Planning Ecommerce Strategy is Essentialcategory Article , Business Strategy , E-Commerce , Online Business , Online Marketing , Tips 03/01/2017 No Comment
Running a business means there are always things to be worked on, may it be an offline or particularly online/ecommerce one. The trend is ever changing, the market is always dynamic, hence strategies you need to improve or grow your ecommerce business also always need to be monitored and evaluated. It’s important to ask if you are you working on the right things. Are you investing time and money into projects that will help you achieve your business objectives? Do you know what your business objectives are?
Importance of Strategy
If you want to grow your online business profit this year by 20 percent for example, how will you do that? Ask the same types of questions, such as the following.
- Gain more revenue from existing customers?
- Increase average order value from your webstore?
- Sell or promote through new channels?
- Acquire more new customers through marketing?
- Lower your prices to steal business from competitors?
- All of the above?
The point is, always make a plan. Even though you might not know how to make a comprehensive business plan, always push yourself
to think and formulate strategies based on your plan
- Conduct a SWOT analysis. Assess the strengths, weaknesses, opportunities, and threats of your online business.
- Review your overall vision and mission. What state do you see your business to be this year, next year even 5 years from now?
- Establish business objectives. For the current year, establish objectives for sales, profits, customers, traffic, new systems, and new staff.
- Choose your strategies. These are broad ideas of how to achieve objectives.
Time Well Spent
All of this will take time, but it will be worth it. Continually reflect on things that come out of your SWOT analysis. It generally presents the opportunities you should pursue and the weaknesses that you have in your business.
- Focus on reducing your weaknesses and building on your strengths.
- Try to omit or at least minimize the risks you see from external threats.
- Evaluate and pursue any prospective external opportunities.
Review your product strategies, website, supply chain, customer support, fulfillment, and finances. In other words, review your entire business, not just a single part. Making a change in your online store may impact your operations or resources in another area.
Calculate Every Area
Develop strategies in the following areas of your ecommerce business.
- Customer experience. Everything from finding your online store until post-sales support/service.
- Product strategies. What is your product mix, pricing, and Unique Selling Proposition?
- Ecommerce platform and systems. Is your platform supporting the right customer experience? Are your systems automated and integrated at a level to support and ease customer journey?
- Business processes. How efficient are your operations? What are areas of improvement, training, or better oversight?
- Channels. Are you reaching all the target customers with your current online store? Should you go into marketplaces? Or should you promote via all imminent media available to tap multiple segments of customers?
Areas of Improvement
As you go through this process, you likely will quickly identify areas for improvement. A good SWOT analysis may expose it. For many merchants, customer experience enhancements will be the main emphasis. Whether you just launched a store or are running one that has not changed in three years, you should have a list of improvements to make. Prioritize those improvements that will help you achieve your business objectives. If you want to sell more to existing customers, you may need investments in merchandising and personalization. If your goal is to acquire more new customers, you may want to focus on search engine optimization (SEO), promotional means (online & offline) and even some advertisings. In short of words, seek continuous improvements you see as necessary from your current state. Remember that there’s always room for improvement, and not suggesting you as business owner to be over ambitious, but keep in mind that you want your ecommerce business to grow bigger. Good luck, Pixtemers! cheers, Pixtem – Easy. Instant. Website (source of reference: practicalecommerce.com)