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Are you planning to grow your online store in the coming year? Every firm must have goals that are precise and attainable. But what’s the best way to plan and set those goals? So, we made this playbook with the eight steps you need to plan your eCommerce goals for 2024 carefully.
This guide will help you create a goal-setting process for your business that considers everything. With this method, you can ensure that your progress leads to success and doesn’t get derailed because you don’t have enough clarity or direction.
We’ll go beyond just listing steps. We’ll provide practical examples and advice to help you think about the goals in terms of short-term successes and long-term objectives. By taking an integrated approach to setting goals for 2024, you can align with important trends and ensure each step you take leads toward fulfilling significant milestones.
Let’s get started! Our eight essential steps will help you carefully plan your eCommerce goals for 2024. This will give you the knowledge and skills you need to beat out other online stores and deal with any unexpected problems that come up along the way.
What are e-commerce goals?
E-commerce goals are the goals a business wants to reach through online shopping. Some goals can be making more sales, getting more customers, lowering traditional retail costs, and giving better customer service.
To achieve these goals, businesses must establish an effective online presence, create an e-commerce website or mobile application, develop marketing strategies for their products and services, and leverage analytics to track and analyze performance.
Also, businesses might need to spend money on technology like secure payment processing tools or personalized product suggestions made by AI. Ultimately, successful e-commerce efforts should result in increased business profits while providing a positive customer experience.
What Are The Benefits Of E-commerce Goals?
Ecommerce Goals are beneficial for :
- Ecommerce aims to increase customer reach, cost-effective marketing, user experience, and conversion rates.
- Increased customer reach: An e-commerce website allows a business to target clients outside its geographic reach. It helps them access customers in other countries, giving their products and services a global footprint.
- Improved User Experience: Ecommerce websites make it easy for customers to browse products, compare prices, and read reviews Increasing client satisfaction.
- Higher conversion rates: e-commerce websites allow firms to promote their products and offer discounts to encourage sales. The more direct checkout experience leads to higher conversion rates than physical businesses.
What should your E-Commerce goals include?
Your ecommerce goals should be:
- Boost sales. Your top priority should be getting more customers, releasing new products or services, making promotions, or changing prices.
- Develop a marketing plan. Effective Internet marketing uses SEO for organic search traffic, PPC ads to reach target customers, email campaigns to keep current customers and prospects interested, and social media techniques to increase brand awareness.
- Use testing and analytics tools. Use Google Analytics and A/B testing tools to track website performance and optimize it.
- Simplify checkout. Make sure the checkout procedure is easy, so clients don’t quit. This may involve removing needless tasks.
The following are eight steps to plan your 2023 eCommerce goals.
Keep track of your KPIs
Reviewing the past and current years’ KPIs is key to planning for growth. This gives you an accurate starting point from which it’s easier to predict how things will go in the future. To do this, generate a list of all the KPIs you want to measure.
Then make sure that all the data points are available, configure the store and analytics platforms as the source of truth, and push all relevant information into one view dashboard. When you look at these numbers, you can figure out how to grow at your desired rate.
Benchmark your performance against industry standards.
Comparing your performance to industry benchmarks is an excellent approach to analyzing your development and how you compare it to your competition.
That can be done by identifying the performance indicators you want to monitor and benchmarking your data against a list of competitors in the same sector. It is important to conduct secondary research and collect all relevant raw data to do this. Once this data is available, it must be analyzed to compare with your Key Performance Indicators (KPIs).
By doing this, companies can gain a greater understanding of the market they operate in and identify opportunities for improvement or areas where they can expand their scope. Furthermore, it can serve as an excellent benchmark for measuring overall performance and growth compared to other industry players.
Consider your competitor’s strengths and weaknesses
Analyzing what your competitors are doing well is essential to goal planning. The first step is to list 4 to 6 of your fiercest competitors. Once you have this list, you’ll need to choose the parameters you want to analyze for each competitor.
This may include aspects such as their product offering, pricing strategy, customer service, etc. After that, gather all the necessary information from primary and secondary sources such as reviews, surveys, customer feedback, and even conversations with industry insiders to understand the competitive landscape.
Once you have all the data, it’s time to conduct a SWOT-like analysis for each competitor. This will help you identify their strengths and weaknesses compared to your business.
Lastly, write down what you’ve learned from the exercise and share it with your team so that everyone can benefit from the knowledge you’ve gained. To understand better
Stay on top of your vertical’s hot trends
Getting a hold of your vertical’s hot and upcoming trends is key for businesses to scale faster. It helps you plan better and keep up with the ever-evolving business landscape.
Investing in social media listening tools that detect what people are talking about in your sector and beyond is one method to accomplish this. Surveys are also helpful to hear straight from customers and gain insights into their preferences, which will help you plan accordingly.
Analysts’ reports shed light on significant market developments and trends that you should capitalize on to stay ahead of the curve. Also, watching how your competitors market themselves can give you valuable clues about where the industry is going and help you prepare for related opportunities.
Finally, unlearning our assumption-based models can be transformative for goal planning. To do this well, we need to look at all the available data points carefully and put them together to find actionable insights that put us ahead of the competition. When done correctly, getting ahold of hot and upcoming trends in your vertical can give any business an edge over its peers and allow it to scale faster than expected.
Identify growth opportunities with your team
Brainstorming growth opportunities with your team is essential in setting successful eCommerce goals for the future. All stakeholders involved must be present and participate equally during the brainstorming process.
Everyone’s ideas should be documented formally to communicate outcomes and keep track of progress. Also, it’s important to make sure everyone feels comfortable talking about their ideas and listening to the opinions of others.
Brainstorming together can help identify potential risks and rewards, as well as help reach decisions faster by leveraging collective intelligence. Ultimately, it will help you create a roadmap for success in achieving your long-term goals.
Goal-setting at a high level
Setting concrete, high-level business goals is an important part of any successful business, providing direction and clarity for the entire organization. With these goals in place, everyone can work together towards a common purpose.
When determining your high-level business goals, it is important to consider both short-term and long-term objectives. Start by selecting a North Star metric that best reflects the success of your business. This will be used to measure progress against your goals.
Determine five key performance indicators (KPIs) that can assist you in tracking progress on certain criteria. After that, set aspirational, excellent, and average levels of achievement for each KPI. This will let you change and adapt your plans based on how well you meet or exceed those goals.
Once this has been determined, please ensure that it is communicated throughout the organization so that everyone understands their role in achieving the desired results. By setting clear, high-level business goals, you can make sure that everyone in your company is working toward long-term success.
Identify specific functions to achieve your goals
When you break down your goals into specific functions, each department and team in your company needs to know its goals to contribute to the business’s overall success. By dividing your overall goals for 2024 into smaller, more specific goals for each department, you can ensure that everyone is on the same page about the company’s success.
Putting your goals in a particular order helps functions and departments work together to reach specific goals, such as more sales, happier customers, a more significant market share, or less waste. By delegating tasks and responsibilities to teams with ownership, you ensure that everyone understands what has to be done and when.
This gives teams direction and clarity so they can focus on getting their goals done quickly and well, which is suitable for the business’s overall success.
Hold discussions to assign individual owners to each goal
Setting goals involves having conversations to determine who will be responsible for each. Everyone who contributes to goal-setting must understand their role and what they must do to achieve the objectives.
When assigning each owner, it’s important to provide a detailed overview of what needs to be done and identify any possible challenges or benefits along the way. This should include a list of important milestones and deadlines and any resources they’ll need to do their jobs.
During the process, it’s also important to give owners regular feedback so they can change their approach as needed. Overall, these talks will make clear what each person is responsible for, which helps departments and teams within an organization work together.
By ensuring everyone understands from the start, you can work faster and reduce the chance of misunderstandings later on. Establishing conversations about ownership also reinforces accountability within a company’s culture, which can lead to better results in the long run.
Establishing practical goals is essential to achieving success in any venture. When setting 2024 eCommerce goals, it is important to consider both short-term and long-term objectives, outline high-level business goals, cascade them down into specific functions, and assign individual owners for each plan.
Doing so will promote collaboration between departments, ensure everyone is on the same page, and foster a culture of accountability. Ultimately, creating an effective marketing plan and strategy can maximize your chances of success in 2024.
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