During any sort of downturn you should focus on retaining your loyal and returning customers.
Technically you should focus on them all the time but the siren song of new customer acquisition can catch many Shopify store's attention.
If you can keep your existing customers during a downturn, keep them buying, and keep costs under control, you'll have a better chance of getting through the rocky periods.
It might be easier said than done but for many stores, there are a lot of customer retention options that they haven't tried yet. You only need one or two to work.
For help identifying who your loyal customers are, Repeat Customer Insights includes an entire dashboard for Downturns. That dashboard alone could surface information you need to keep focused on surviving.
Once you survive, then you can look back at growing.
Directive: In any downturn, focus on keeping existing customers around and continue buying.
Eric Davis
Analyze your customer's behaviors before they defect
Your customers aren't yours forever. Some might have defected today, never to be seen again.
You need to analyze your customer behavior so you can reach them before they defect.