Tips for Surviving Economic Hard Times

It’s no secret that the worldwide economy is in a bit of a down cycle. No one knows this better than eCommerce businesses, as sales growth slows, and prices are forced to drop. To stay afloat and generate healthy profits during these difficult times, eCommerce businesses must take several strategic steps. In this blog post, we’ll outline the key elements of a successful eCommerce business during fears of recession. So, whether you’re already running an eCommerce business or just thinking about starting one, read on for essential advice!

What Is a Recession?

A recession is a period of economic decline in the United States or other developed countries. The National Bureau of Economic Research defines a recession as “a significant reduction in real GDP, after inflation has been taken into account, spanning two consecutive quarters.”

There are several effects on businesses during a recession. First and foremost, sales tend to be lower than usual because consumers have less money to spend. This could lead to job loss or reduced income for employees. In addition, advertising budgets may be cut back due to decreased revenue, which can affect website traffic and overall brand visibility. Finally, suppliers may reduce production or raise prices due to reduced demand from customers.

eCommerce Holiday Sales 2022

When the economy turns down, it can be difficult to sustain a successful eCommerce business. Digital Commerce 360 estimates that there will be a 4% rise in holiday shopping in 2022, even though 63% of online retailers expect fewer sales.

Some things to keep in mind for holiday sales in 2022:

– Set realistic expectations. Don’t expect your sale quantity to triple just because it’s the holidays. According to Digital Commerce 360, almost 40% of customers stated they would comparison shop more since they anticipate prices to be high, and 35% claimed those high costs would cause them to buy less for the holidays.

– Reconsider your pricing strategy. Try shifting some of your prices upwards by 10% or 20% and see how the sales respond. You may also want to consider offering discounts on larger orders or special deals for customers who purchase frequently during difficult times.

– Discounts. Offer discounts and incentives to encourage people to purchase more than just what they need or want at first glance. This will show them that your company is committed to helping them through this tough period and may lead them to become long-term customers down the line.

Steps eCommerce business should take during an economic downturn.

No business is immune to recession, which is why it’s important to have a business strategy that is flexible and able to adjust as the economy changes. Here are five key steps ecommerce business owners should take during an economic downturn:

Optimize finances

When it comes to financial optimization, there are a few key things that need to be in place. The first step is setting a strict budget and sticking to it as closely as possible. This will help you identify where your money can go without compromising the quality of your services or products. Furthermore, it’s important to monitor KPIs regularly and make changes when necessary so you don’t get stuck in a rut. By doing this, you’ll be able to track progress and see if your efforts are bearing fruit – which will give you confidence going forward with further optimizations. Eliminating unnecessary overhead also plays an important role – by streamlining processes and cutting back on spending wherever possible, businesses can save significant amounts of money each year!

Evaluate supply chain

Evaluating your supply chain is a critical step in ensuring optimal efficiency, stock availability, and reducing risk. By assessing inventory levels, you can determine which items are over or under-supplied. Automating inventory management processes will help to improve accuracy and reduce the chances of errors. Additionally, it will also save time and effort on your part.

Invest in best-selling products

There’s no doubt that product sales are a major factor in business success. However, ensuring you’re investing in the best-selling products is key to making sure your business thrives and continues expanding. By using social media and staying up to date on trends, you can ensure that your customers have constant access to the products they love. Furthermore, it is important to keep a close eye on what people are talking about online so that you know what type of product to offer next. This way, you’ll be able to stay ahead of the competition and maintain customer loyalty – something that will make all the difference for your business in future times

Find new revenue streams

There are many ways businesses can find new revenue streams. One way is to evaluate your best-selling products and offer them in bundles, or as add-on options for customers who purchase a product separately. Additionally, consider developing strategies such as subscription boxes or offering exclusive sales and products to VIP members only. By doing this, you can tap into new market segments that may not have been explored before – making sure your business stays ahead of the curve!

Increase customer loyalty

Customer loyalty is the key to success when it comes to business. By ensuring that your website is easy to navigate and incorporating customer-requested polls into product development, you can increase customer satisfaction and keep them loyal through downturns. Additionally, by offering deals or incentives during economic downturns, you can help incentivize customers to make purchases.

A very important thing that you can do to increase customer loyalty and keep them coming back is make sure your brand is constantly communicating with customers in a timely manner. Respond quickly to feedback, comments, and questions – even if you don’t have the answer right away. This shows that you’re concerned about your customers and want to ensure they have an enjoyable shopping experience.

Improve conversion rate

There is no one-size-fits-all answer to conversion rate optimization, as the best way to improve conversion rate depends on your specific business and marketing goals. However, some tips that may be helpful include:

– Make sure your site is easy to navigate and use. This includes making sure your website’s design is user-friendly and appealing. Make use of attractive fonts, colors, and graphics, and make sure all elements are consistent with each other throughout the site.

– Use focused and relevant content. Make sure that all the content that you publish is relevant to your audience and helps them achieve their goals. The more specific and tailored this content, the better!

– You can also offer BNPL (Buy Now Pay Later) or split payments as ways of payment, which will make shopping on your site even more convenient for customers.

– Offer valuable incentives – Whether it’s free shipping or exclusive discounts on products/services offered through your business website, offering incentives can help customers take an actionable step forward toward purchase.

For more information on conversion rate optimization see our blog here.

Conclusion

During a downturn in economic stability, it can be tough for ecommerce businesses to stay afloat. However, staying flexible and adaptive is key to their success. Ecommerce businesses must be able to pivot and change their strategies as the market changes. They must also stay focused on their core business goals, and make sure that they are offering a valuable product or service that customers want and need. By staying nimble, ecommerce businesses can weather a downturn with ease.


 

UI/UX in ecommerce web design and development

UI/UX web design and development is the process of designing a website so that it is easy to use and visually appealing. A website’s user interface or user experience (UI/UX) of a website refers to the graphics, layout, design, functionality, and performance. It is important for a website to be user-friendly because customers will spend more time on a website if it is easy to use. However, making a website look good and responsive is not the only concern – consider usability also. For example, if a search engine can easily index your website and find the information users seek, you’re doing well! A group of scientists from Northumbria University found that 46% of consumers in the study made their decisions regarding the credibility of websites based on visual appeal and aesthetics.

What is the difference between UI and UX?

User Interface (UI) and User Experience (UX) are two important aspects of web design. UI is the look and feel of a website, while UX deals with how users interact with it. UI is more concerned with the visual elements of a website – things like graphics, layout, colors, etc. UX, on the other hand, focuses on how well users understand and use the site’s features. It considers such factors as ease of navigation, finding what you’re looking for quickly, and ensuring information is presented understandably. Both are important, but they work differently to help users achieve their goals. UI helps people find what they’re looking for easily by providing clear visuals; meanwhile, UX ensures that information is easy to understand so that users can get the most out of it. These two elements create a user-friendly website that will help your business thrive.

Why is UI/UX important in eCommerce web design and development?

UI/UX (User Interface/User Experience) is important for two primary reasons in web design and development: first, it improves the user experience, and second, it increases conversion rates. By making your website more user-friendly and easier to navigate, you’ll likely attract more customers looking for a positive online shopping experience. Properly designing and implementing user flows will ensure that users can find what they’re looking for quickly and easily – boosting conversion rates even further! So, make sure to design and implement user interfaces and user experiences that are both elegant and effective, and you’ll be on your way to a successful eCommerce website design and development project.

Better user experience leads to increased conversion rates

Creating a good user experience is essential for ensuring high conversion rates. This is because it helps customers find what they are looking for much faster, leading to increased sales. In addition to making navigation easy and effective, creating appealing visuals can also help increase conversions by drawing users in. However, good user experience isn’t just about looks – it’s also important to keep things simple so that even novices can navigate your website easily. If all these elements are put together correctly, then you’re guaranteed success in increasing your eCommerce website’s conversion rate!

Enhances brand reputation

A well-designed and user-friendly website is one of the best ways to enhance your brand reputation. It helps customers feel like they are part of your company while making it easy to find what they’re looking for. Furthermore, a great website ensures that all relevant information is easily accessible and looks great on any device. It’s important to keep the overall look and feel consistent so that users have a positive experience from start to finish when visiting your site.

Increases loyalty and customer base

Customer satisfaction is key when it comes to building a successful website. By effectively communicating with your customers, you can increase loyalty and boost your customer base. Plus, if the experience on your site is great – from design to navigation – people are more likely to return often and recommend you to their friends. Ensuring all user inputs are easy to understand also helps keep visitors returning for more. It’s important to focus on design and usability to ensure your visitors have a great time while they’re here!

Trends for UI/UX in eCommerce web design and development in 2023

The focus on usability and user experience (UI/UX) in ecommerce web design and development will continue in 2023. This means that designers must focus on how users interact with the website. This includes designing for different devices, such as smartphones and tablets, as well as desktop browsers. Additionally, designers must consider how users search for information on the web. By doing so, they can create a website that is easy to use and efficient for customers.

Web-accessibility

Web accessibility is becoming a bigger trend in web design and development. In 2023, it will be more important than ever to make your website accessible to everyone. This means that products and pages should be easy to understand and use, no matter what your disability is. For customers with disabilities, making your website fully accessible will mean they don’t have to struggle with navigation or finding the information they are looking for. In turn, this will help you attract a wider range of customers – both disabled and non-disabled alike. So, if you’re not already taking web accessibility seriously, start now!

Inclusivity

Inclusivity is important in web design for several reasons. First, it’s a fundamental principle of human rights and social justice. All people deserve to be treated fairly and equally, regardless of their race, ethnicity, sexual orientation, or disability. Secondarily, inclusive web design leads to more satisfied customers, making the shopping experience more pleasant for everyone involved. Finally – and perhaps most importantly – inclusion boosts brand loyalty and SEO rankings because it sends a positive message about your company’s values and mission statement to potential consumers.

Advanced Personalization

Interactive tendencies are the trend that many ecommerce websites will rely on in 2023. Customization is the key to success in today’s digital world. People want information that truly reflects their interests. Make the design more customer-centric to succeed. This means designing each piece of content, images, and interactions with the individual user in mind. This way, customers will feel like they’re getting a personal experience rather than simply consuming information on a mass scale. Businesses must understand this concept to remain competitive in an ever-changing market landscape.

Geolocation & Browser-Based Content

When creating and publishing web content, it is important to consider how your users will interact with it. That is fundamental in UI/UX. For example, if you target browser-based content such as articles or blog posts, ensure the design is compatible with all browsers. In addition to designing for compatibility across browsers and devices, ensure that your website’s overall design aesthetics are visually appealing and engaging. This way, more people will be inclined to explore what you offer – leading to better conversion rates!

Minimalism

Minimalism is a design trend that’s currently in vogue. It’s a simple, sleek approach that uses minimal elements to create an effective and professional look. As e-commerce websites become more sophisticated, users seek user-friendly and easy-to-navigate designs. In addition, they want a design that can be customized according to their specific needs. By keeping the focus on making all elements easily accessible and stylish at the same time, minimalism achieves these goals quite effortlessly. This trend also incorporates the effective use of white space, which helps achieve an airy and spacious feel overall.

White Space

Regarding web design, white space has been and will be important. This refers to using empty areas of a page layout or graphic design for aesthetic purposes and not for functionality. White space can be used in various ways to create an airy, lightweight design – from using margins and padding as well as typography to creating spaces between elements on a page. By adopting a minimalistic approach, you can utilize white space better and achieve the desired effect. Keep your designs user-friendly by ensuring all elements are intuitively placed so customers don’t have too much trouble completing their purchases or navigating through your website. In doing so, you’ll ensure that users enjoy navigating your site and return repeatedly!

Color

Gradient and ombre colors are popular options for web design because they create a sense of rhythm and harmony. They also add personality to websites, making them more engaging and compelling to users.

Gradient colors work best when the background color transitions gradually from one color to another. This creates a smooth look that is easier on the eyes. Ombre colors work best when the main foreground or background color changes gradually but not abruptly. This allows the eye to flow smoothly between different colors without being jarred or confused.

Together, these effects can help make your website visually appealing and easy on the eyes. Use them wisely to achieve optimal results!

Chat Bots

Chatbots are quickly becoming one of the most popular methods for ecommerce businesses to interact with their customers. They allow businesses to create a more personal experience by automating customer service tasks. Chatbot interactions can be automated and scheduled to increase efficiency and decrease response time.

So, why is chatbot usage increasing among ecommerce websites? There are several reasons. First, they reduce the workload for human operators who can focus on higher-value activities such as product development or marketing campaigns instead. Second, chatbots provide a more engaging user interface that can help convert leads into customers faster than traditional forms of online interaction. Third, they offer exponentially growing data that business owners can use to improve their overall strategy and operations.

Smart Video

Video is a great way to connect with customers and build relationships. By using video content wisely, businesses can create a positive experience for the viewer and the business itself. Here are some tips on how to make your videos smart and engaging: 1. Make sure that your videos look good on all devices – desktop computers, laptops, tablets, smartphones, etc. 2. Use graphics and animation to draw the user in – it will help keep them interested in what you have to say. 3. Use clear navigation so viewers don’t get lost or frustrated while watching your video. Always provide links back to relevant pages on your website so viewers can learn more about what you’re selling or promoting easily! 4. Use video as an opportunity to teach your customers about products or services in a fun, informative way- this could lead to increased traffic into your store!

Dark Mode

In 2023, dark mode will be a UI/UX web design and development trend. The dark mode is becoming more and more popular on social media platforms. Meta, Twitter, Instagram, and Reddit all have dark modes. Here are some key reasons why:

– Dark mode is easier on the eyes. You can reduce eye strain and fatigue by making the background lighter than the text.

– Dark mode reduces screen glare in bright environments. Screen glare causes headaches and other symptoms when looking at screens for extended periods.

– Dark modes are less distracting than light modes. When it’s difficult to focus on a screen because it’s too bright or busy, using a darker color palette makes it easier to focus on what you’re reading or watching.

Augmented Reality

Augmented reality (AR) is a technology that overlays digital information on top of the physical world. It creates navigable 3D environments, interactive objects, and live video streams.

Shopify found that brands using AR saw retail conversion rates increase by around 250%, as customers are more likely to make purchase decisions when they can see the product in a realistic environment.

AR and VR can help retailers market their products beyond their normal customer base. Online communities devoted to particular genres, such as cooking or fashion, often use AR or VR extensively for product demonstrations.

As augmented reality becomes more mainstream, businesses worldwide will reap the benefits. Integrating it into your marketing strategy allows you to reach new potential buyers who would otherwise never consider your brand.

Conclusion

UI/UX is a critical element of web design and development, as it helps to create a user interface that is easy to use and visually appealing. By understanding and incorporating UI/UX into your design and development processes, you can create a functional and user-friendly website.

To learn more about the AI trend, read our blog here.

How do online reviews affect online businesses?

Before we get started about reviews here are a few fantastic facts:

Online reviews are the best way for potential clients or customers to know what you are about. If people are happy with the goods or services that you offer, then they will be sure to leave you a positive review. However, if they have a bad experience, then it is likely that they will leave you a bad review. This blog will look at how the online reviews that you receive can affect your online business.

  • 95% of all consumers check online reviews of businesses (2018 consumer review, BrightLocal)
  • 63% of customers read online reviews before visiting a local business (2018 internet survey, ReviewTrackers)
  • 66% of all consumers buy a product from a local business after they read the online reviews (2018 internet survey, ReviewTrackers)
  • 88.8% of consumers say that their trust in a brand decreases if it has negative reviews. (eMarketer, 2019)
online-review-statistics

Do online reviews affect a business? Why reviews are important for your eCommerce business.

Yes, online reviews can have a significant impact on a business. Reviews provide an impression to your potential customer of how your current customers feel about your product. Their likes and dislikes. When customers first get introduced to a product, most of them would like to understand what other customers have to say about your product before making a purchase.

Positive online reviews and testimonials confirm that the product your business is selling is actually good and meets the needs of an end-user.

Reviews position a product separate from those that are not genuine and or have less visibility. In simple terms, it is a filter for a customer to find whether what they are looking at is actually a good purchase or not.

Reviews are not only applicable to products. They also apply to services; the channel where the customer shares a review might change, but feedback is still of great value for every business looking to grow.

This factor has become so important that some companies have even started incentive programs for current customers to leave reviews as a way to get a conversion out of potential customers.

How to get online reviews for your eCommerce business.

Ask your customer to review your product (good or bad) at the end of a purchase.

About a week after a sale, follow up with an email thanking the customer for the purchase and asking if they would leave a review. Provide a link to make the review.

Look at your sales reports and reach out to the customers who have spent the most with you and request a testimonial.

Create an incentive program where customers get something for leaving a review.

Follow up with customers who leave great reviews thanking them.

What questions to ask in a review/testimonial request?

  1. Would you recommend this product/service? If so, why?
  2. What are the benefits of this product/service?
  3. How does this product help you fix your problem?
  4. Would you buy this product/service as a gift? If so, why?
  5. How do you feel about the quality of the product/service?

Building a community with reviews

Having a community vouch for your product(s) or services is the 24×7 sales strategy that keeps benefiting your business. The more people believe in your product, the more it will sell, thereby improving your total business revenue.

You can build customer loyalty by allowing people to use their own clicked photos of the products. You can then highlight their pictures on your website and social media. This will show your customers how the products look and be a great way to get people to buy your products.

You can also create a gallery of the best photos that are created by customers or by yourself as a customer. This is a great way to have people feel appreciated when they buy your product and share it with their friends.

Use reviews to increase conversions

Here are a few more interesting stats about Social Proof:

  • 79.9% of customers admit that their trust in a brand increases when the brand responds to negative reviews or comments. (eMarketer, 2019)
  • The trust of 93.7% of digital shoppers in a brand increases because of positive reviews. (eMarketer, 2019)
  • 93.4% of online shoppers rely on customer reviews when researching online retailers they are not familiar with. (Sabanoglu, 2020)
  • If a product has a higher star rating and a $2 price difference than the other product, most people will buy the expensive option with better ratings. (Kats, 2019)

Since the customer cannot touch or feel the product in real life, the conviction to buy the product decreases. When faced with such challenges, customers resort to image and text reviews of a product to understand the experiences of others who actually made a purchase.

Highlighting reviews on emails, websites, social media, and ads can assist in moving a user from consideration to the conversion step of a funnel.

Add reviews and social media feeds to your home page and/or emails. If the reviewer is a company, make sure to include the logo along with the face, name and title.

customer testimonial example

If you are an eCommerce business looking for a Digital Agency. Our team of experts would love to assist you with your requirements. Feel free to contact us.