Insights to empower 2023 ecommerce strategies
30-second summary:
- Retailers should use a data-driven approach to develop their marketing strategies to succeed in today’s volatile economy
- Current tumultuous economic conditions are disrupting the retail landscape by forcing store closures and forecasting bankruptcies
- Marketing intelligence for pricing, advertising, and promotions is critical in gaining an edge against competitors
- Managing director at GrowByData, Prasanna Dhungel, shares ecommerce strategy tips for 2023 to attract, convert and retain customers
The economy in 2020 was in a volatile state, primarily due to the pandemic. In November 2020, despite rising Covid cases, retailers were providing SALE offers on 13% of ads and special promotions on only 7% of ads. On the other hand, consumer spending growth was recorded at 9%.