success.
With this knowledge you can ensure you’re not being left behind, and know when it’s the right time to expand into new markets, being smart about the planning and not leaving any stone unturned. Every market comes with its own set of challenges. Researching new markets is key to any successful global expansion.
Understand your customers’ wants and needs at a consumer level, and your product to fit. This is particularly relevant across your marketing; you need to be flexible with your messaging, not everyone relates to one particular message your brand is projecting. Always stay on brand, however do that marketing research, dive deep into your consumers’ core problems, and find a way to speak to them. Be that voice and solution for your consumers, and they will see your brand and product in a different way, and remain loyal.
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