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CEOWORLD magazine - Latest - CEO Insider - How to Set Tangible Ecommerce Goals for 2023

CEO Insider

How to Set Tangible Ecommerce Goals for 2023

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Global ecommerce strategies can be challenging and scary for the underprepared. Now is the time to set goals to keep your global efforts on track and reap the benefits of international ecommerce.

Maintaining a global mindset is imperative for success, especially as our society becomes more connected and international. What happens in one continent has ripple effects in another. Although current economic affairs may have businesses fearful of branching out, embracing a global strategy can transform what success looks like, especially for an ecommerce brand.

Most notably, brands that sell internationally sell more. Opening a business to a broader range of opportunities makes finding successful avenues more likely. New audiences, new markets, and new cultures are all aspects of international business that can bring growth and a higher profit threshold to any company that’s ready to take the global leap.

However, international ecommerce can be challenging to navigate, especially when just starting out. Some geographies can be more attractive than others for different “local” reasons, and some locations will host strong key partners that could help while entering the market. Some markets are more mature than others, and some are ready for growth. Some places are bound up with regulations, and some are more relaxed. All of these many variables, and more, will combine to determine the viability of an international strategy.

When sifting through these challenges and opportunities to expand your ecommerce operations, the most important thing to focus on is practical goal setting.

How to Set International Goals and Success Metrics in 2023

As D2C companies deal with economic uncertainty and market turmoil in the wake of the COVID-19 pandemic, setting clear and reasonable goals will help get next year off to a profitable start. New Year’s resolutions may be old hat for individuals, but for a business, they can help create a clean slate for a new tax season and capitalize on the possible growth from global ecommerce.

Are you unsure of the first things to do when trying to reach a new market internationally? Here are some suggestions:

  1. Create a comprehensive strategy for entering new markets.
    Go Global Ecommerce CEO and Founder Simone de Ruosi explains, “Entering into new international markets is beneficial for growing revenue with new customers, strategically differentiating investments, and, therefore, mitigating risks.” Consequently, knowing why and how you want to expand internationally will be a vital first step to achieving success.

    A partner can help you think about big-picture questions such as “What do you hope your international ecommerce experience will bring to your business?” or “What advantages does a global strategy have over a more localized one?” A third party gives you access to a broader perspective, can help solve problems you don’t have experience with, and can provide a model of success that you can follow like a blueprint.

  2. Get local.
    The best way to succeed internationally isn’t always to think internationally. Having a local focus in the places you decide to explore will help you comply with regulations, form good relationships with third parties, and much more.

    A local strategy should think first about building trust. Do your homework on local regulations, local currency and preferred payment methods. Take careful measures to understand the ins and outs of local logistics so that when you appear to customers, you’re already speaking their cultural language. This local approach will also ensure any marketing touchpoints you create will be tuned to your new audience’s sensibilities.

  3. Set “now” and “stretch” sales goals.
    Entering new international markets will bring some immediate opportunities and other longer-term opportunities. Setting goals for both now and later will help you capitalize and prioritize accordingly. Ideally, you can establish processes now to capitalize on busy sales months for your product later in the year.

    When you make goals, potentially with a global partner, focus on making those goals measurable and precise. What does success look like in this area? If you’re thinking about ecommerce sales targets, what KPIs can your sales goals be broken down into? New customers? Average order value? Gross profit margin? Zero in on the KPIs you want to move the needle on, and take specific actions you can track to success.

  4. Cultivate flexibility.
    Entering new international markets can be beneficial for growing revenue with new customers, but it can also be a strategic move to differentiate investments and mitigate risks. We live in a VUCA world, where businesses must build strategies considering all possible scenarios.

    When it comes to sales, a primary goal should be to not depend on a rigid strategy, a single or a few markets, or even a unique business model. Staying flexible and adapting to whatever situation you find in the international markets you enter will be the most valuable quality to work on.

Setting goals will help you establish a firm yet flexible footing in the new locations and cultures that make up your global ecommerce strategy. Whether the economy soars or tanks, whether wars are waged, or whether the climate is disastrous, your ecommerce strategy can respond and weather the storm to bring your company boundless new opportunities to grow.

Written by Rhett Power.
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CEOWORLD magazine - Latest - CEO Insider - How to Set Tangible Ecommerce Goals for 2023
Rhett Power
Rhett Power is responsible for helping corporate leadership take the actions needed to drive impact and courage in their teams that will improve organizational performance. He is the author of The Entrepreneur’s Book of Actions: Essential Daily Exercises and Habits for Becoming Wealthier, Smarter, and More Successful (McGraw-Hill Education) and co-founder of Wild Creations, an award-winning start-up toy company. After a successful exit from the toy company, Rhett was named the best Small Business Coach in the United States. In 2019 he joined the prestigious Marshall Goldsmith's 100 Coaches and was named the #1 Thought Leader on Entrepreneurship by Thinkers360. He is a Fellow at The Institute of Coaching at McLean Hospital, a Harvard Medical School affiliate. He travels the globe speaking about entrepreneurship and management alongside the likes of former Gates Foundation CEO Sue Desmond-Hellmann and AOL Founder Steve Case. Rhett Power is an acclaimed author, leader, entrepreneur and an opinion columnist for the CEOWORLD magazine. You can follow him on LinkedIn, Facebook, and Twitter.