Perplexity of an omnipresent E commerce business
Vishal Singh
Director Marketing I Omni channel I D2C Strategy I Ecommerce I Branding I Performance Marketing I Transformation
It widely applies to the transnational Ecosystem developed in the digital world helping business owners and Product makers to scale up their offering across the demography .
An E commerce strategy basically implies the role of multiple parameters in the digital Ecosystem optimized to have higher conversions and Better ROI ( CRO)
With the advancement of technology and its Swift adaptation among consumers it has become Critical for companies to adapt, evolve and keep pace according to the consumer trends . The word E commerce strategy is a deep subject matter with very clear outcome that is conversion , So predominantly lets focus on what we want to achieve under the banner of eCommerce strategy .
Ecommerce Strategic outlooks and differentiators :-
Get The basics right in Black and white .
· What you want to achieve with timelines ?
· In which segment or niche you are operating or focused on ? Skimming – Yes Know your Stars, Cash cows and dogs &???, Its time .
· What buyer personas are you trying to attract and through what ?
· The grey are between a Brand and a profitable Business ?
- GMV or NPS ?
-Stream lining Supply chain Vs ROAS ?
Lets Break the strategic goals into action plan.
1. Content Research and goals – Content Drives traffic and Helps your Products and Business surge to the first page on a search engine. A diligent attention on content will save your 60 % time and effort towards marketing goals . Devise a content strategy based on the keywords in alignment to your Product segment and Customer persona.
Point to Remember – Content Is an On-going Journey and Needs diligent attention in a very consistent manner, Its like parenthood an on-going job .
2. Let the social Gunshots be Heard - When orange became the new black .
When in consumer business you can’t deny the hegemony social media has on creating a brand reckoning and Identity . The role of Marketing has shifted diversely from running ads on facebook for awareness and promoting your top products on instagram to sharing Delight stories on snapchat to response management on Twitter , customer is omnipresent.
“ Look at your content calendar , Involve design thinking and mix it with your product line”.
Remember Influencers are good but the design of your content will drive engagement , so focus predominantly on a great campaign rather than on just relying on influencers – Be content Driven then bring in the human to Promote it.
When you are set with a platform to cater , Content to back its time to reach the audience and tell them about how great have you been feeling in business and how happy you could be to get them on board at your platform. Hold your horses as great it is to capitalize on social media for higher ROI’s and engagement it also entails plethora of Streamlining and bifurcation in terms of marketing mix and the buyer persona, Finding the right Mix is the challenge here . Deep dive into your data and Make decisions based on that .
3. After Social comes professional Engagement. This is the hardest phase as it requires the right brew of being in touch with your regular and welcoming the new ones onboard . The engagement model that you would be looking at can be as diverse as an email Campaign or a personalized email to a regular customer giving him a promotional sale for his wish list even before the promotional season starts – Yeah let him talk to his friends about it .
Don’t Follow rudimentary technique of bugging a customer by following him on different platforms with your Native ads of products that they viewed, It does more damage than any good .Today's Consumer is savvy and he knows what he wants to buy and mostly when. Get into Customer Profiling, Behavior analytics , Persona Creation and Intelligent assortment if you want to drive sales .
“ Remember if you are not doing it , Your Competition Is”.
4. Role of partners in an eCommerce business
From Technology to Marketing , From word of mouth to PR , From affiliate to Influencer marketing .
“Device it , test it , Rinse it and Revamp it ,” or Add Techpind difference to it.
Make you goals their goals and your Metrics their metrics, Here the focus is on cultivating new customers multiplying the footprint of the company .
5 ) Develop intrinsic Brands for Better ROI : There is always place to promote home brewed products for better ROI . Building your intrinsic brand helps you offer exclusivity to your customers and at the same time bring customers back to you platform due to Unavailability of the brand on other platforms or retail. Maximizing conversions with home brewed products is the key to maximum realization of your brand potential or platform loyalty because you get to drive the SKU based on your Business goals and can offer pricing which no one can .
“ When the infrastructure for sales is available its always profitable to is build your own products”
6) Deep dive into your Strengths and Outsource your weaknesses : Key to any business is understanding what is keeping you float and what’s restraining you down .
“Be Data driven , Goal oriented , Technically empowered and Customer Friendly”
As we are done with the basics now its time to get into a detailed action plan which is data driven and devised envisioning the companies long term goals .Produce a matrix of High Priority , Medium Priority and Low priority Indices to allocate resources within the team or hire Professional expertise to get it done as swiftly as possible . Remember its always about agility in digital transformation imperative .
Now with the advent of Omni channel engagement, brands across aim to utilise their full Brand potential and beat the competition by not only their product but by a great CX , its time to play by the books .When I say books I am not talking about strategy books or great case studies but whatever action is being taken has to be Documented with its entire lifecycle irrespective of the outcome it has delivered. Learning , Evolving and revamping are the key to any Consumer centric business.
How we help brand unleash their true potential by deep diving into consumer and Process Insights .
The Reiterating Summary
1. We Personalize- Its all Bout CX
With Technology at your disposal build self learning capabilities that help you micro target the online audience by proper profiling and Behaviour research .A lot of times a customer doesn’t know what he wants but you can build capabilities to show it to them, Focus on creating a ripple effect. Just came to browse but ended buying something should be a campaign your should be reckoned with.
2.We create Content that Drives Commerce and conversations. The Winning strategy circles around organic content to make a site their first choice for potential buyers. Hear what the consumer has to say , Make them part of your test market and closed loop strategies that are being implemented or planning to get implemented .Their Opinion Matters, Hear them well – Read between the lines. Emotions play a vital role, Understand if somebody is upset with your platform then he or she had a certain level of expectations that were not met.
3. Tailor-made Browsing Experience to Niche Segments .
Bring and apply the retail assortment strategy on your platform . Empower it with technology recreate it with a better UX .
Brand Suited Web Design and Great navigation remain key Factors for attracting an audience and getting them to come back. Bring Design evolution to life based on buyer persona and product segments ,where to use pastel colours over flashy .
4.Implementing Omni channel Approach . Move from the multichannel attitude to CX driven Omnichannel attitude driving engagement from all across . Its easy to write but harder to execute build capabilities and partners to strengthen your Core presence and brand identity all across .When you deliver seamless experience all across channels , it reflects in your sales figures.
5. Designing Subscription Model – Re strengthening Brand Loyalty. Focus on curating experiences for your loyal customers and let them drive commerce and engagement with new customers. Build in bounty points and goodies for your preferred customers and clientele, Make them feel delighted.
6. Digital transformation : we at techpind.com always recommend this as it makes the processes within the company not only streamlined but there is a greater visibility on the insights, Faster response time towards course correction. It helps you to cut the middleman and optimize dependencies both internally and externally .
“From Building a digital foot print to continuous transformation approach in a Omnichannel Multiverse.”
7. Focus on Stream Lining Logistics. Some capabilities are hard to develop and sustain or even adapt to the unpredictable consumer buying cycle during a promotion period, relying on a established brand will not only delight your customers with on time delivery but also safety for your products.
8. Success to failure metrics, Its all about the execution : This is the destination for which every strategy document is created . Understand , evaluate , Reiterate if good , Improvise if bad . The documents never lie it screams and shouts and sometimes it brings a smile , At the end its all experience and Improvement that we aim at.
Plan > Attract >Engage>Convert>Delight>Measure>Improve or reach out to Techpind .
I hope you found it Simple and relevant to the context, Feel free to reach out on any Marketing or Business Consulting @www.techpind.com
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