Friday the 13th came early this year.
I'm not sure if it's lucky or unlucky anymore. At the very least it's a herald of an "interesting" time ahead.
More and more industries are reporting their growth during COVID has now disappeared and they are contracting back to regular growth or no growth (the "COVID-bump"). Unfortunately for this to work, they need to scale back their fixed costs too which is much more difficult and costly.
This makes stable, inexpensive strategies for growth and sales vital. They've always been important but were overshadowed by strategies that were easy during growth phases (paid acquisition).
While your store might use different strategies, every store needs to take a serious look at these three foundational strategies:
Invest in safe SEO methods like content, community building, and on-page optimizations.
Refine and optimize your New Customer Welcome campaign to get one-time customers converting to repeat customer (use Repeat Customer Insights for help with this).
Work to improve word-of-mouth marketing through better products, customer service, and doing remarkable things (see Seth Godin's Purple Cow).
These won't be as quick as putting money into the ad-machine but they also won't fade away in a month. Take the long-term view and make these things part of your 2-5 year growth plan.
Use cohorts to find out who the best customers are in your Shopify store
Repeat Customer Insights will automatically group your customers into cohorts based on when they first purchased. This will let you see how the date customers bought would impact their behavior.