Chapter 4 : E-commerce

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6 Strategies for Ecommerce Success in 2024

How do you become an ecommerce success? With these 6 strategies, you can set your online business apart and build a strong customer base.

Retail executives have work to do if they want to take a bigger bite of the digital apple. Your traditional strategies for eCommerce success will no longer cut it in 2024.

This year, much of that apple is already spoken for: Amazon will continue to dominate US ecommerce sales in 2024, increasing its US market by 11.5% to reach an incredible $492.23 billion. That makes up 37.8% of the total US market. And even though it faces tough competition from other big players, even Walmart will see $82.81 billion in 2024. That's just one-sixth of the business Amazon will see this year.

Even for the Walmarts, Apples, and Best Buys of the world, there's not much breathing room.

As to answering the question of "How to be successful in ecommerce," these top ecommerce stores seek to "be data-driven," for one. But there's more to it, at least according to Neil Hoyne, Chief Measurement Strategist at Google and author of Converted.

How Can Ecommerce Strategies Be Improved?

Focus on what really matters – customer experience

Optimize for Life Time Value (LTV)

Apply the data captured

Use the 'Test & Learn' approach

Chose advertising partners wisely

Leverage AI and machine learning

Focus on what really matters – customer experience

Optimize for Life Time Value (LTV)

Apply the data captured

Use the 'Test & Learn' approach

Chose advertising partners wisely

Leverage AI and machine learning.