Do you have an eCommerce brand that is looking to build on what you have been able to achieve in the prior year? Here is a short checklist of some items that you should review as it relates to your eCommerce brand that might be worth investing some time in:
Review and update your product offering: Take a look at your current product line and consider whether there are any changes you can make to improve it. This could include adding new products, discontinuing underperforming products, or making changes to existing products based on customer feedback.
Review and update your pricing strategy: As the new year approaches, it’s a good time to assess your pricing strategy and make any necessary adjustments. Consider factors like market trends, competition, and cost of goods to determine the right price for your products. While price is rarely a customer objection when you have the right messaging, it is important for you to analyze your profit margin, especially as the costs of goods and services (COGS) increase over time.
Review and update your marketing strategy: Take a look at the marketing tactics that worked well for your brand in the past year and consider how you can build on those successes in the new year. What platforms performed the best? What platforms will you introduce this year? This could include revamping your email marketing campaigns, updating your social media strategy, or experimenting with new advertising channels.
Review and update your customer service and support: Good customer service is essential for any eCommerce brand. Make sure you have processes in place to handle customer inquiries, complaints, and returns efficiently and effectively. This is an area where you really want to stand out. What makes your brand different in the way you speak to your customers who have support issues? How empowered is your team to make strategic decisions when it comes to customer service to make someone happy?
Review and update your website and online presence: Your website is the face of your brand online, so it’s important to keep it up-to-date and user-friendly. Do you have at least 40% of your product line available on your site’s home page? Are all of your product information, pricing, and contact details accurate and easy to find? Also, consider whether there are any changes you can make to improve the user experience or make the site more visually appealing.
Set goals and objectives for the new year: As you enter the new year, it’s important to have clear goals and objectives for your eCommerce business. How much did you grow last year and how much do you want to grow this year? This will help you stay focused and motivated as you work to grow and improve your brand. Consider setting both short-term (month over month and quarter by quarter) and long-term goals (1, 3 and 5 year goals), and make a plan for how you will achieve them.