2024 eCommerce Predictions, what to expect → Nirav Sheth
Download MP3In 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.
Takeaways
- 2023 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.
Chapters
00:00 Introduction and Background
03:22 Review of 2023
07:00 Success Factors for Brands in 2023
11:46 Q4 Recovery and Assessment of 2023
13:43 Focus on Lifetime Value and Retention
16:19 Q1 Strategies: Wholesale and UX
26:47 Outlook for 2024
28:18 Parting Advice: Slow Down
29:22 Anata's Services
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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.
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Creators and Guests
Guest
Nirav Sheth
CEO & Founder of @anattadesign - an agency that provides turnkey digital product teams for eCommerce brands $25M-$500M. Also obnoxious about quality music.
