Last week, we had the opportunity to attend Ecomexpo in Vilnius. It is the largest international gathering for ecommerce professionals in the Baltic countries and has been held annually for the past 10 years. This year, it lived up to its reputation by providing valuable insights into the current ecommerce landscape and potential future trends.
In this blog post, we will look into the highlights and takeaways from Ecomexpo that had people taking notes and fuelled many conversations.
Now is THE time to be analytical
One of the main topics of conversation at the Ecomexpo was the growing relevance of analytical thinking in ecommerce. The current market may not be conventionally favourable for ecommerce, but the pathway to success remains open for those willing to dive deep into their data.
Analytics allow businesses to find those nuggets of opportunity for improving conversions and increasing order values, turning potential obstacles into strategic advantages. Remember: incremental changes lead to substantial improvements over time.
With advanced tools and resources available, even small businesses can now employ analytics to optimise every aspect of their store. From tracking metrics like bounce rate, customer acquisition costs, and customer lifetime value, to understanding your customers’ needs and preferences, the gold mine of data is at your disposal.
So, it’s not just about being online; it’s about being data-driven, making informed decisions, and steadily steering your business towards ever-greater success. This is the era of analytical e-commerce, and those who adapt will be the ones who emerge at the forefront.
Shipping fee is the silent deal-breaker
Probably the most eye-opening insights from the expo came from a survey conducted among Baltic shoppers. Results revealed that shipping fees influence consumers’ buying decisions significantly, oftentimes dictating whether they finalise their purchase or not. Unexpectedly high delivery fees emerged as the number one reason for shopping cart abandonment. As a result, online stores are now being challenged to strategically figure out how to absorb or reduce these costs to prevent losing sales.
Don’t cut your marketing spend
In today’s economic climate, it might be tempting for businesses to cut corners, and the marketing budget is often the first place to cut costs. While this might seem like a quick and easy way to reduce expenses, the long-term effects can significantly impact future earnings and brand awareness. Speakers at the event emphasised the importance of maintaining–if not increasing–the marketing spend as a strategic investment rather than merely an expendable budget item. Don’t sacrifice long-term success to short-term budget cuts.
In conclusion, the most recent Ecomexpo in Vilnius presented valuable takeaways for online retailers looking to navigate the current precarious market situation. The most important topics to bear in mind: you should have a forward-thinking and strategic approach that involves being more analytical, considering the hidden impact of shipping fees, and resisting the temptation to sacrifice marketing spend. Store optimisation and user experience, along with robust marketing strategies, were underscored as crucial components to not just weather the current storm but also position for accelerated growth when the economic situation improves.