The pandemic has ushered in a new turning point for the ecommerce industry, with consumers turning to online platforms more than ever. This change happened quite abruptly, causing the ecommerce industry’s share of retail to rise by 3% in 2020. As one of the fastest growing industries, it is vital for business owners to be aware of emerging trends.
Here are some ecommerce statistics you should look out for in 2023.
Ecommerce Statistics: Industry Growth
How is the United States faring against the rest of the world in terms of ecommerce growth? Oberlo projects that the US ecommerce industry’s share of retail will be at 16.4% in 2023. That makes up more than a trillion dollars in sales. This growth comes with the benefits of economic stimulation and innovation, but like in any other industry, it comes with challenges.
Challenges & Solutions
The eCommerce industry faces glaring problems in logistics, supply chain, and even shortage of goods. However, one problem that is often overlooked is companies struggling to catch up with rapidly changing consumer habits. As a result, they may suffer from losses due to a lack of proper Customer Experience (CX) strategies.
Customer Experience’s Role in Retention
Customer acquisition costs are in an upward trend. For a lot of ecommerce companies, this means that focusing on customer retention is the more profitable option. This is where CX comes in. Even the slightest negative experience can drive your customers away. It’s important to monitor their experiences from start to finish, as data driven goals will help you make their journey as flawless as possible.
Customer service plays a heavy role in this, as gathering feedback, after-sales service, and upsells are great tools to start optimizing customer experience. Remember that each customer is different, and tailoring their experiences to match what they need will increase their loyalty to your brand.
The Rise of Ecommerce Outsourcing
As companies scramble to improve their CX, they face another challenge — worker shortages. To solve this, many ecommerce companies started to outsource their processes, including customer service. Other than lowering costs, outsourcing ecommerce customer service comes with many benefits:
- Fast onboarding and training of customer service representatives
- Skilled customer service representatives supported by managers and quality teams
- Representatives with experience in working with the biggest customer relationship management platforms
- Providing customers a seamless experience through multi-channel support
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Riding the Wave Towards Company Success
If there’s one thing you need to focus on to grow your ecommerce business this year, it’s CX. Start with a solid retention strategy to drive growth. The key is to make your customers feel like they matter. Excellent customer service goes a long way in making this possible.
Not sure where to start?
Pac Biz has worked with the top ecommerce companies and helped elevate their CX. Let’s talk about how we can do the same for your business.
