Intelligent CXO Issue 16 | Page 43

One of your options for doing so may be joining an online marketplace . This segment of the e-commerce sector has seen exponential growth in recent years . Research conducted by Forrester in 2020 highlighted the fact that a third of all US business now flowed through e-commerce channels , with online marketplaces accounting for an extraordinary 63 % of that trade .
Listing your wares on a reputable marketplace whose brand values and service levels are compatible with those of your business could help you expand your online footprint quickly and costeffectively . It can be a great way to acquire a high volume of new customers without incurring the marketing and advertising costs that often come standard when you ’ re attempting to break into new territory .
Your capacity to evolve and pivot
Spending many years traversing the ever-evolving e-commerce landscape has taught me the benefits of having ‘ strong convictions , loosely held ’. In a nutshell , the best e-commerce strategy is one which allows you to pivot and adapt in response to customer trends and behaviours .
You ’ ll be able to do this successfully if you set clear goals for your e-commerce operation , implement metrics that enable you to monitor how well your enterprise is performing against those goals and constantly review your operations to determine whether a change of focus is warranted .
While it ’ s easy to gauge your prowess in straight sales terms , it pays to take a deeper , more holistic view ; one which looks at return rates and customer lifetime value , as well as the volume of product you have heading out the door .
Setting your business up for a stronger future
In today ’ s times , a sound e-commerce strategy is essential for retail brands and businesses that hope to maintain mind and market share . Invest in ensuring yours is fit for purpose and you ’ ll stand a better chance of surviving and thriving , regardless of what the future holds in store . x www . intelligentcxo . com