E-commerce or electronic commerce refers to all Internet-based activity linked to buying and selling. The increase in electronic activity on the Internet is supported by the use of mobile technologies, online payment methods, Internet marketing, online transaction processing, the use of blockchains and cryptocurrencies.
Whether starting from scratch or recycling a previous non-web based business idea, there is a growing business opportunity in digital media. You can take the first step to access this new business opportunity by creating or developing an electronic store.
In the e-commerce market, whether you are starting from scratch, or if you are trying to adapt an existing business, you must rethink your strategy and start from the beginning.
In the world of electronic commerce you have to rethink the business structure. How are you going to do it? What resources will you need? What is the profile of the people and the team that will be in charge of the new venture? These professionals will need to have different sets of skills from the people who work in the traditional market.
You have to plan for growth because the speed on the internet and in electronic commerce is not the same as the speed in the traditional market. So you have to think very carefully about what the scalability will be. What servers? What are the execution and implementation timelines? And most important, how to measure everything.
New online consumer spending data suggests that far from curtailing their clothing purchases during the coronavirus outbreak, US consumers are focusing their e-commerce shopping on apparel, footwear and accessories.
You have to think about how you are going to scale that growth so that it does not take you by surprise. In addition, you have to establish metric systems so that you can measure properly. You need to establish where you want to go; how much do you want to sell; to whom; who is your target audience; and when are you going to complete each of those steps. You have to set goals!
In the traditional world results are also measured. But not with the kind of precision and powerful tools that exist in the electronic and digital worlds. Electronic stores and digital businesses are much more productive than traditional businesses. Productivity is measured by two variables. One is the cost (how much does it cost you to start a digital store compared to a physical store) and the second is time.
The measurement we are talking about is not only what happens within your digital store. You must also measure where those new customers come from; if they have searched for you in a search engine; if they have clicked on any of your ads; if they have read your electronic emails and have clicked on them; and lastly, if they have been interested in the offer you sent them. You have to know what goes on inside and outside the store. Also what happens outside the store is not limited to your own advertising and marketing campaigns that you control. You also have to consider your competitors’ marketing campaigns. If you are able to find a market niche and satisfy it, the positioning of your offer will have been very lucky. Your clients will be your best commercials, they will recommend you.
In the world of innovation there are many products and many marketing success stories which have hardly needed investment in marketing. I am talking about applications like WhatsApp or Waze. The iPhone, for example, did not need a huge advertising escalation when it was born. Everyone who had an iPhone would talk about it and upload videos to YouTube. And it expanded with little marketing support. The great marketing of the iPhone was the product itself, the innovation it presented in front of its competitors. This is called word of mouth marketing or Inbound Marketing.
The Toyota Prius, the first hybrid we see in large numbers in European cities, in most cases working as taxis. The product itself, its value proposition and innovation, make it the most important part of marketing. If that happens to you, if your electronic store goes viral thanks to a copywriting campaign or effective inbound marketing strategies, you have a lot of the Advanced path. From then on, your clients will collaborate with you in the expansion of that business with minimal marketing investments.
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