Running a business is hard. Running an eCommerce business in 2024? You’ve probably already let out a big ‘oof’. Suffice to say that it’s much harder than it has ever been. With a recession looming over our heads, it’s not too hard to observe the stagnation in overall economic activity, especially in the less-than-expected consumer spending when it comes to online shopping.
But none of this is to say eCommerce is bleeding a slow death. In fact, if popular eCommerce growth projections are anything to go by, the global eCommerce market size is expected to grow exponentially from about $6.3 trillion in 2024 to about $8.1 trillion by 2026. The math here is simple, there still lies a big opportunity ahead of eCommerce businesses of all shapes and sizes. The question is: how to grab a piece of that pie?
Having seen savvy eCommerce businesses across verticals weather the storm, we’ve been able to gain firsthand insight into how they think and act. In this eBook, we bring together how fast-growing companies are solving a crucial piece of the eCommerce growth puzzle – recovering lost revenue or rather, preventing revenue loss!
At the core of this approach lies the fact that seasoned practitioners in the industry realize eCommerce isn’t an outbound-only ballgame, i.e. you can’t just hope to grow by acquiring more new customers. Instead, you mostly have to look inwards at your funnel from a high level and solve issues that are holding you back from realizing your maximum revenue potential.
Put it this way, a leaky bucket will require more water to fill up, so it’s futile trying to keep up with it by just putting more water in. At some point, you have to duct tape the holes. It’s as simple as that.
With that in mind, let’s dive into the how, what, and why of this nascent art and science: eCommerce revenue recovery.
