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Ecommerce
  •  Words by Emily Power - Head of eCommerce

Strategic planning for 2023: Where should eCommerce brands invest their budget?

Rising ad costs, a post-pandemic retail boom and a looming recession - three strategic steps to tackle 2023 planning.

1. Diagnose your brand's limiting factors

Declining brand demand, due to scaling back prospecting efforts

eTailors being extremely competitive

Increasing number of customer returns

Plotting all limiting factors on a Boston Matrix to define the quick wins vs. long-term actions, based on level of impact and resource required.

Identifying limiting factors based on key components of the business. 

Consider your 'Quick Wins' vs. 'Long-term Gains'

Quick Wins:

Optimising Email to generate at least 20% of revenue

Dedicate marketing budget to maximising returning customer segments

Long-term Gains:

Growing revenue from international markets

Define your budgets & KPIs

Be realistic with success metrics

Consider your channel mix and budgets by market

Fill from the bottom up

Account for rising advertising costs and altered performance

Invest in areas that will aid marketing performance

Keep residual budget

Emily Power - Head of eCommerce
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