Survey Indicates Customer Acquisition as Top Priority for Ecommerce Retailers in 2023

Vervaunt directors Josh Duggan and Paul Rogers at last year's Pulse Ecommerce Summit

According to the comprehensive Pulse Ecommerce Survey #1 conducted by Vervaunt, a prominent paid media and ecommerce consultancy, a significant majority of ecommerce retailers (70%) have identified acquiring more customers as their primary focus for 2023. The survey, conducted at the end of the financial year in March, provides valuable insights into the strategies and aspirations of retailers in the ever-evolving digital commerce landscape. Notably, 58% of retailers plan to invest more in customer acquisition efforts, while 66% express their intention to increase their workforce to drive retailer growth.

The survey results paint a positive outlook for the year ahead among retailers. When asked to rate their optimism on a scale of 1 to 10, the majority of respondents scored their confidence above 7/10, with 34% rating it 7/10 and another 30% rating it 8/10.

These optimistic responses align closely with retailers’ assessments of their performance in the previous year, despite concerns about the economy and the potential for a recession. In terms of success in 2022, 30% of brands rated their performance at 7/10, while 19% scored it 8/10, and another 19% gave it a score of 9/10.

Paul Rogers, Director and co-founder at Vervaunt, emphasized the encouraging trend of ecommerce brands prioritizing customer acquisition and expanding their workforce, showcasing a strong belief in business growth.

Alongside customer acquisition, retailers identified several other key areas of focus for 2023. These include increasing conversion rates (40%), entering new international markets (21%), improving cost of sale and profitability (19%), and enhancing customer lifetime value (19%).

Regarding investment priorities for the year, retailers highlighted a focus on new customer acquisition (58%), paid search and social (27%), customer relationship management (CRM) (22%), data analytics and insights (21%), and technology stack (19%).

Conversely, retailers expressed their intention to reduce investment in certain areas. Notably, 39% of retailers planned to decrease investment in television advertising, followed by out-of-home advertising (33%), technology stack (31%), paid search and social (22%), and affiliate marketing (15%).

The Pulse Ecommerce Survey #1 conducted by Vervaunt represents the inaugural annual audit of its kind, offering valuable industry insights. The survey findings will be further presented and discussed at the upcoming Pulse Ecommerce Summit ’23, scheduled to take place in June.

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