ECOMMPACT: Issue #8
Retail is on the rise, sell on Amazon in 2023, cash back instead of coupons, 23% of TikTokers are shoppers, content marketing ideas
🥑 Fresh Finds
Shopify | Commerce Trends 2023
Not the pandemic days - The economic outlook forces ecommerce businesses to brace for a sluggish economy.
Bearish WTO - The World Trade Organization became less optimistic about trade growth volume as 2022 progressed. The organization's estimate for 2023 is 1.0%.
Inflation stats - How inflation is impacting businesses:
82% - Say high inflation is forcing them to reduce company costs
81% - Have plans to increase product prices due to inflation
71% - Say their company is preparing for a recession
The changing consumer - Expectations of brands grow as consumer behavior changes:
Less loyal - Consumers have become more inclined to shop around for better deals and support ethical businesses with sustainable supply chains.
Frictionless experience - Consumers expect a seamless, immediate, and personalized shopping experience in both online and physical retail (thanks Amazon).
Social sells - 9 in 10 people buy from brands they follow on social media. Social commerce reduces friction between discovery and conversion, simplifying one-on-one engagement and potential sales.
Retail on the rise - As restrictions around the world loosened in 2021, physical retail grew faster than ecommerce.
Down To Chat | S2 E3: Easy Ways to Increase AOV and Direct Response Tactics in DTC
Quantity selections to boost AOV - Offer different quantities of your product and use some of them as decoys to help make a certain choice more attractive than others.
Craig Hewitt | Content Marketing 2.0: Beyond Blogging
More than blogging - There are various types of content that you can create to market your brand, beyond just writing articles with stock images. Some alternative options include:
Creating free tools - Tools that help a customer directly achieve their business goals (ex: HubSpot’s Website Grader)
Research reports - Use your own data to provide unique research and insights
Directories - Create a hub of vetted resources that customers can utilize the solve their problems
Oddit | The Perspective (18th edition)
Quick snippet in navigation - Use a mega-menu style navigation and give users a quick snippet on what you’re best known for — this may be the first thing they see.
No one clicks next - Make sure users don't miss your key benefits. Instead of a carousel or slideshow, utilize a 2x2 layout for conveying important information.
Triple Whale | Whale Mail - Issue #106
Focus on your top 4% - Use Shopify’s Loyal Customers report to get their contact info and survey or meet with this top 4% of your customers (based on spend). They are one of the most credible sources of data you can get.
Limited Supply | S1 E10: Why Every Brand Should Create FOMO Through Killer Content
Sell problems, not products - Show your customers the problem your product solves and let them realize, on their own terms, why they need the product.
Consistently create content - Content creation replaces the need to constantly run ads when done right. It gets new customers into your brand and reminds existing customers why they purchased.
The Andrew Faris Podcast | Andrew Campbell, OpenStore's Quant
The Facebook ad bid, was is it? - The Facebook ad bid creates an estimate on a per impression level of that impression’s likelihood of driving a click and driving a conversion after that click. So it both estimates the likelihood of that person to tap on your ad and then actually check out. It effectively comes up with an expected value for each customer that you serve an impression to.
Bid cap, not cost cap - Cost cap bidding doesn’t make sense. I don't want the average. I want at or below and that's what I get from using a bid cap.
🐦 Thought-Provoking Tweets
📰 Notable News
Barnes & Noble comeback - Barnes & Noble is opening more stores than it’s closing
The big 2 aren’t as big - Google and Meta, known together in the ad industry as the "duopoly," are expected to bring in less than half of all U.S. digital advertising this year for the first time since 2014
🧮 Sporadic Stats
20% - Ritual has partnered with over 700 podcasts across various genres and has seen customer lifetime value of those who come from podcasts be 20% higher than the average from other acquisition channels
43% - Why do people use TikTok? 43% claim they’re looking for mindless entertainment, 23% use it for product discovery, and 20% want to keep up with brands
37% - Brands get, on average, 37% more web traffic the quarter after opening a new physical store
🤙🏼 Amazing Apps
Fondue CashBack Promotions - Earn more revenue & profit by empowering customers to pick their incentive
💡Random Resources
Simple ML for Sheets - Add-on for Google Sheets that uses machine learning to make predictions, spot abnormalities, and find patterns in data sets
WhatRuns - Discover what runs a website
Untools - Collection of thinking tools and frameworks to help you solve problems, make decisions and understand systems
8 Ways to Optimize Your Facebook Page - The marketing channel no business can ignore
Tally - Typeform, but cheaper
DTC Leaders - Directory of direct-to-consumer leaders
💎 Stunning Sites
Mode - Interesting use of background-colors on text elements to create unique shapes