Inflation was one of the most discussed topics in 2022 and a phenomenon anticipated by economists to stay on in 2023. How should we fight the common theme on the backdrop of e-commerce sales slowing down?
- Adjust prices for inflation. In order to keep up with inflation in 2023, Amazon e-commerce businesses should price their products based on the projected rate of inflation. Sellers could consider regularly monitoring and adjusting prices according to competitors’ pricing to remain competitive.
- We find deploying of resources to work on the next iteration of your existing products to win the hearts of customers one of the most effective ways to upsell. You can do so by spending some time and going through reviews from your customers and improve!
- Allocate budget for Amazon fee hike optimizes cost structure. It is also important for e-commerce businesses to remain competitive by keeping inventory levels up-to-date and offering competitive shipping rates.
- Consider negotiating for a lower cost of procurement and shipping fees for a set period of time in turn for a longer partnership
- Instead of pouring endless budget into Sponsored ads and running campaigns on platform with unmeasurable return on investment could be frustrated. You could consider creative ways to get on free Key Opinion Leaders to promote your products (more user-generated content). We all know posting Reels are increasingly becoming the marketing strategy for e-commerce. Tips: check out Amazon Selling on Instagram/Tiktok posts on the internet.
The list goes on, you could consider leveraging a variety of technology for the e-commerce business. For example, Amazon QuickSight business intelligence could be useful in uncovering insights from business data and gaining actionable insights to improve your business.
Otherwise, if you have hit a wall from facing the crunch and are interested in exploring a sale of your business, reach out to us to have a chat and let us help you!