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Recap 2023 Black Friday and Cyber Monday Weekend | Registering an All-Time High

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Black Friday and Cyber Monday Weekend

Recap performance results of the 2023 Black Friday and Cyber Monday weekend shopping turnout results that soared to record highs. As per a report by Adobe Analytics, Black Friday online sales were almost $ 10 billion, up 7.5% from the previous year. And that of Cyber Monday it was $ 12.4 billion, up 9.6 from 2022.

Which marketplaces were the biggest beneficiaries of Black Friday and Cyber Monday sales?

Amazon and Walmart marketplaces were the biggest beneficiaries of the Black Friday and Cyber Monday sales this year. As per Digital Commerce 360’s Top 1000 ranking, Amazon ranks number one among the largest North American online retailers and third in its global rankings. Also, as per the 2023 Global Online Marketplaces Report, Walmart is No. 2 in the Top 1000 in North America and No. 9 worldwide.

What were the total sales by Amazon and Walmart marketplaces during Black Friday and Cyber Monday?

Amazon announced November 17 to 27 as the 11-day shopping event to capitalize on the Christmas sales.

It sold over 1 billion items during the event but did not share its sales value or year-to-year growth. But reports confirm that half of the billion items ordered on Amazon, or over 500 million items, were sold by small and medium independent sellers. Amazon marketplace had the highest traffic from US purchasers during the event, accounting for 26.5% per the Digital Commerce 360 analysis using Similarweb data.

Walmart was the other marketplace that saw its biggest sales days in its entire history during this Black Friday and Cyber Monday sales. There was a four times jump in its peak orders per minute over last year’s sales.   WFS or Walmart Fulfillment Services, which provided end-to-end services, achieved sales during these days that were four times higher than its sales ever to ship around twice the number of units than the previous year.

Four top trends and results of 2023 Black Friday and Cyber Monday

Gone are the days of standing in queues early in the morning among the rushing people for Christmas purchases on Black Friday after celebrating Thanksgiving day. In this digitalized and globalized world, the contemporary retail landscape in rushed crowds has transformed into an extended experience of shopping in the comfort of home or from anywhere.

Compared to Black Friday, Cyber Monday is a new extravaganza from 2005 for people to do only online buying and technology products. The following are the few trends and results of Black Friday and Cyber Monday that broke many records created regarding value, online traffic, number of sales, items, etc.

  1. As per NRF or National Retail Federation data, over 200 million shoppers bought products from websites and stores during the five-day weekend from Thanksgiving Day, which was a record than any other previous year.
  2. As per Salesforce data, there was an average rise of 4% of the selling price of all product categories in 2023 Black Friday and Cyber Monday sales in 2022
  3. Adobe Analytics ICSC post-Thanksgiving weekend surveys confirm that e-commerce sales on Cyber Monday alone were $ 12.4 billion, and for the five days from Thanksgiving, $ 38 billion.
  4. As per the US Department of Commerce, e-commerce sales grew by 7.75 % in the 2023 third quarter, which is far ahead of the total retail sales that grew only 2%

In an upcoming article we will in-depth cover the key checkpoints for online sellers to include in their preparation strategy for the next Black Friday and Cyber Monday Weekend 2024 for simplifying multi-channel selling for companies like yours to grow your business even beyond your expectations.

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Gear Up for 2024 and What it Holds for the eCommerce Sector

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Gear Up for 2024 and What it Holds for the eCommerce Sector

You have come to the right place to look back on the e-commerce sector in 2023 and what trends to arrive in 2024 to increase its sales rapidly. Statistics confirm that e-commerce sales in 2023 crossed 6.5 trillion dollars and will cross 8 trillion dollars by 2026. It is because of the increasing prevalence of voice search, AR to visualize purchases, voice commerce, livestream shopping, the rise in new marketplaces & distribution channels, and many more.

So, check out what fueled the e-commerce sector in 2023 and what are the trends that are going to do more in 2024.

A Lookback of the e-commerce sector in 2023

In this digitalized and globalized business world, the e-commerce sector has seen continuous growth in the last few years, including 2023. With the pandemic boosting the use of e-commerce sales, it continues undeterred because of its many benefits for both buyers and sellers. Also, the number of smartphone users will increase from 6.4 to 6.7 billion people from 2022 to 2023. Statistics confirm that there were over 215 million new social media users as of October 2023 compared to the same time in 2022 to increase social commerce. All of it added to the rise of e-commerce sales from 5.7 to 6.5 trillion dollars from 2022 to 2023.

 

What’s to arrive in 2024 for the rising e-commerce sector?

Mobile shopping continues its rapid rise to constitute over 63% of e-commerce sales. With an increase of over 5% in the number of smartphone users every year, there will be around 7 billion people having smartphones in 2024. Millions of new social media users add up every year to also increase e-commerce sales. Irrespective of age, e-commerce buyers are expanding worldwide because of delivering groceries and medicines to their doorsteps.   Most of the  IT giants like Amazon, Walmart, Apple, E-bay, Google, and many others will increase their part in boosting the e-commerce sector in 2024.

What are the trends to arrive in 2024 to boost the e-commerce sector?

In 2023, there was a continuous rise in social commerce and personalized e-commerce experience for customers, apart from improved logistics to deliver goods on schedule to boost the sector. With e-commerce sales in 2023 exceeding expectations from 6.3 to over 6.5 trillion dollars, it is only expected to grow beyond 7 trillion dollars in 2024. And the following new and improvised existing trends will make it possible in 2024 and beyond.

  • An increase in the live streaming of thousands of products in a minute to viewers in an exclusive event by many companies will increase consumers’ interest in not missing out on limited-time, unmatchable offers.
  • Improved AR or augmented reality shopping will increase customer encouragement by trying the products to boost their confidence in making purchases and also to reduce returns.
  • Better multiple payment options collecting zero personal data from the consumers will increase their trust in the marketplace to buy more e-commerce products.
  • Improved customer service using NLP or natural language processing enhanced chatbots to provide answers to most queries and solve issues will boost online sales.

Wrapping up

Looking back, 2023 was a fantastic year for the e-commerce sector, and as per the details and trends above will make sure that 2024 will also be better for e-commerce sales to cross the 7 trillion milestones. E-commerce businesses wanting to capitalize on the rising tide and to know many more trends should contact ChannelSale integrated with most of the major world-famous marketplaces, comparison shopping engines, social network sites, affiliate networks and shopping carts for cutting-edge software solutions to take sales to new heights.

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Frustrated Due to Incessant Fulfillment Challenges? We Have The Right Solution For You

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Frustrated Due to Incessant Fulfillment Challenges We Have The Right Solution For You

Your search for tips to conquer the fulfillment frustration of e-commerce customers’ orders ends here. If e-commerce is the game-changer in the digitalized business world, it is the door-to-door delivery or e-fulfillment services that made it popular among people worldwide. On-time fulfillment of online orders by bringing the products to customers’ doorsteps is increasing e-commerce sales by trillions of dollars. But for several reasons, there are many fulfillment frustrations as most e-commerce companies promise same-day delivery to outsmart competitors.

If you have one such company or are working in one, check out the many tips for conquering those fulfillment frustrations to expand your business exponentially.

Ten top tips to conquer the fulfillment frustrations of the e-commerce sector

The new generations, Y & Z to alpha, buy most of the products online and only a few in retail stores. It is the reason there is rapid growth in e-commerce to now be around one-fourth of the retail sales and expected to be over 90 % of it by 2040. One of the significant reasons for this is the delivery of most of the products to the customers’ doorsteps within a day or the next day.

With the rapid rise in e-commerce sales worldwide and supply chain issues, many companies are not able to deliver products on time, causing fulfillment frustrations. There are many other issues like improper inventory causing inaccurate stock, insufficient warehouse handling, inferior customer support, fluctuating demands, and others.

The following are a few tips for conquering such fulfillment frustrations to develop your e-commerce business to the next level.

  1. Must have automated digital fulfillment systems that give real-time information about the accurate stock levels in the inventory to update as per the demand to never run out of products to deliver on time
  2. Should integrate OMS or digital order management systems to check if there is stock in the inventory for giving a tremendous omnichannel sales experience to customers to gain their trust
  3. Must have WMS or warehouse management systems offering automated processes to reduce errors and overhead costs
  4. Should have digitalized solutions like RF or radiofrequency, voice-directed, and mobile-based picking operations to improve the overall picking process warehouses for recording adjustments and exceptions
  5. Must use the best automated analytical tools to analyze the data collected from OMS, WMS, and others to get valuable insights to improve the order fulfillment process
  6. Should be able to collect granular-level fulfillment workflow data to help the customer support teams solve many issues to provide the best buying experience to increase sales
  7. Must have the best software and tools for synching multi-channel orders to solve all the stock or inventory management problems and delivery feed
  8. Should have intelligent inventory management software for integrating product availability across many platforms to avoid over and underselling, among others
  9. Must automate all the product data import, submitting feeds to marketplaces, affiliate networks, comparing shopping engines, and others
  10. Should have advanced software and technological tools for generating reports and analyzing macro and micro views of SKU or stock-keeping unit conversions across all conversions.

Conclusion:

The above facts and tips will end your search to conquer the fulfillment frustrations of e-commerce orders to get completed on time using the world-class software solutions from ChannelSale, the official preferred partner of Amazon, eBay, and most major marketplaces worldwide to have created over 5 million product listings successfully.

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5 Star Reviews from Happy Clients Utilizing ChannelSale

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5 Star Reviews from Happy Clients Utilizing ChannelSale

The number of happy sellers and buyers using ChannelSale platform is increasing, and it shows no signs of slowing down. The introduction of ChannelSale’s cutting-edge products boost sales for all businesses as evident in the reviews received. Let’s see what clients say:

Shopify App Store Listing: https://apps.shopify.com/channelsale#adp-reviews

BigCommerce App Store Listing: https://www.bigcommerce.com/apps/channelsale/

Marmon Foodservice Technologies

When I was planning to launch my own eCommerce business, I was desperately looking for a platform that could help transition and integration seamless. I used ChannelSale for Shopify-Amazon connection which helped me a lot increasing the visibility of my business. Because of these reasons, I intend to build my future businesses on Amazon e-commerce platform. Thanks to ChannelSale team in helping me combine Amazon with Shopify and take my business to the next level.

House Plant Shop

ChannelSale has been extremely helpful and attentive in spreading the businesses to additional
channels. It has helped me simplify logistics to have all orders populated in Shopify. The team at ChannelSale make weekly calls to ensure everything is running smoothly, and they respond quickly to any problems. They are keen to share ideas and expand my services to new markets. It was a great decision to trust ChannelSale for my business expansion.

Unique Oils LLC

We have been using ChannelSale for over two years, and their assistance is head and shoulders above all other integrators. Their approach simplifies your product selection across numerous sales channels and broadens your brand’s reach while centrally managing everything through Shopify. Their reporting and industry knowledge have helped us generate relevant KPIs that have helped us grow our business tremendously in a simple, straightforward way.

What ChannelSale can do?

Different clients have expressed that they have had excellent experiences with ChannelSale. The ChannelSale Team helps complete setup to migrate their products to eBay, Amazon, Walmart, Sears, and other markets.

The problems caused to these clients while using other marketplaces were tremendous, and ChannelSale helped to consolidate everything into one solution. ChannelSale provides experienced dedicated account managers for complete setup, schedule recurring meets with the clients twice a week on phone and screen sharing, and are available via email and direct phone to assist with any difficulties.

Once initial setup and testing is completed, then the system automatically synchronizes the listings, inventory, and orders, and their customer care is consistently prompt and attentive. The team holds weekly calls throughout the setup phase to discuss progress and next steps. They help customers and clients who want innovative and new solutions to any new approach in the market will have better options available.

However, ChanneSale can provide new solutions to people with specific requirements that are simple enough to meet their demands. This shows the versatility of ChannelSale and how it helps satisfy the demands of clients in different ways depending upon their approach toward any solution.

Integration services and developers can be highly expensive depending on what you require, and ChannelSale provides a fantastic value for the money. Maintain open lines of communication with them from the start to ensure that they understand your expectations.

Conclusion

ChannelSale unifies the sales channels and grants you the tools as well as services required for business management, market to customers, and integrating selling. So, the buyers on your site can witness a seamless shopping experience.

Contact us for a demo of the ChannelSale platform today from our Expert team members.

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Unveiling Collaborations: A Comprehensive Overview of Bed Bath & Beyond’s Overstock Acquisition

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A Comprehensive Overview of Bed Bath & Beyond's Overstock Acquisition

Bed Bath & Beyond’s acquisition of Overstock has stirred interest and expectation as a strategic move that has sent waves through the retail sector. This blog article seeks to provide a thorough review of this big transaction, exploring the reasons behind the move, potential collaborations, and the expected impact on both companies.

The Acquisition’s History:

  1. Strategic Vision: Bed Bath & Beyond’s acquisition of Overstock is made with the strategic vision of broadening its scope of product sales and varieties and strengthening its impact in the business market as a strong competitor. It aims to take advantage of the overstock supplies to meet its target and go beyond.
  2. Expanding Market Presence: Overstock, known for its online marketplace providing a diverse selection of products, allows Bed Bath & Beyond to extend its market presence. This move enables the business to delve into Overstock’s existing consumer base while reaching out to new groups.

 

Potential Benefits and Collaborations:

  1. Diverse Product Portfolio: The combination of Bed Bath & Beyond’s selected collection of home essentials and Overstock’s vast product range provides consumers with an extensive range of options. This diverse product listing appeals to various preferences and demands, improving the purchasing experience.
  2. Enhanced E-commerce Capabilities: Bed Bath & Beyond acquired the advanced technological facilities of Overstock’s sophisticated ecommerce infrastructure. This advancement increased the overall efficiency and productivity of the brand, making it more convenient for the customers.

Considerations and Challenges:

  1. Integration Difficulty: One of the most difficult aspects of acquisitions is integrating two separate business concepts. Bed Bath & Beyond will need to tread cautiously during this process to provide a consistent experience for customers and stakeholders.
  2. Brand Alignment: Maintaining a consistent brand identity after acquisition is critical. Balancing Bed Bath & Beyond and Overstock’s separate strengths while presenting an integrated team to customers will take much work.

Expected Impact:

  1. Market Competitiveness: The merger of Bed Bath & Beyond and Overstock creates a more competitive participant in the retail market. This increased competitiveness can foster innovation and customer-centric tactics and impact market trends.
  2. Income Stream Diversification: The acquisition allows Bed Bath & Beyond to diversify its income streams. Beyond the traditional physical retail stores model, the brand has a deeper footing in e-commerce, reflecting modern consumers’ growing preferences.

Conclusion

Bed Bath & Beyond’s acquisition of Overstock signifies an important turning point in the retail industry. As these two brands join together, there is excitement about emerging beneficial relationships. The possible benefits, ranging from an enlarged product selection to streamlined supply chains, reflect a smart move in line with evolving customer behavior and market trends.

ChannelSale, a reputable supplier of e-commerce solutions, is aware of the significance of these steps in aiding businesses to flourish in the online market. By effectively utilizing these KPIs, e-commerce businesses can ensure long-term success and maintain a competitive edge in the ever-evolving e-commerce market.

Contact us for a demo of the ChannelSale platform today from our Expert team members.

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A Comprehensive Overview of E-Commerce Calendar January-June 2024: A Strategic Approach to Success

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As we look forward to the new year’s possibilities, strategic planning is critical for e-commerce success. We lead you through the first half of 2024 in our complete calendar, ensuring your online business thrives in a dynamic and competitive landscape.

January: Resolutions for Retailers

We often believe that everything can change overnight and that the start of a new year represents a new beginning. New aspirations, goals, and commitments to ourselves develop.

Compiling lists of goals, challenges, and new habits relating to the speciality of your online store can be extremely beneficial during this time. Evaluate how your products may help customers achieve their resolutions, capture your audience’s motivation, and use it to enhance your sales.

Key Dates:

  • 1st Jan- New Year’s Day.
  • 22nd Jan- Chinese New Year

February: Love is in the Cart

The “Month of Love,” February, follows the January vacation and represents a return to the forefront. It’s the season for chocolates, flowers, personalized gifts, and every other kind of expression of affection imaginable.

Let us not forget the singles who enjoy this day with friends and cherished pets, transforming Valentine’s Day into a day of friendship (and a fantastic opportunity to enhance your sales).

Key Dates:

This month is Black History Month.

  • 10th Feb- Lunar New Year.
  • 12th Feb- Super Bowl Sunday
  • 14th Feb- Valentine’s Day

March: Spring into Savings

March delivers a lovely mix of exciting events. People await the arrival of March as we say goodbye to winter to enjoy the sun’s warmth after a chilly winter. Furthermore, this month celebrates St. Patrick’s Day and acknowledges the efforts of women throughout their history, as well as talks about anti-discrimination efforts.

Key Dates:

  • 8th March- International Women’s Day.
  • 14th March- Eid
  • 17th March- Saint Patrick’s Day.
  • 31st March- Easter Sunday.

April: Sustainability Showcase

Although April may appear calm at first glance, there are several reasons to celebrate (and shop). Furthermore, major shopping holidays such as Mother’s Day and Father’s Day are approaching, making now an excellent time to start planning.

Key Dates:

  • 8th April- Easter
  • 2nd April- World Autism Awareness Day.
  • 22nd April- Earth Day.
  • 23rd April- World Book Day.

May: Mother’s Day Marvels

Welcome to the month of Mother’s Day, when personalized presents are in high demand, eagerly sought after by kids, daughters, and even excited husbands.

Keep an eye on Star Wars Day if you’re in the industry of selling things like shirts or mugs. Allowing clients to customize their purchases at your store is fantastic for this occasion. Believe us when we say that the force will be with you in increasing your sales!

Key Dates:

  • 1st May- International Workers’ Day.
  • 4th May – Star Wars Day.
  • 12th May- Mother’s Day.
  • 27th May- Memorial Day.

June: Summer Sensation

While May is dedicated to mothers, June is dedicated to fathers. We know parents often go out of their way to locate the right present, so make sure to be just as thoughtful for dads on their special day. Furthermore, June marks the official start of summer, when many people plan vacations. What attractive offerings do you have for folks eager to make the most of their summer?

Key Dates:

This month is Pride Month.

  • 5th June- World Environment Day.
  • 16th June- Father’s Day.
  • 21st June- Marks the start of the summer season.
  • June(TBC)- Amazon Prime Day

Final Remarks

The first half of 2024 will be spent on strategic planning, connecting with customers, and adapting. Following these concepts, your e-commerce business can negotiate with the ever-changing industry and become a digital marketplace leader. Here’s to a prosperous first half of 2024. Contact ChannelSale team experts to learn more and plan bigger success in the calendar year 2024.

 

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Merry Christmas

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Merry Christmas

Merry Christmas! May your e-commerce journey be merry and bright with ChannelSale’s powerful solutions.
Here’s to a prosperous and joyful holiday season!

 

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Social Commerce And Its Significance In For Retailers

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Social Commerce And Its Significance In For Retailers

In the rapidly evolving world of e-commerce, retailers must stay ahead of the curve. Social commerce is one of the most significant trends to catch on in recent years. Online shopping and social media have changed how consumers interact with brands and choose what to buy. This blog will discuss social commerce, examine its factors for growth, and explain why businesses should invest in this channel.

What Is Social Commerce?

Social commerce combines online shopping and social networking. It comprises utilizing social media channels to advertise products or services directly or to enhance the purchasing process. In contrast to traditional e-commerce, which necessitates users visiting a different website or app to complete a transaction, social commerce seamlessly integrates shopping into the social media experience.

The Social Commerce Experience

Imagine that you are visiting your preferred social networking site when you come across a post showcasing a stunning pair of shoes. You can tap on that post, view the product details, and use social commerce to purchase without leaving the app. Because of this smooth purchase process, social commerce is growing rapidly.

The Rise of Social Commerce

Many factors have contributed to social commerce’s rise, such as:

  • Increasing Social Media Usage: Social media platforms are more crucial than ever in our daily lives. Owing to their billions of users worldwide, platforms like Facebook, Instagram, and TikTok offer a massive audience for businesses to reach. As users spend more time on these sites, the opportunities for shopping in the same environment eventually increase.
  • Shoppable Posts and Features: Social networking platforms increasingly provide technologies that make it easier for businesses to undertake direct sales, including shoppable posts and features. Social media profiles have been transformed into online stores with swipe-up links, product tags, and shoppable posts. These features speed up the process from product discovery to purchase, which raises conversion rates.
  • User-Generated Content (UGC): UGC is crucial to social commerce. Customers are more likely to trust peer recommendations than information from brands. When people have discussed their personal experiences with a product or service, potential customers are more likely to believe in it. User-generated content (UGC)-friendly brands can utilize this trust to boost sales.
  • Targeting and Personalization: Social media networks gather so much user information that advertisers can create incredibly targeted ads. These personalized advertisements increase user engagement and conversion rates since users are likelier to interact with them.
  • Influencer Marketing: Influencers are now important voices in social commerce. Working with influencers could help your products become more well-known and enhance customer confidence in your company. Influencers’ recommendations have a significant impact on what consumers purchase.

Why Retailers Should Invest in Social Commerce?

Given its rapid growth and numerous advantages, the following are the reasons for retailers to invest in social commerce:

  • Reach a Larger Audience: Because social media platforms have enormous user bases, retailers can reach a bigger, more varied audience. You can increase your market reach by appealing to tech-savvy clients on Twitter or fashion enthusiasts on Instagram.
  • Boost Conversion Rates: Smooth shopping experiences provided by social commerce increase conversion rates. Customers are less inclined to remove items from their shopping carts when they can do so quickly. With this streamlined approach, your sales can rise significantly.
  • Build Trust and Authenticity: Through influencer marketing and user-generated content, social commerce helps your company develop trust and authenticity. When customers witness actual people praising your products, they are more likely to feel confident about their purchases.
  • Maintain Your Competitive Edge: Consumers will demand it as social commerce develops. Retailers investing in this channel remain competitive and relevant in the ever-changing e-commerce market.
  • Gain Valuable Insights: Social media platforms provide valuable customer behavior and preferences data. Retailers can use this information to enhance their product selection, marketing strategies, and audience targeting.

Understanding the Power of Social Interactions in E-Commerce

In the world of e-commerce, social commerce has grown to be a significant force. Interaction, at the core of human behavior, is the foundation of social commerce. Social commerce records these interactions digitally, like chats with friends or store employees regularly during traditional shopping excursions.

Engaging Beyond The Product

Social commerce is distinctive because it highly values interaction and storytelling. It takes advantage of the power of human connection to help consumers form emotional ties with products. Direct engagement with communities by brands is one way to gather insightful feedback and enhance their offerings.

Seamless Merging of Communities and Commerce

Social commerce is revolutionizing e-commerce by integrating social media and online shopping. Through the innovative integration of product discovery and purchasing within social media platforms, the user experience is streamlined.

Final Note

In conclusion, social commerce is more than just a passing trend; it is a revolutionary force in the e-commerce sector. Expanding their customer base, increasing conversion rates, and retaining their competitiveness are just a few advantages this channel offers retailers. Given the continued rise in social media usage, social commerce is necessary for all forward-thinking retailers.

Therefore, if you own a store and want to prosper in the present digital environment, you must pay attention to the rising star of social commerce. Using Channelsale, you can profit from the opportunities in this competitive atmosphere.

Get in touch with us for a demo of the ChannelSale platform from experts today!

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E-Commerce KPIs: How To Measure And What To Measure

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E-Commerce KPIs: How To Measure And What To Measure

Nowadays, many businesses’ expansion plans depend heavily on e-commerce. E-commerce enterprises must routinely assess their performance and make data-based decisions to remain in the highly competitive online marketplace. In this method, Key Performance Indicators (KPIs) are crucial. The 10 key e-commerce KPIs that businesses should monitor to assess their success and make informed decisions are covered in this blog.

Sales Conversion Rate

Since it demonstrates how well your website converts visitors into consumers, the sales conversion rate must be a key performance indicator in any e-commerce plan. Monitoring this KPI can enhance the consumer experience, product presentation, and website layout. A high conversion rate demonstrates a well-optimized website but also the effectiveness of your marketing campaigns in bringing in targeted traffic.

Customer Acquisition Cost

Understanding the expense of obtaining new consumers is crucial for sustainable expansion. Using the CAC calculation, e-commerce businesses can allocate their marketing budget efficiently. Additionally, keeping track of CAC over time could notify you of how well your marketing channels work. If you want to reduce CAC, prioritize the best customer acquisition channels, improve your targeting strategies, and optimize your advertising efforts.

Average Order Value

The average order value (AOV) could be strategically increased to boost revenue without attracting additional customers. One way to do this is by incorporating upselling and cross-selling methods into practice. For instance, selling product bundles, suggesting related items, or providing discounts on larger purchases can all be used to tempt customers to spend more money on each transaction. Increased customer lifetime value and instant cash are benefits of an efficient AOV strategy.

Cart Abandonment Rate

Cart abandonment is a common issue in the e-commerce landscape. Carefully examining the cart abandonment rate can reveal certain issues with the checkout process. By expediting the checkout process, making shipping costs obvious, and using cart recovery emails, it is possible to lower cart abandonment rates and recover money that has been lost.

Customer Lifetime Value

A KPI, Client Lifetime Value (CLV), emphasizes developing strong client relationships. Businesses should focus on strategies other than one-time purchases to enhance CLV. Remarkable customer service, specialized marketing campaigns, and loyalty programs are required to achieve this. By doing this, businesses increase the value of every customer and develop brand loyalty, which fosters organic growth through referrals and positive reviews.

Website Traffic Sources

Understanding the sources of visitors to your website is crucial for the success of any e-commerce business. By examining this KPI, you can discover which channels drive visitors to your website. Referrals, social networking, sponsored search, and paid advertising are typical traffic sources. By looking further into this data, you can find which specific keywords, campaigns, or platforms are most effective in attracting visitors with high conversion rates.

Return on Investment

Return on investment (ROI), a financial metric, measures the effectiveness of your marketing initiatives. ROI considers both the revenue received and the costs associated with marketing activities. Calculating ROI for each campaign or channel lets you learn which investments generate the best returns. With this knowledge, you can more skillfully plan your marketing budget by allocating resources to strategies and initiatives that offer a higher return on investment.

Inventory Turnover Rate

Inventory turnover rate is a KPI that monitors how quickly you sell and refill your inventories. Effective inventory management is indicated by a high turnover rate, which reduces the likelihood of overstocking or investing money in unsold goods. Businesses can maximize this KPI by frequently monitoring inventory levels, properly forecasting demand, and implementing strategies to promote the sale of slow-moving commodities.

Customer Retention Rate

The degree to which customers continue to be interested in your brand over time is shown by your customer retention rate. Utilizing strategies like loyalty programs, tailored discounts, and first-rate customer service, this KPI must be raised. A higher customer retention rate not only boosts revenue but also lowers the cost of client acquisition because devoted customers are more likely to make repeat purchases and refer your business to others.

Mobile Commerce Metrics

Mobile commerce (m-commerce) has expanded quickly in recent years; thus, tracking KPIs specific to mobile is crucial. In addition to the overall mobile traffic percentage, metrics like the mobile conversion rate, average transaction value on mobile devices, and mobile bounce rate provide insight into the mobile user experience. Ensuring your website is mobile-responsive and user-friendly will help you increase these KPIs and give you access to the continually expanding mobile consumer base.

Final Note

By including these additional details in your e-commerce plan along with the KPIs above, a complete picture of the performance of your online business will be given.

ChannelSale, a reputable supplier of e-commerce solutions, is aware of the significance of these steps in aiding businesses to flourish in the online market. By effectively utilizing these KPIs, e-commerce businesses can ensure long-term success and maintain a competitive edge in the ever-evolving e-commerce market.

Contact us for a demo of the ChannelSale platform today from our Expert team members.

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Your Guide to Excelling in Consumer Journey Management: Conquering the 5 Stages with Success

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Your Guide to Excelling in Consumer Journey Management Conquering the 5 Stages with Success

A key marketing concept is the consumer journey. By comprehending and utilizing each phase, businesses can sell their products more successfully, increasing sales and customer retention. This blog will cover each stage, along with helpful business advice.

1.   Awareness

The Awareness stage of the consumer experience is when potential customers first become aware of their needs, problems, or both. It’s the first step in directing clients to your product or service that focuses on solutions. Here are some suggestions for enhancing this crucial stage:

  • Targeted Advertising: Target customers who are most likely to need your product or service using data-driven marketing techniques. Using tools like Google Ads or social media advertising, you can carefully target your audience.
  • Educational Content: Make materials that address issues or queries frequently asked in your sector. Videos and blog posts can educate potential clients and establish your business as a reliable knowledge source.
  • SEO Optimization: To ensure that your website ranks highly in search engine results, follow recommended practices for search engine optimization (SEO). When people search for relevant terms, it will be easier for them to find your company.

2.   Consideration

As we continue understanding the consumer journey, let’s look at the Consideration stage. This stage is essential since it’s at this point that potential customers evaluate their options and select the service or item that best meets their needs. Effectively managing this phase can have a significant impact on conversion rates.

  • Product Specifications: Transparency in product specifications is crucial. Customers want to be completely informed before making a purchase. Details about the product’s features, advantages, and possible uses are required. Customers can compare items and make more informed decisions equipped with this knowledge.
  • Engaging Content: Content marketing is now a highly effective tool. Write articles, blog entries, or videos that cover the common problems your sector encounters. You gain potential clients’ trust and showcase your competence by providing useful information and solutions.
  • Email Marketing: During the Consideration stage, email marketing is an effective technique to communicate with prospective customers. Send them emails with solutions to the issues they’re trying to solve in detail. Share instances of success to show how your product or service has benefited others.
  • Interactive Demos and Trials: Offer free trials, webinars, or product demonstrations as necessary. Potential clients can see and touch your products in person through these interactive experiences. They learn about your value and how it meets their needs.

3.   Decision

The decision-making stage is the most important. Potential customers are now prepared to purchase after reviewing their options throughout the consideration stage. Here are some ideas for enhancing this crucial stage of the consumer journey:

  • Limited-Time Offers: You can create a sense of urgency by making special discounts or promotions available for a limited time. This tactic might persuade potential buyers to make a purchase.
  • Building Trust: Building trust is crucial. Display case studies and client testimonials from satisfied product or service users. This instills trust in potential customers that they are making informed decisions.
  • Easy Access to Support: Ensure customer assistance and contact information options are easily available. Sometimes, potential buyers have last-minute questions or concerns. Accessibility and responsiveness can help complete the deal.

4.   Retention

The journey continues at the retention stage after a purchase. Building relationships with customers is crucial to guarantee their satisfaction and loyalty. Here’s how to make this stage better:

  • Post-Purchase Support: Comprehensive after-sale support, including guides, instructions, and professional customer service. This reduces the likelihood of customer dissatisfaction and helps customers make the most of your product or service.
  • Loyalty Programs: Implement loyalty programs that provide repeat customers discounts. These programs could provide special discounts, first access to new products or features, or cost savings.
  • Feedback and Improvement: By requesting customer input, you can improve your product or service over time based on their experiences. This shows you value their opinions and are committed to offering better customer service.

5.   Advocacy

The final stage of the customer journey is the advocacy stage, where satisfied customers become brand ambassadors who actively promote your product or service. Here’s how to make this stage better:

  • Encourage Reviews and Testimonials: Encourage contented customers to publish encouraging testimonials and reviews on online platforms like Google, Yelp, or your website. These evaluations provide credibility and social validation.
  • Referral Programs: Establish a referral program that benefits existing customers who promote their friends, family members, or coworkers to your business. They can become your supporters if you provide them discounts or other benefits.
  • Celebrate and express gratitude to your loyal community.

End Note

Understanding and managing each stage of the consumer journey is essential for business success. By taking the time to address potential customers’ demands, concerns, and feedback at every stage, businesses can improve sales and foster customer loyalty. By aligning their strategy with these stages, ChannelSale has had incredible success.

You can contact us for a demo of the ChannelSale platform today from our experts.

 

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