This article will focus on strategy. Moreover, this is a sub-article of the main E-commerce implementation and the below links provide access to the main article and sub-articles.
- E-commerce Implementation
- Strategy (This article)
- Background Testing
- Business Goals
- Interaction Designing
- Graphics Designing
- Integrations
- Implementation
- Tests
- Launching
- Marketing
- Optimization
Ecommerce business strategies are similar to the strategies used in any type of business. However, the big benefit is the ability to specifically measure the effectiveness of e-commerce activities. Those choosing to market their products or service online can take advantage of a variety of tools and techniques. Moreover, these techniques and tools are cost-effective and relatively easy to implement. Besides, this article will investigate the e-commerce business strategies such as success indicators, creating the conception, feasibility test, etc.
Success Indicators
Many metrics exist to focus an organization on essential organizational goals and drive the company forward. Moreover, the main organizational metrics are more controversial. The majority of companies will focus on profit, revenue, and growth as “Key” measures of success. Therefore, these lagging indicators are used to measure organizational success and will not tell you the whole story about your organizations’ prospects.
Revenue does not say anything about your foundation. Besides, revenue can rise due to asset sales, unprofitable discounts, or realizing future revenue today. Profitable revenue is more important yet profit is an accounting number filled with depreciation, amortization, absorption rules, and tax effects. Growth sounds great but can hide failing products, while horizontal growth can spread the organization too thin.
So what is an organization to do? Produce a balance of leading and lagging indicators for measuring organizational success. Leading indicators represent metrics that forecast a high probability of future success. For example, the relationship you have with your customers can say a lot about your future sales, your competitive advantage, and your prospects for future growth.
Creating the Conception
Branding is all about creating a positive differentiation between you and your competitors. When successfully executes, it will result in a dominant market position that enables your business to become well-known on an international scale. This, in turn, results in sizeable profits as a result. Moreover, to achieve this, a unique, creative and imaginative brand needs to be developed. And also it depends on the unique nature and culture of your business. This process should concentrate on naming and identifying a brand for your business. Furthermore, this process requires a time period to cultivate and develop. If properly executed, you will successfully differentiate your brand from its competitors.
Feasibility Test
A feasibility study tests the viability of an idea, a project or even a new business. The goal of a feasibility study is to emphasize potential problems that could occur if one pursues a project and determine if, after considering all significant factors, the project is a good idea. Feasibility studies also allow a business to address where and how it will operate, potential obstacles, competition and the funding needed to get the business up and running.
Strategic Workshops
Through this facilitated Workshop, you will identify key issues and challenges on the way to realizing your goals by using an approach of systematic creativity. Furthermore, starting from these central points you will develop a strategy as well as concrete measures to master these challenges.
As the facilitator of this Strategy Workshop creaffective will guide you and a resource group chosen by you through a structured creative problem-solving process in order to reach your goals in an efficient and effective way.
SWOT Analysis
A SWOT (strengths, weaknesses, opportunities, and threats) analysis is designed to facilitate a realistic, fact-based, data-driven look at the strengths and weaknesses of an organization, its initiatives, or an industry. Moreover, understanding the weaknesses of your business, you can manage and eliminate threats that would otherwise catch you unawares.
Besides, looking at yourself and your competitors using the SWOT framework, you can start to craft a strategy that helps you distinguish yourself from your competitors. Hence, you can compete successfully in your market.
