Though product/market fit is the term used for the startup world to designate a startup which is creating a value proposition that will meet or create a market demand for the business. Nonetheless, we figured out, instead of focusing on a single or handful of product lines and services, eCommerce businesses should choose the luxury of being able to test the waters for a wide variety of different products no matter if it’s a new business or an existing one thriving to sustain and to get bigger. Also to understand the market demand, understanding the consumer mindset is also very important which demands a good research manuscript before starting a new business or to add a new product line to an existing ecommerce.
The statistics behind the customer retention topic are astounding like it says:
- For a new customer, it costs five times more than retaining an existing customer.
- Approximately a 5% jump in customer retention rates increases profits up to 25-95%.
- And you are between 40% to 65% more likely to sell to an existing customer than a new prospect.
Thus, if you can not keep your customers interested in coming back to your business then you are easily letting your hard work on the front-end go to waste. Therefore it’s important to maintain a balance to retain and gain new customers and need to set a marketing strategy accordingly.
There is no sugar coating to the words, that if your website sucks, you can kiss your ecommerce business sales goodbye. Because your website plays the key role in your ecommerce business and without a well thought out, secure, easy-to-use site you will fail to reach your target audience and it just won’t work for your business to reach its goal at all. With so many platforms, for example, Magento, nopCommerce to Shopify and easy to use apps (native apps also) available to us these days, there is really a little reason why you can’t afford to make sure your web store is top-notch. And to give your customers a better shopping experience you need to ensure that the language you are using, the appearance that your site is having, the loading speed and the checkout process is very easy and user-friendly. Make your online store become a successful one with a better responsive website. A good site does not only create a unique product line but also is able to display the proper impression which helps to attract the right targeted audience
It is very important to monitor the analytics, because successful ecommerce merchants not only monitor their internal analytics but, also, keep their fingers on the pulse of industry and marketing trends, which helps them to recognize the pattern for their businesses so that they can adjust and carry a successful outcome from the business. From customer preferences to search engine algorithm updates, the number of observable patterns can be overwhelming, at first. Merchants with large enough amounts of traffic and scrupulous analytics monitoring habits are thus even able to become news and can prepare to adjust course to not only survive but to thrive in the market.
Diversified marketing strategy is needed as it aims to maximize return by investing in different areas. Additionally, it would react differently for the same area as it wouldn’t make you uneasy for the traffic generation which used to be in the past as 100% of the traffic used to come from a single source. Marketing diversity will also allow you to target traffic from different angles and we’ve seen previously that 80% of consumers online search for products on multiple different platforms is quite common. Most investment professionals also agree on the point that, although it does not guarantee against loss, diversification is the most important component of reaching long-range financial goals while minimizing risk for your business.
If somebody asks me what is the most crucial part in a business to focus onto to ensure the success? Then, I would say it’s the operational strategy which is the most important area for any business or organization. Because, when an organization or a business operates properly through a more managed way, the functions of all other departments automatically run smoothly. If it does not then all other departments have to suffer for it. And in ecommerce business operation holds the largest part and thus needs much hold to reach success in the business.
Finally, on the other side of patience there is this ability to redirect course when you will be able to get the tangible proof that a strategy isn’t working, and probably it would very likely not work in the future as well. Additionally, there is no such thing as autopilot, in the ecommerce world, and even in the moments of tranquility, you should revolve around A/B testing about how to increase your business’s performance better than your present condition.
If you can work on these key points there is no way that your ecommerce business would still lag behind than your competitors. The pain points will get solved easily by taking the proper steps and by making the right choice to improve on every aspect on a regular basis.
Now, let’s look into a draft plan for your ecommerce startup you are probably thinking of currently or struggling for a success in it so that it can help you to head start.