For us the most important, and frankly eye-opening, statistic was that while most metrics were down (3Q vs year ago: sales were down 3% , number of transactions per buyer were down 16.4%, dollars spent per buyer down 18.4% and dollars per transaction were down 2.4%) – the number of people shopping online was up a whopping 19.6%. So, even in a recession, the number of people shopping online was up almost 20%. Yes, they are spending less money, but when they do need to purchase something they are turning to the Internet. 

Habits are changing. As the economy gets better (and eventually it will), new shopping habits will be in place for people and e-commerce will once again be poised for growth.

So if your e-commerce has not been bringing in the numbers you had hoped for, now is the time to look at your website and start investing in it. The buyers are out there, and there will only be more of them in the coming years. Make sure your site is set up to convert as many visitors into customers as possible. If you focus on conversion and user experience now, your business will be set to grow.

Some of the best businesses rise out of the ashes of a fallen market and it’s no coincidence that most success stories view a down economy through similar lenses. Perspective matters when it comes to doing business in this economic climate. Otherwise, there are valuable opportunities to be missed.

Consider some of the following when wading through the muddy waters of this economy:

Less competition in the marketplace: In a down economy, there’s less competition. Period. Take advantage of the fact that there are fewer businesses competing in the same space.

This could be a huge opportunity to leverage your business and capitalize on the scarcity of competition. A proactive business can achieve greater market share and even become the market leader.

Advertising is less expensive: Historically, when markets are down, the first thing to go is advertising budgets. So, media companies often cut deals to boost their revenues and keep their advertisers. They practically give it away.

This is great news for you. Take advantage of low rates and increase your exposure to boost your brand presence.

Relevant messaging in the marketplace: Is your message relevant in today’s marketplace? Not the marketplace six months ago, but the present market with all its faults and inefficiencies.

Successful businesses take the time to evaluate the relevancy of their message in these uncertain times. Does it resonate with your consumer? Are you providing them with a solution that presently works for them? These are important considerations that show your potential customer that you have their best interest in mind and will, ultimately, make your business stand out.

Don’t just survive, thrive!
Surviving a down economy means operating with more fortitude than fear, thinking strategically, maintaining a “glass half-full” mentality and action, lots of it.

No matter what your business, if you take proactive measures to navigate this economy you’ll not only increase your chances of survival, you’ll most likely be one of the businesses still standing tall.