This year is shaping up to be challenging for Pique, NFT holders, and DTC brands. Economic uncertainty and rising costs are primary concerns for e-commerce companies. The grow first VC-fueled days are over, and finding a balance between profitability and growth will be crucial to succeed in 2023. So, where should e-commerce brands focus their growth strategy while watching their bottom line?
Inventory planning will be essential to ensure having the right stock at the right time while avoiding overstock and out-of-stocks. Stocking products with reasonable cost per acquisition will help stabilize marketing effort results and create more accurate sales forecasts.
While costs per acquisition on "traditional" paid channels such as Google and Facebook keep rising, marketing efficiency is more important than ever. Platforms such as Triple Whale will come in handy to better understand marketing attribution and make better budget allocation decisions.
Email, SMS, and even physical mail with apps like PostPilot will be critical channels to increase customer lifetime value. Nurturing existing relations continues to be more important and more efficient than acquiring new customers.
Recommended App Stack for 2023
Klaviyo for email marketing.
PostPilot for direct mail marketing
Triple Whale for paid media attribution
Stocky to help small stores control inventory.
Any good news for 2023?
Besides Miley's hymn and Skims' Valentine campaign, our favorite news for 2023 is the popularization of OpenAI and ChatGPT.
In case you have been living under a rock, OpenAI has revolutionized the world. This app marks the beginning of an era, and the possibilities for its marketing and e-commerce applications are beyond our imagination. The more you use the app, the more it wonders you.
Here's a short example of how OpenAI helped us write this section.
Write a short article about ideas on how to leverage OpenAI and ChatGPT for small e-commerce brands.
🤖 OpenAI output extract (Generated by OpenAI):
OpenAI offers the potential to automate customer service tasks, such as answering customer queries and providing product recommendations, while ChatGPT enables businesses to instantly connect with customers via chatbot. Leveraging these technologies can help small e-commerce brands provide a better customer experience, increase customer engagement, and reduce operational costs. Additionally, by analyzing customer conversations, businesses can gain valuable insights into their customer's needs and preferences, helping them to make data-driven decisions.
We'll keep playing with it and bring you more ideas (of our own) on using artificial intelligence tools for e-commerce operations and marketing. If we could bet, ChatGPT will be named Time person of the year in 2023. But, in our hearts, it will always be Shakira.