The Impact of Pausing Your eCommerce Initiatives
It’s no secret that eCommerce is rapidly growing, with more and more businesses relying on online sales to drive revenue and customer engagement. But what happens when you pause your eCommerce initiatives? How does it affect your business? First, let’s look at some industry metrics that reflect the end result of pausing your eCommerce initiatives. As per a report on top eCommerce trends by Forbes, it is estimated that over 265 million consumers from the U.S will shop online in 2023 alone.
Digital strategy has become more important than ever. Our partner, Adobe reported that 86% of shoppers are willing to pay more for a better shopping experience. These numbers make it clear that any disruption to eCommerce initiatives can significantly impact a business’s bottom line.
So, what happens when you pause your eCommerce initiatives? How does it affect your business? Adobe also suggests that the biggest brands in the world are investing $700 Million to enhance their customer experience. As the saying goes, if you don’t do it, your competition will.
In this article, let’s elaborate upon the five key areas to consider when evaluating the impact of pausing your eCommerce initiatives:
1. Customer Acquisition/Retention:
Acquiring and retaining customers is essential for the success of any organization. If your site is outdated and difficult to navigate, customers may turn to your competitors for a better shopping experience. This can result in a decrease of customer acquisition as well as customer retention, resulting in a higher churn rate.
2. Brand Awareness:
With fewer customers engaging with your brand, maintaining brand awareness and visibility can be challenging. With the right eCommerce technology in place, your reach to new customers will expand. Providing a differentiated experience that sets your brand apart from the competition.
One effective way to drive brand awareness is to bring together different sides of a brand,something we did with one of our clients who were into the furniture business & also sold music equipment. By creating an effective cross-selling strategy, the customers who purchased a turntable were also encouraged to explore the furniture options. This approach resulted in a significant revenue attainment for their brand, with growth of 219%. By innovating & Implementing a headless approach, brands can achieve increased brand awareness and ultimately drive more sales.
3. Revenue:
An outdated site may not be optimized for conversions, which can lead to fewer sales and revenue.This is one of the most impactful consequences of pausing your eCommerce initiatives. With the ability to sell your products online, it opens up a dormant site into a source to generate revenue for your business. In turn, results in expanding your market reach, as well as puts your products in your customers hands faster than ever.
4. Customer Experience:
Customer experience can also be impacted by pausing your eCommerce initiatives, leading to a decrease in customer experience. A lack of functionality within your online presence could lead to frustration amongst your customers, leaving them running to your competition. Apart from that, it can also bring uncertainty to your brand’s credibility. We are in an era of technological advancements where brands have gone under for not embracing technology. Don’t be them! Give your customers the experience they expect & exceed it!
5. Market Share:
With digital commerce accessible to all, your business will be considered a leader by implementing the right strategy. It will set you apart from the competition and even help you own a bigger share of the market. Otherwise, you may keep playing catch up to meet your competition’s growing digital presence. If you don’t embrace an efficient digital strategy today, it will result in lower profits and higher amount of customer churning over time.
6. Key takeaways:
Whether you’re considering pausing your eCommerce initiatives or not, Allure Commerce is your trusted advisor. We can be leveraged to aid in the strategy you should take . Our team of experts will work with you to create a tailored Commerce strategy that fits your business needs & aligning your goals for long term success. We stand by you providing sound support and advice so that you can continue growing your business.
