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The one thing eCommerce brands should plan for in 2024 is identifying how they will achieve growth.
Creating projections for the new year is one thing, but good projections are driven by opportunity recognition, process improvement, and growing capabilities.
If you desire to grow your business again next year, consider what actions will drive that growth and what metrics those actions will influence. If you do not see a clear link between the action and the metric, you may want to reconsider.
For example, growth will likely align with growing monetization or traffic (or both). Expanding your product selection may drive growth in traffic through channels such as Google Shopping or Meta Dynamic Product Ads (DPA). However, a process like adding negative keywords may not directly result in growth, despite improving monetization, if it causes traffic to decline.
What processes exist or can be added to your business in 2024 to grow either of those metrics?
Write down these processes or initiatives and determine whether they will influence traffic, monetization, or both. From there, prioritize the efforts with the greatest impact.