As a business consultant, Erich Squire knows how to help businesses of all sizes to leverage traditional and emerging financial technologies (fintech) to develop strategic approaches to staying competitive and profitable. One of his skills includes using quantitative business analysis, in which he examines company data such as market share, revenue, and even financial loss, to better understand how a business is performing and develop actionable ways in which they can improve their bottom line
Erich Squire has witnessed many companies drag their feet before taking advantage of new business trends and economic forecasts. Here are 3 emerging trends that e-commerce business models should look for in 2023 and beyond.
Erich Squire on 3 E-commerce Business Trends To Implement
Increase customer engagement and personalization
If you have an internet-based business, then Erich Squire suggests you put more time and effort into developing innovative ways to attract and retain loyal customers. Online customer engagement involves using social media, a helpful website with knowledge-building content, and implanting both inbound and outbound email campaigns.
Increasing your customer engagement puts your brand identity front and center. At the same time, you have an opportunity to personalize your marketing to fit your customer demographic. You can personalize your marketing campaigns to recognize and use customer names and location, suggest products based on previous purchases, or use analytical data to market to persons based on their interests, gender, marital status, or income.
Forego marketplace e-commerce and sell direct to consumers
Huge e-commerce sites like Amazon, Walmart and Target, will likely always hold a major share of the consumer market. But, many online shoppers will be looking to the little man for better quality products, better customer service, and even simply to rise up against the Goliath’s of the shopping world.
Consider a direct-to-consumer business (DTC) model as a way to lower your prices, gain better margins, and to go beyond the footprint of a major marketplace by using your website to reach potential customers around the world. Erich Squire suggests you study the examples set by Warby Parker and Dollar Shave Club to discover the power of DTC marketing done the right way.
Take advantage of fewer E-commerce barriers
And finally, there exists so much help for the internet entrepreneur, that building a successful e-commerce website has fewer barriers than ever before. Shipping times and costs have come down, creating an easy-to-navigate website has become easier, and having a social media presence and some good reviews or testimonials by loyal customers are the new word-of-mouth referrals.
Erich Squire knows that today’s entrepreneur can future-proof their business with e-commerce robotics and virtual assistants to streamline business efforts. The right software platform can accomplish tasks like answering requests or forwarding customer queries, automatically sending out payment reminders or upcoming sales events, all while collecting customer data to be used in your future customer engagement efforts.
Keep in mind that all the additional digital platforms and customer data will require a robust computer system. Never neglect keeping your hardware updated, your software current with the latest release, and have plenty of information storage capacity.
