Setting business goals is critical for eCommerce businesses as it provides a clear sense of direction and purpose. Furthermore, it helps to measure progress, increase motivation and focus, support decision-making, and enhance accountability.
First up, let’s talk about the elephant in the room: sales. Everyone wants more of them. A lot more. To achieve this goal, maybe you want to expand your product lines to include all kinds of shiny, new things. Maybe you should focus on improving the customer experience because let’s face it, nobody wants to shop on a website that’s difficult to navigate. And of course, launching some seriously epic marketing campaigns to get the word out about all the amazing stuff you have to offer always helps.
It’s all about getting crystal clear and creating a plan so your business can have a successful year. Once you have set your goals, you must create a sound strategy to achieve them. This might include identifying the steps you need to take, setting deadlines, and assigning tasks to team members. As your business grows and evolves, it’s important to regularly review your goals to ensure they are still relevant and achievable.
ECOMMERCE MARKET
E-commerce is a force to be reckoned with, and it’s showing no signs of slowing down. In fact, it’s estimated that global eCommerce sales will hit £5 trillion in 2023, up from £4 trillion in 2022. That’s a lot of online shopping!
But what’s driving this growth? There are a few key trends to keep an eye on. For starters, more and more people are using their mobile devices to shop online. Social media is also becoming an increasingly important sales channel, with businesses using platforms like Facebook, Instagram, and Pinterest to reach potential customers. And let’s not forget about subscription-based models, which are on the rise and offer a convenient way for customers to get the products they love delivered to their doorstep every month.
Of course, the COVID-19 pandemic still has had a large residual impact on eCommerce. With many people hesitant to shop in person, online sales soared – which seemed to continue into a new lifestyle preference for many. And as more and more people become comfortable with shopping online year over year, this trend will only expand.
So what does this all mean for eCommerce businesses? Opportunities abound! Cross-border trade is a great way to reach new markets, personalization can help you stand out in a crowded marketplace, and technologies like AI and VR marketing can take your online shopping experience to the next level.
SETTING AND ACHIEVING YOUR ECOMMERCE BUSINESS GOALS
Setting clear and achievable business goals is an important part of running a successful eCommerce business. It’s like hitting a bullseye and it requires focus and a clear target. By setting SMART goals (specific, measurable, attainable, relevant, and time-bound), you can aim for success and hit the mark. Just remember to keep your target audience in mind, use data to inform your decisions, and set intermediate goals to track your progress. And don’t forget to adjust your aim as needed – sometimes the best targets are the moving ones!
If you’re already using a 3PL such as Selazar, it’s important to sit down with your account manager to discuss. This way you’re both clear on your goals, can look over the timeline expectations and can ensure objectives are realistic.
THREE WAYS TO IMPROVE YOUR ECOMMERCE BUSINESS GOALS
1. IDENTIFY YOUR BUSINESS GOALS (EXAMPLES)
There are many business objectives that an eCommerce business might focus on, depending on its specific goals and needs. Here are a few examples of business objectives your eCommerce business should consider in the new year:
- Increasing sales: One of the most common business objectives for an eCommerce business is to increase sales and revenue. This might involve strategies such as expanding the product line, improving the customer experience, or looking for ways to optimise. By partnering with 3pl services, you can outsource the logistics arm of your operations and focus more energy on selling and marketing – increasing sales.
- Expanding into new markets: Your business might also want to focus on expanding into new markets, either domestically or internationally. The next logical steps would be conducting market research and adapting the business model to fit the needs of the new market. With Selazar, you can prepare your business for domestic and international shipping, from required documentation to SKU registration, and expanding our courier network.
- Increasing brand awareness: Another objective of your eCommerce business might be to increase brand awareness and visibility. You want to build a strong brand identity, using social media and other online platforms to reach new audiences, and collaborate with influencers or other businesses.
- Reducing costs: Finally, focus on reducing costs as a way to improve profitability. This might involve optimizing the workforce, automating processes, or outsourcing certain tasks to third parties – such as Selazar.
Ultimately, the specific business objectives that an eCommerce business should focus on will depend on its priorities and needs. It’s important to regularly review and assess your business objectives to ensure that they are aligned with the overall direction of the business.
2. HONE IN ON YOUR CUSTOMER TARGETING
Identifying your target market is an important part of building a successful eCommerce business, as it helps you focus your marketing efforts and resources on the most promising opportunities. Even if you’ve previously completed this, sometimes it’s good to do a refresher. Sometimes appealing more to niche communities as opposed to general communities allows brands to capitalise better on product opportunities. There’s a sales adage that says “the riches are in the niches.”
Niche marketing can be profitable for a number of reasons. One of the main reasons is that by focusing on a specific niche, you can target a specific group of people who are more likely to be interested in your product or service. This makes it easier to create marketing campaigns that resonate with your target audience, which can lead to higher conversion rates and ultimately, more sales.
To clarify who your customers are, gather data on your current customers. This includes information such as their age, gender, location, income level, and interests. You can also conduct more in-depth market research to learn more about potential customers and their needs and preferences. For example, you might conduct surveys or focus groups, or analyse data from social media or other online platforms.
Once you have a clear picture of your target market, you can use this information to inform your marketing and sales efforts. This might include tailoring your advertising to specific demographics or creating messaging and branding that resonates with your new target audience.
3. IMPROVE THE CUSTOMER EXPERIENCE
The customer experience (CX) refers to the overall experience that a customer has with a business, from initial awareness to post-purchase evaluation. In the context of eCommerce, customer experience encompasses every touchpoint that a customer has with an online store, including browsing and searching for products, adding items to a cart, completing a purchase, and interacting with customer service.
“Approximately sixty to seventy percent of profits typcially come from long term customers”
Providing a positive customer experience is crucial for eCommerce businesses, as it can lead to increased customer satisfaction, loyalty, and repeat business. In order to improve customer experience, businesses can focus on optimising various aspects of the online shopping process, such as website design, payment options, shipping and returns, and customer service. By making the customer experience a priority, businesses can stand out in a crowded online market and build lasting relationships with their customers. Customer satisfaction is always a top priority, so you want to go above and beyond to ensure that your customers are happy. This includes a well-planned return and reverse logistic process as well as swift delivery speed.
Shipping speed and dispatch are an important part of the logistics process – often leaving less evolved brands in the dust! Delivery time matters. In fact, more than 50% of customers will cancel or abandon their purchase from your online store if you fail to provide quick delivery. Take care of your customer, and they will take care of you.
HOW CAN 3PL SERVICES HELP ME GROW MY ECOMMERCE BUSINESS?
Third-party logistics (3PL) providers can help eCommerce businesses streamline their operations by taking on various supply chain management tasks. By outsourcing these tasks to a 3PL, eCommerce businesses can save time and resources and focus on their core competencies.
We handle a range of services, including warehousing, picking and packing, shipping, and even customer service. This will help to reduce overhead costs, improve efficiency, and scale operations more easily. By working with a 3PL, your eCommerce businesses can also benefit from our expertise and resources, such as specialized equipment and technology, and a broad network of carriers and other partners.
Here are some benefits of using third-party logistics (3PL) for order fulfilment in your eCommerce business:
1. Cost savings: Using a 3PL can often be more cost-effective than fulfilling orders in-house, as you don’t have to invest in warehouse space, equipment, and staffing.
2. Increased efficiency: 3PLs specialize in order fulfilment and often have advanced systems and processes in place to ensure orders are processed and shipped out quickly and accurately.
3. Flexibility: A 3PL can scale up or down as needed to meet changes in demand, which can be especially useful for businesses that experience seasonal fluctuations in sales.
4. Improved customer experience: By outsourcing fulfilment to a 3PL, you can focus on other aspects of your business, such as marketing and customer service, which can improve the overall customer experience.
5. Access to additional services: Many 3PLs offer a range of additional services, such as returns processing, kitting, and customization, which can save you time and resources. Contact us for questions on additional services.
6. Improved shipping options: As a leading 3PL, we have relationships with many carriers and are able to offer more competitive shipping rates or a wider range of shipping options to customers.
Growing and scaling an eCommerce business can be a challenging but rewarding endeavour. Whether you’re just starting out or looking to take your business to the next level, there are a number of steps you can take to achieve success. From defining your target market and building a strong brand to investing in marketing and optimizing your website for conversions, there are many strategies you can use to drive traffic and sales to your online store. Additionally, excellent customer service, continuous improvement, and exploring new sales channels can all help you grow your business.
Finally, don’t forget about the role that fulfilment plays in your eCommerce business. Outsourcing fulfilment tasks to a third-party logistics provider (3PL) can free up time and resources, allowing you to focus on other aspects of your business. With these tips in mind, you can set your business up for success and achieve the growth and scalability you desire.