BFCM 2023 saw a "business-as-usual" performance, signaling a maturing ecommerce landscape. This episode dissects the implications for 2024, focusing on evolving consumer behavior, effective marketing strategies amidst rising costs, and the critical role of customer experience and retention. Ecommerce operators will gain actionable insights to adapt their strategies for a more competitive and economically influenced market.
Key takeaways
Customer acquisition costs rose during BFCM 2023; businesses should prioritize retention and LTV in 2024 to maintain profitability.
The "business-as-usual" BFCM indicates that deep discounting may no longer be the primary driver; focus on brand value and unique customer experiences.
Mobile and social commerce continue to grow in importance; optimize your sales funnels and marketing for these channels.
Invest in personalization and advanced analytics to understand shifting consumer behaviors and tailor your offerings effectively.
Proactive supply chain management and inventory forecasting are crucial to meeting demand without overstocking in a fluctuating economy.
On this episode of the podcast, Taylor and Richard discuss Black Friday/Cyber Monday 2023 — the good, the bad, and what this year’s business-as-usual BFCM means for the ecommerce landscape in 2024. Show Notes:
The Ecommerce Playbook mailbag is open — email us at podcast@commonthreadco.com to ask us any questions you might have about the world of ecomm.
Customer acquisition costs rose during BFCM 2023; businesses should prioritize retention and LTV in 2024 to maintain profitability.
What does this episode say about paid acquisition?
The "business-as-usual" BFCM indicates that deep discounting may no longer be the primary driver; focus on brand value and unique customer experiences.
What does this episode say about customer retention?
Mobile and social commerce continue to grow in importance; optimize your sales funnels and marketing for these channels.
What does this episode say about analytics & attribution?
Invest in personalization and advanced analytics to understand shifting consumer behaviors and tailor your offerings effectively.
What does this episode say about dtc strategy?
Proactive supply chain management and inventory forecasting are crucial to meeting demand without overstocking in a fluctuating economy.
