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Navigating Economic Uncertainty with BigCommerce and Deck Commerce
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There’s little doubt that the current economic climate brings uncertainty for retailers.
As consumers pull back spending due to a looming recession, retailers must focus on strategies they can implement today that will set them up for success once the economy rebounds.
To do that, BigCommerce and Deck Commerce have partnered together on an ebook that takes a look back at how retailers have navigated economically-challenging times, and the lessons they learned that can be applied today.
Here’s a preview of what you’ll find inside:
When the 2008 recession hit, many consumers stopped shopping — which led to the closure of thousands of physical stores. To stay afloat, brands started owning their relationships through ecommerce and direct-to-consumer (DTC) strategies.
The challenge was how to own their voice and deliver on their promises,” said Jackie Breen, Chief Strategy Officer at Deck Commerce, which offers an order management system for DTC brands. “It’s one thing to figure out what they want. It’s a whole other thing to figure out how to give it to them.”
In 2020, economic volatility developed from a health crisis that led to labor and supply chain disruptions.
During COVID, the in-person sales channel disappeared. However, retailers that adopted omnichannel sales strategies, like Buy Online Pick Up In Store (BOPIS), were able to pivot and continue attracting customers.
“Merchants have to be able to adapt to change and diversify their channel mix to be able to drive growth on whatever the new high-growth channels will be.” said Sharon Gee, Senior Vice President of Sales and Partnerships at Feedonomics.
In both 2008 and 2020, having the right technology was vital. Gee explained that successful retailers had agile technology, but more than that: “They had an agile mindset and a willingness to keep growing.”
The retailers that survived one or both of these periods invested in technology and refused to get comfortable. Instead, they looked for new and better ways to operate.
Of course the reality is that digital transformation takes time — which is something many retailers don’t have now, just as they didn’t in 2008 or 2020.
However, for those that want to enable longevity, they can leverage these three quick wins that will set them up for success in the future:
Take time to reassess investments that future-proof the business and explore opportunities that provide stability in the supply chain.
Develop an omnichannel data strategy to better understand your margins and unit economics on each channel.
Prioritize customer focus on the back-end of ecommerce, such as inventory, in addition to the actual moment of purchase.
Retailers can’t predict the future, but they can prepare for it. By understanding and incorporating these insights, retailers can be in the best position to succeed in the future, regardless of what changes lie ahead.
To learn more about the quick wins and how to activate them now, download the full ebook from Deck Commerce.
Shelley is a Manager, Content Marketing at BigCommerce, where she specializes in content strategy, research and writing to educate brands on the ecommerce industry. Prior to joining BigCommerce, she worked on marketing teams spanning various industries from eLearning to millennial and Gen Z research. Outside of work, she loves exploring all things Texas BBQ and craft beer with her husband and two dogs.