Top Revenue Strategies for 2023: An Essential Guide for E-commerce
In 2023, e-commerce businesses will need to focus on customer experience, personalization, and omnichannel marketing to drive revenue growth. This guide provides insights into the top revenue strategies for e-commerce businesses in 2023.
December 14, 2022
The global economy is adjusting to the new normal in a post-pandemic world. The dust is still settling, and economic instability could become a major challenge for e-commerce brands as we head into 2023. The scenario leaves e-commerce leaders and brand founders with two choices: intelligently adapt to recession-resistant revenue strategies for 2023, or face the risk of losing out to new competitors in a fast-changing e-commerce landscape.
To take full advantage of the top revenue strategies for 2023 that this article covers comprehensively, we need to first make sense of revenue management and what a revenue strategy is for e-commerce businesses.
Revenue Management and Revenue Strategy
Revenue management may sound complex, but it simply means getting strategic with your data to determine a clear path to higher profits in your next business term. And you’ll have to do this with a revenue strategy, which is your plan for success that includes both short-term and long-term goals.
Ideally, both these facets of your e-commerce business will help you reach your overarching organizational goals and align with your brand presence and perception – and so will your strategies. That’s why every single suggestion on our list of revenue strategies for 2023 has been evaluated for potential success.
If you’re looking to establish yourself in your field of business and thrive next year, you’re in the right place! Check out the following revenue strategies for 2023 to get a feel of what can work best for your e-commerce channel.
Essential Revenue Strategies for 2023: Get Ready to Grow Your Business
Curious about the top trends and revenue strategies for 2023 in the e-commerce space? Read on – you can start implementing some of these ideas and pilot your business towards success in the coming years.
1. Create Cohesive Customer Experiences
What does a cohesive customer experience look like for your e-commerce site? We encourage you to ask this question – and answer it in the form of active marketing strategies that exceed customer expectations throughout the entire customer journey.
This is one of the top revenue management strategies for 2023 as it serves two purposes: catering and curating experiences that speak directly to the consumer and boosting your team’s engagement and morale in the process.
Collaboration and iteration will be key here, as you continue to evaluate your customer’s brand experiences both online and offline. The goal is to give them as authentic and relevant an experience as possible, across all brand channels. Style guides, workflow creation, and standardization are all critical elements of adopting this revenue strategy.
2. Enhance User Experience Across Devices
This is one of the revenue strategies for 2023 that is relatively straightforward, and something that’s likely already on your radar as mobile-first is now a standard approach. In a world where technology is a part of our life, successful customer experience (CX) on devices directly drives sales and is well worth the investment.
Intechnic found that every $1 spent on user experience can return up to $100 in revenue to brands across industries. It means there’s no better time than now to begin investing in customer-forward software and resources.
3. Emphasize Consumer Privacy Throughout the Customer Journey
Privacy can be scarce on the internet, which is why it’s best to be as transparent as possible with user privacy and protection policies that you may have. Taking steps to point to what privacy safeguards you have in place can instantly bolster consumer trust and confidence, establishing your e-commerce brand as an authentic and trustworthy presence in your market.
It also naturally aligns your brand to collectively and intentionally focus on best consumer practices and experiences regarding global privacy laws in your country as well as on the global stage, such as the EU’s General Data Protection Regulation (GDPR) and Singapore’s Personal Data Protection Act (PDPA).
4. Focus on Social Responsibility and Global Impact
This has been a popular revenue strategy since the early 2020s and points to a growing “collective consciousness” among consumers and team members. The post-pandemic era has brought major shifts in consumer habits and team member engagement, making both groups look for greater purpose and quality in their investments.
Being transparent about your brand’s efforts to contribute to social responsibility is a great way to boost your reputation and authenticity among your core demographics, as you’re giving your consumers something to be a part of with every purchase they make.
At Sellry, we help you think through ways to tell this story and integrate it into the shopping journey – through pull quotes, interactive site features, PDP icons, and more.
5. Use Social Media Influencers To Build Your Brand
People usually buy from brands they trust. We’re kicking off our list of revenue strategies with a key marketing concept that got a lot of traction over the years: Influencing.
Long-term and trusted influencer-brand relationships are essential to building your word-of-mouth marketing and can make your advertising strategies and social media outreach much more impactful – encouraging more continuous brand awareness and higher overall perception.
Don’t be under the impression that you need to invest only in celebrity endorsements or major influencers to make a splash with this revenue strategy. Shopify found that 47.3% of influencers in the field are considered crucial “micro-influencers,” having less than 20,000 followers on any given channel.
Sellry has implemented both third-party and native Shopify influencer campaign programs, making it simple for brands to find, connect with and leverage content from influencers both micro- and large.
6. Focus on Video Content and Live Streaming
With the rise of live streaming on platforms such as TikTok, Youtube, and Instagram Reels, it’s no wonder that video-based content is an important entry on our list of revenue strategies for 2023. Apps and platforms have been shown to favor video content, boosting your natural engagement and reach per post.
Generating video-based content as a strategy is a more relevant way to connect across generations, giving your customers an in-the-moment feel of being there for a specific moment – such as a launch.
Sellry has helped clients implement video throughout the customer journey – from paid ads to home page content to PDP product detail videos – in a way that optimizes for speed and performance.
7. Leverage User-Generated Content
User-generated content may be one of the most underutilized and least understood forms of marketing. It is an essential recommendation on our list of revenue strategies for 2023. User-generated content encompasses all forms of content created organically by your brand advocates. It is best captured naturally via social platforms, on news listicles (such as Buzzfeed or Her Campus), or influencers not chartered through your brand.
If you’re looking to boost your vault of user-generated content, it’s time to evaluate your customer journey and ensure you’re investing not only in lead generation but also retention strategies. Try to look into the mind of your consumer and exceed their expectations.
With multiple 3rd party partner options to help collect and curate UGC, it’s helpful to have a strategy in place for when, where and how you’ll gather and feature this content in a way that drives purchase consideration and intent.
8. Adhere to Agile Marketing Techniques
You may have already embraced concepts of agile marketing in your business practice, as they’ve grown exponentially popular over the past few years. We recommend it as one of the top revenue strategies for 2023 because it’s being increasingly praised for its flexible and inclusive nature.
This type of marketing is simply a different strategy that emphasizes different critical elements compared to your average marketing scheme. These include concepts around interoperability, and cross-functional collaboration between teams and areas of expertise – thereby resulting in a complete, holistic, and comprehensive brand voice and experience for your customers.
It is also more cost-effective and flexible, offering a lenient recession-resistant model for lean startups, lower-budget enterprises, and high-powered enterprises.
It can be integrated with your business with little to no transition time. One of the best places to start if you’re considering agile marketing for your brand is to evaluate your current cross-functionality and automation. It will give you strategic starting points to begin your transition.
9. Optimize Content for Google SEO Voice-based Search
Looking for a quicker way to rank your web page or gain visibility on those targeted snippets? Consider optimizing your voice search strategy for SEO. It is one of the top revenue strategies for 2023, as it can offer you valuable insight into search intent and customer expectations.
It can also work for you to further align your brand with your target demographics, as it will refine the SEO input to be more accurate to your brand offerings and your audience’s needs.
Additionally, it increases accessibility for your site and helps it to be more inclusive for users who are visually impaired.
10. Increase Prevalence of Conversational Marketing
Conversational marketing has become the new standard, giving brands the advantage of being relatable, authentic, and engaging with their target audiences. Embracing conversational marketing as a core element of your marketing plan offers you a nearly-free selection of revenue management strategies as you transform your brand’s voice across your channels. You can break the barriers and directly conversate with your core demographic easily across any channel or venue, reducing the need for transitional overtures and formalities.
You can take on more strategic conversational keywords with terms and keywords that your customers are actually using, appeal to a wider range of relevant audiences, and create the appearance of a unique brand with little up-front investment.
11. Create More Branded Interactive Content
Nothing quite compares to a first-hand experience. This type of revenue marketing strategy can significantly impact your e-commerce startup’s revenue stream, especially if you tap into the element of FOMO (fear of missing out).
1-to-1 interactive content opportunities not only drive revenue, they also help generate a buzz around your brand and offer you new ways to engage. You can host prominent micro-influencers and give your followers a tangible opportunity to feel connected with your brand. Think about hosting live social Q&As, quizzes, contests, games, etc. around specific seasons, drops or promotions.
12. Embrace Virtual Reality (VR) Platforms
Virtual reality (VR) tools are a fantastic way to pull users into an interactive brand experience and are worth the up-front investment. As the field of VR expands, your user base may expect these experiences more frequently from your brand.
Investing here can increase your authority, relevance, and ROI potential. It will enhance your opportunity to build higher brand loyalty and advocacy levels as users will get to “try for themselves, as if they were there.”
DataProt found that the VR market value was estimated to have touched $4.8 billion dollars in 2021, meaning brands and enterprises are already embracing this technology as one of their top revenue strategies for 2023.
13. Use AI for Trendspotting
Trendspotting is a key element of any modern-day e-commerce marketing strategy, making it to our recommendations for top revenue strategies for 2023.
Implementing AI tools to assist with trendspotting offers a variety of benefits to your business operations, such as faster overall execution from the time the trend is spotted to when it is acted upon.
It allows e-commerce brands to reallocate human resources to higher-level tasks as per changing trends, allowing for quick streamlining of business models.
Looking to try AI-based trendspotting to help you build your brand? Consider expanding your team and creating a dedicated task force, or research and invest in AI-based tools to harness this point of leverage in your marketing plan!
14. Increase Inclusivity and Collaboration
Building inclusivity and representation into the DNA of your brand are essential in today’s culture. People are looking for forms of community and belonging, and you can create such opportunities for collaboration as you develop your revenue strategies for 2023.
Consider taking the time to evaluate your brand from the bottom-up, bringing inclusivity to elements such as:
Hiring and team building
Social media channels (Marketing assets, interviews with underrepresented groups and influencers)
Initiatives and outreach opportunities
Written copy and communication
Why You Need a Trusted E-commerce Business Development Agency
While we’ve listed some of the most relevant revenue strategies for 2023, we also recommend you add another significant strategy to your roadmap – work with a tried-and-tested e-commerce business development service provider such as Sellry.
You’ll get the benefit of industry-leading experts piloting your ecommerce, marketing and revenue management strategies, offering valuable insight and direct assistance in growing and establishing your brand – helping you weather the quickly changing economic landscape!
Sellry’s expert teams have successfully elevated industry-leading brands such as Supergoop!, Carbon38, and Nuun using strategic, agile, and tailored marketing strategies for growth and long-term value. Our 1-to-1 working model and data-driven strategic planning framework have made us a trusted partner to many e-commerce brands.
Stay Ahead of Your Competitors!
Agility and proper planning are critical to your e-commerce platform’s success. We’re confident that incorporating these revenue strategies for 2023 in your outline will give you the momentum you need to grow in the coming months and years.
Ready to get started? Connect with the team at Sellry today to plan your path to success in 2023 and beyond!
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