Individually Tailored Customer Journeys For 2024, the major growth strategy we’ll be dialled into is AI-driven personalization. Recommending products based on search history or ‘personalizing’ emails isn’t the limit anymore. Now it's about creating a shopping experience that feels individually tailored to each customer. My advice is to invest in AI and data analytics. We are now able to understand customers' behavior and preferences in-depth. And utilizing this approach leads to more effective targeting – and higher conversion rates. Personalization is the future of eCommerce; those who master it will lead the market.
I believe the big focus for 2024 is live shopping, like TikTok Shop. It’s blending entertainment, instant purchase capability, and real-time interaction. Live shopping combines the authenticity and engagement of social media with the convenience of ecommerce. Viewers can see products in action, ask questions in real time, and make purchases with just a few taps. Influencers hosting live shopping sessions can provide genuine reviews and demos, creating a trust factor that traditional online shopping can't match. Adopting live shopping means embracing a more dynamic, interactive approach to ecommerce. It’s about creating an immersive shopping experience.
2024 is predicted to be the year of mobile ecommerce. It is predicted to make up around 70% of retail ecommerce sales next year and have reached over $2 trillion in sales this year, which makes up 60% of the entire ecommerce sales globally. These numbers underscore how much potential there is in mobile as a sales platform, which means massive growth for any business that will tap into it. This means that now, more than ever, businesses must leverage the potential of mobile commerce and understand how to manipulate it to their advantage. Otherwise, it will be a massive missed opportunity for them to grow their business.
Focus your Meta advertising strategies on this three step system: 1. Broad targeting to age, gender, and location to give Meta plenty of room to find your best customer 2. Run creative testing to find your all-star ads every month. Not only are you putting most of your media spend into your best ads, you are learning the types of products and offers that resonate most with your customers. 3. The end result is training Meta's machine learning algorithm to find your best customers, which then allows you to profitably scale up spending with Meta's data Thanks.
In my opinion, the key to growth is making sure you can be flexible enough to learn and adapt to what your customers want. Because our industry has so many options, it’s important to stay on top of trends in order to give your customers what they want. If you don’t keep up with the times, they will find a competitor who does. The best advice I could give other store owners is: make sure you have a strong online presence because that’s where most of your customers are going these days.
In 2024, I'm pivoting our growth strategies towards harnessing the power of creators on platforms like YouTube and TikTok. With AI continually reshaping SEO and Affiliates who rely on SEO more unpredictable. My key piece of advice? Collaborate with creators who have a direct and authentic connection with their audience. This approach not only bypasses the volatility on the SEO horizon but also fosters genuine brand engagement and trust. For example, at Tortuga, we are shifting away from creators doing reviews of our carry on backpacks (https://www.tortugabackpacks.com/collections/carry-on-backpack-suitcase) and instead having the creator show how they can use it to travel across Europe for two weeks.
Our top focus in 2024 is growth avenues that compound. As an organization, we want to be able to see the benefits of the work we do today in six months, a year, two years, and beyond. This means saying no to temporary distractions that may boost revenue momentarily so we can instead say yes to investing time, energy, and capital into channels that compound. This includes creating an articles and guides that can be written once, then grow traffic over time, and likewise with videos for search-oriented platforms like YouTube. While social media continues to play a big role, I'd advise all store owners to invest in slow and steady traffic projects. You'll thank yourself in a year!
Embracing sustainable practices can be a key growth strategy for eCommerce businesses in 2024. Implementing eco-friendly packaging, carbon-neutral shipping, and sourcing from ethical suppliers can attract conscious consumers. Incorporating sustainability into marketing and brand messaging can differentiate businesses and resonate with environmentally conscious customers. For example, an eCommerce store could partner with a reforestation organization and commit to planting a tree with every purchase, showcasing their dedication to the environment. By prioritizing sustainability, businesses can tap into a growing market segment and enhance their brand reputation.
In 2024, eCommerce business leaders should prioritize sustainability as a key growth strategy. By offering sustainable products, implementing eco-friendly practices, and using recyclable packaging, businesses can tap into the growing market of environmentally conscious consumers. For example, an eCommerce store selling clothing can source materials from sustainable suppliers, use ethical production methods, and promote carbon-neutral shipping. This approach not only attracts a loyal customer base but also differentiates the business from competitors. By being socially responsible, eCommerce businesses can drive growth and contribute to a more sustainable future.
Our growth strategy will focus on data-driven customer-first initiatives to nurture new and existing customers. We plan to invest in people analytics tools and methods that consolidate qualitative and quantitative data for a more holistic approach to customer experience. Relying on pure sales and marketing metrics is insufficient without customer behavior and psychographics to contextualize and create an ideal customer persona. Our goal is to guide and add value to our new and existing customers regardless of where they are in the sales journey, and we're banking on these developments to fuel our e-commerce growth in 2024.
In 2024, as eCommerce industry front-runners, we plan to concentrate our efforts on data-driven marketing, capitalizing on emerging technologies, and fostering brand loyalty. Our key growth strategies involve implementing predictive analysis for personalized shopping experiences, exploring augmented reality (AR) for product visualization, and creating loyalty programs that truly reward our customers. The ONE piece of advice we'd share with fellow eCommerce business owners is to embrace adaptability. In this fast-paced, ever-evolving digital world, the ability to quickly adapt to market trends, consumer behavior, and technological advancements is crucial for growth and survival. Recognizing that change is constant and being prepared to pivot will ensure the long-term success of your business.
Using Social Commerce Platforms In 2024, my eCommerce focus revolves around harnessing social commerce platforms. Leveraging platforms like Instagram and Facebook has driven a 40% boost in brand visibility. My growth advice: Prioritize customer experience. Enhancing our website's user journey resulted in a remarkable 25% surge in conversion rates. Simplify navigation, personalize interactions, and streamline checkout. This not only ensures current customer loyalty but also becomes a magnet for new ones. Remember, growth isn't just about tactics; it's about promoting an online space where customers don't just shop but enjoy the experience. It's not about reinventing; it's about refining for sustained success.
One of the key growth strategies that we’ll be focusing on in 2024 is going to be personalization to improve the customer experience. While we’ve done pretty well over the past few years when it comes to personalizing content for our different audience segments, newer technologies are making hyper-personalization more accessible. By adopting new data analysis tools, we’ll be able to improve the personalization of our content even further and therefore improve the experiences that our customers have with our brand. These better experiences lead to an improved brand reputation and more word-of-mouth referrals that help us grow.
Our key strategy for 2024 is to focus on international expansion. We're looking to tap into new markets by adapting our products and marketing strategies to suit different cultural preferences. For fellow store owners, my growth advice is to look beyond your immediate market. Exploring international opportunities can offer new revenue streams and diversify your customer base, which is crucial for long-term sustainability and growth.
From an SEO standpoint it seems as if backlinks may finally be losing some importance in favor of user experience. Google doesn't give us a ton of insight into their algorithm but it appears that Google is more heavily factoring in things like bounce rates, conversion rates and time on site in regards to ranking so we're going to spend more time on things like our user interface, navigation, product suggestions and related widgets on product pages, etc.
The key to ecommerce growth is testing, learning, and remaining adaptable. With every new piece of information about customer experience, we adjust our strategy. With every new set of data collected, we adjust our strategy. Ecommerce customers, and culture are constantly changing. It’s up to us to adapt to these changes as they come, and occasionally, predict them. However, adjusting a marketing strategy before its necessary may backfire. Just stay flexible, and make changes as necessary.
I would focus on growing my store's online presence and doing more cross-promotion with other businesses. That's the advice I'd give to fellow store owners: make sure you're doing what you can to grow your business online! If you have a brick-and-mortar shop, make sure that your website is well-designed and showcases your brand for what it is. If you're an e-commerce site, then figure out how to expand your reach via social media and other platforms. It can be hard for people without a lot of experience to know where to start when it comes to marketing their business online, but there are tons of tools out there that can help you get started.
In 2024, one key growth strategy I'd focus on is personalization. Tailoring the shopping experience based on your customers' behaviors and preferences can lead to increased engagement and sales. For example, using Shopify's inbuilt AI capabilities, you can offer personalized product recommendations, which can greatly boost your conversion rates. But personalization is not just about product recommendations. It's about creating a customer-centric online platform. For instance, by understanding your customers' preferred payment methods or preferred means of communication, you can tweak your store to offer a more seamless and comfortable shopping experience. My one piece of advice would be: Don't underestimate the power of retaining customers. A study by BCG found that personalization can lift sales as much as 10%, but only 15% of companies are using the technology to its fullest extent. So, invest in creating personalized, memorable experiences for your customers. It's not just about making a sale; it's about building a relationship with your customers. Remember, a happy customer is a loyal customer, and loyalty drives repeat sales. So, invest in creating an extraordinary shopping experience, focus on customer retention, and watch your sales soar!
As an eCommerce business leader gearing up for 2024, my focus will be on sustainability and building a strong community around our brand. The trend towards eco-friendly and ethically sourced products is not just a passing phase; it's a crucial shift in consumer behavior. We plan to integrate sustainable practices across our supply chain and product range, appealing to the growing base of environmentally conscious customers. The key piece of advice I’d offer to fellow store owners is to invest in building a genuine community. This means engaging with customers beyond transactions - through social media, forums, and real-world events. Foster a sense of belonging and shared values around your brand. When customers feel part of a community, they become brand advocates, which is invaluable for organic growth and long-term success.
I still think that not enough businesses focus on how they can steadily grow their organic presence both within search engines and utilise content to repurpose across social media. It’s a slower process than a paid media approach, but the payoffs are greater over a longer period of time. So, there’s never an ‘early’ time to start… just get started on your organic strategies!