What comes to mind when you think about what the weather has in common with the economy since November? No matter where you live, chances are you’ve experienced or heard about some extreme winter weather—snow in places where the temperatures are normally 70 degrees this time of year, heavy storms, floods, tornados, and more. Quite simply, the weather has been extremely volatile. And that’s also what’s happening with the economy, where various leading financial experts are predicting a recession, even though it's likely to be a mild one.
So, when these two powerful forces converge – volatile weather and a volatile economy (driven by rising interest rates, supply chain challenges, and other factors), how does that impact online businesses? Here are some important considerations:
· Bad weather = Staying inside and shopping from home. Who wants to leave the comforts of home to shop during inclement weather? While we can’t control what Mother Nature decides to do, online businesses can use this time as an opportunity to reach out to customers with promotions that drive sales.
· Online sales are still strong, with shoppers spending a record $11.5 billion during Cyber Monday on November 28, 2022, (up 5.8% over Cyber Monday in 2021). Online shopping is so easy and convenient that even in a fluctuating and challenging economy, people are embracing it to make purchases.
· Value is a key differentiator, especially now. Higher interest rates, inflation, and other factors are causing consumers to really focus on getting the most value out of their purchases. That’s where savvy ecommerce businesses can meet their customers’ needs while also reducing the costs of doing business.
One important way to reduce operational costs is to leverage a flexible, comprehensive ecommerce platform that delivers a rapid ROI. For example, ResponseCRM, which has been serving its customers since 2011, helps companies drive revenue and scale easily across infinite channels, effectively, and more profitability.
“ResponseCRM gives online business owners tremendous value with our powerful ecommerce features and integrations,” says Amie Mattos, General Manager of ResponseCRM. “Instead of paying a set-up fee, monthly fee, or getting locked into a long-term contract, our customers only pay the low cost of .06 cents per transaction. It can help them weather through – and prosper – during economic storms or anytime.”