2024 eCommerce Predictions, what to expect → Nirav Sheth

In this episode, Kunle Campbell interviews Nirav Sheth, CEO and founder of Anata, a premier eCommerce partner for direct-to-consumer (DTC) brands. They discuss the outlook for 2022 and 2024 in the eCommerce industry. They review the challenges faced by brands in 2023, the success factors for the 20% of brands that performed well, and the importance of focusing on lifetime value and retention. They also provide tips for Q1 strategies, including exploring wholesale opportunities and investing in user experience (UX). The episode concludes with an outlook for 2024 and a reminder to slow down and strategize.Takeaways2023 was a challenging year for many eCommerce brands, with a focus on profitability rather than growth.The 20% of brands that performed well in 2023 had a strong focus on both brand and growth, as well as a loyal community of customers.In Q1 of 2024, brands should consider exploring wholesale opportunities and investing in user experience (UX) to provide personalized experiences for customers.It is important for brands to pay attention to macroeconomic conditions, such as supply chain disruptions, and make necessary adjustments.The outlook for 2024 is optimistic, with a focus on strategic decision-making and slow, deliberate actions.Chapters00:00 Introduction and Background03:22 Review of 202307:00 Success Factors for Brands in 202311:46 Q4 Recovery and Assessment of 202313:43 Focus on Lifetime Value and Retention16:19 Q1 Strategies: Wholesale and UX26:47 Outlook for 202428:18 Parting Advice: Slow Down29:22 Anata's Services --- SPONSORS: This episode is brought to you by: TreydReady for a game-changer in your podcast lineup?I've got just the thing – ‘Treyd Secrets’, a new podcast that's all about giving you the operational edge in e-commerce.Let's cut straight to the chase.Unlike most e-commerce podcasts that dwell on marketing and growth stories,Treyd Secrets dives deep into the operational heart of e-commerce.This is where the real magic happens.Why tune in?Because Treyd Secrets brings you the nuts and bolts of e-commerce success– we're talking the nitty-gritty of inventory hacks, cash flow management, sales strategies, supply chain intricacies, product sourcing secrets, and the ins and outs of financing.It's the operational wisdom you need to keep your business not just running, but thriving. Hosted by Peter Beckman, CEO of Treyd, this podcast is a treasure trove of insights from industry experts and successful e-commerce practitioners.It's like having a roundtable of mentors, each sharing their best-kept operational secrets.Don't let this opportunity slip through your fingers. Search for ‘Treyd Secrets’ on your favorite podcast app or visit [treyd.io/podcast].Hit subscribe and stay ahead in the dynamic world of e-commerce.Remember, it's T-R-E-Y-D Secrets – the podcast where e-commerce operations meet success.Tune in now and transform the way you do business!--- Shopify If you have been following my journey here on this podcast, you'll know that I am a Co-founder at Octillion, a consolidator of digital-first good-for-you CPG brands. We acquire brands with a view to scaling them up. We currently have a portfolio of three brands all powered by the commerce platform Shopify.  Shopify is the global commerce platform that helps you sell at every stage of your business. From the “launch-your-online-store” stage to the “first-real-life-store” stage all the way to, “did-we-just-hit-a-million-orders-stage,” Shopify is there to help you grow. Whether you're selling scented soap or offering outdoor outfits, Shopify helps you sell everywhere from their all-in-one eCommerce platform to their in-person POS system. Wherever and whatever you're selling, Shopify has got you covered. Shopify helps you turn browsers into buyers with the internet's best converting checkouts, which is a whooping 36% better on average compared to other leading commerce platforms. You'll also sell more with less effort thanks to Shopify Magic, your AI-powered all-star. I remember the first brand we acquired was running on another platform with quite poor conversions. We made it a point of duty to get it migrated over to Shopify and our checkout conversions doubled.  What I love about Shopify is its ease of use. I don't think there are any other eCommerce platforms that beat its usability. Shopify powers 10% of all eCommerce in the US. Shopify is truly a global force powering Allbirds, Rothy’s, Brooklinen, and millions of other entrepreneurs of every size across 170 countries. Plus, Shopify's award-winning 24/7 help is there to support your success every step of the way because businesses that grow, grow with Shopify.Sign up for a $1 per month trial period at Shopify.com/ecommercex2. Go to Shopify.com/ecommercex2 to take your business to the next level today.