The top 3 challenges for ecommerce pros in 2023
The top three challenges from our 2023 report, and how to overcome them.
Ecommerce pros are wrestling with a wide range of challenges.They are adapting to new online buying patterns, supply chain and shipping disruptions, the continued rise of mobile and social media, and a slowing economy.
In 2023, these challenges will only accelerate for ecommerce pros—right when they are coming under pressure from their companies to drive more of the bottom line.
To help ecommerce pros overcome these challenges and deliver even more value for their companies, we’ve created new research and analysis.
Our 2023 ecommerce report: Top challenges and opportunities walks you through the biggest challenges and opportunities ecommerce pros face, and how to handle them. In this article, we’ll tell you about the three biggest challenges we found.
Challenge 1: Growing market share during a down economy
Companies are clearly feeling ambitious, with 58% of ecommerce pros stating their company is looking to grow and expand their market share in 2023.
Yet ecommerce pros worry a down economy will stop this growth before it starts. 51% believe the economy will be the biggest challenge in their company’s success in 2023, 24% say their company will lose their competitive edge if the economy continues to slow, and 36% are worried about high customer turnover this year.
The takeaway: Ecommerce pros are key to their company’s expansion in 2023. To do so, they must maintain their edge—and their customers—in the slowing economy.
Challenge 2: Navigating internal changes and uncertainty
Companies are changing their strategies to hit their growth targets in 2023, and ecommerce pros are worried about how these changes will impact them.
40% of ecommerce pros say their company is shifting strategies in a way that will impact their performance. Half of them are “very concerned” or “somewhat concerned” about their job security and 77% of them expect layoffs. Some of this insecurity comes from performance concerns—only 25% met all their goals in 2022.
The takeaway: Ecommerce pros are worried about their jobs. In 2023, they must adapt to new strategies and increase their performance to regain their security.
Challenge 3: Accessing the data they need to succeed
Companies aren’t giving ecommerce pros the tools, resources, and data they need to do their jobs and keep up with their changing markets.
Forty-five percent of ecommerce pros state they need access to real-time customer insights at every stage of the customer journey to deliver results. Yet 31% say they don’t have enough data to understand their target audience’s needs, and 45% believe they lack the insights they need to understand and address these needs as they change.
The takeaway: PMMs must become more data-driven in 2023. To do so, they need to proactively collect, analyze, and act on the data their companies aren’t giving them.
How to navigate these challenges: ask, listen, act
In 2023, ecommerce pros must find a way to adapt to their industry’s changing landscape, navigate increased internal pressure and uncertainty, and understand their customers on a deeper level. To do so, they must generate, analyze, and act on more customer data than ever before.
- Ask: Make sure your ads and web experiences work before you launch them. With concept testing you can run new concepts by your target audience in less than an hour. Generate data, leverage AI to quickly identify which concepts scored well and why, and develop a clear picture of which ideas are winners.
- Listen: Give your customers what they want and need. With user experience analysis you can collect real-time feedback from users of your product, website or mobile app. Gain a clear picture of where your ecommerce experiences are succeeding, and how to improve user adoption, loyalty, and satisfaction.
- Act: Constantly improve your ecommerce experiences. Respond in real-time to user feedback, fix bugs before they create big problems, and add new features on the fly. Follow an agile, data-driven approach to delighting customers, reducing drop-offs, and improving conversions along your user journeys.
The takeaway: Ecommerce pros who ask, listen, and act, and who deploy the right data, tools, and resources, can systematically overcome their biggest challenges in 2023.
Ecommerce pros face many challenges in 2023, but they also stand before some big opportunities. Sixty-five percent feel very optimistic about their company’s position in their industry, and 64% believe their company will gain a competitive edge during the economic slowdown. With the right data, tools, and resources, ecommerce pros can ride these waves and come out of 2023 on top.
To get more detail on these challenges, plus information about the opportunities and what’s needed to get ahead, check out the full guide.