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Ecommerce is strongly impacted by the current COVID-19 outbreak. Consumer trends 2020 are enhanced by the extraordinary situation. But it is early to say if it’s in a good or in a bad way. Yes, many businesses had to close down. But many others have found new customers, sold out, or grown exponentially.
Of course, the crisis is bad but it’s also a catalyst for change. People are rethinking their everyday consumer behaviors and readjusting to a more sustainable way of life. I don’t mean environmentally-friendly, although eco-awareness is on the rise as well, but a way of life they can keep up if another calamity strikes again.
This is triggering changes in customer preferences and shopping behavior that are big and very likely to stay beyond the current crisis. Here are some consumer trends COVID-19 is fueling that we think will stick.
This is an ecommerce metrics report for CBD brands selling online. The most important ecommerce metrics for CBD brands included are:
Participants: CBD ecommerce brands that agreed to take part in our survey.
Method: We extracted the data from the participants’ Metrilo accounts and ran a quick analysis.
You are the owner of a relatively small ecommerce business with just a few employees or even doing it all by yourself. Productivity is probably one of your main issues. Nothing happens if you don’t take care of it.
But in order to be competitive, you need certain things done: good promotions in place, emails sent out, ads running effectively…Not to mention making business decisions based on current numbers like adding or dropping a product, ordering inventory, fixing marketing spend, working with influencers and so on.
To stay on top of things and stay sane (I know how it feels!), here’s a list of all the things you can streamline to increase your in-house productivity. Those are things small teams and one-man-shows should not waste time on – here’s how to get it done and focus on more important tasks.
The holiday season has most probably drained your marketing budget – ad costs are sky-high because of the fierce competition. That’s why it’s worth a try to get a better return on the money invested.
If you get your holiday shoppers to shop again, those purchases will get you a higher profit margin than the first (if you even managed to make any) and most likely offset the cost of acquisition. We outline a few ways to do that in this piece.
How to get better returns on your holiday marketing money:
Why some products sell very well and others don’t? What’s the dynamic between your products and your customers? How to push underperforming products to success?
Every ecommerce brand experiences issues with the different products in its range. And while it’s absolutely normal to discontinue some products, it doesn’t have to be the only way.
If a product sells very badly compared to your other items, it doesn’t necessarily mean people don’t want it. Probably they just overlook it and choose something else. A little product analysis can help you solve this problem and up your sales without changing your range.
Generally, underperforming products are:
The problem is in presentation – how you promote them. Here are a few ideas how to sell more of the items that don’t sell well. And none of them includes discounting, devaluing your brand or faking urgency!
The future of d2c (direct to consumer) brands is not unicorns. It’s niche $10M ponies.
Bonobos, Glossier, Casper – we have heard all about those darlings of the consumer goods space. Investors love them as they love any disruptors – venture funds specializing in direct-to-consumer (DTC) brands are popping up in Europe and the US.
Forerunner Ventures alone raised $360M to invest in those companies. DTC brands (also known as DNVB – Digitally Native Vertical Brands) are the hope and future of a stagnant market. For a bit, it seemed like consumer brands are following in the steps of SaaS, shooting for the stars.
Can DTC be the new SaaS or gig Economy? Can the new AirBnB be a mattress, razors or underwear company?
Yes and no.