What’s the Key to a High Performance Ecommerce Strategy?
Similarly to emerging technology, eCommerce is continuing to rapidly develop. In this time of extraordinarily swift change and innovation, the importance of staying ahead of the curve and taking key steps to develop and execute and effective eCommerce strategy is more vital then ever before.
Here Simon Hall, MD Emea for commerce agency Overdose Digital, discusses the misconceptions of eCommerce, arguing how to unlock the full potential and how businesses need to re-evaluate their approach to eCommerce.
With competitors harnessing emerging technology, switching up traditional business models, brands need to stay on top, bringing new ideas to the table, differentiating them from the rest and giving them a digital advantage.
So why is an effective eCommerce strategy important?
Developing a true understanding of eCommerce and the role it plays in driving value for an organisation is vital to ongoing business success. Once achieved, a good eCommerce strategy can drive efficiencies and enable true personalisation. By taking a strategic approach, businesses will be able to identify strengths and weakness in their models, emphasise growth and benchmark performance.
Correspondingly, with a strategy in place, businesses can have an rounded view, covering all technological aspects for both user experience and social. Based on this, we’re often approached and asked, ‘what is the main thing organisations should be doing to developing and executing an effective eCommerce strategy?’ In reality, there is no one answer. A collection of aligned initiatives working towards the same goals is what will achieve a successful outcome.
Key steps to developing and executing an eCommerce strategy
Reviewing current business models
Focusing on where an organisation is now is the first step in developing an eCommerce strategy. This includes a thorough review of all relevant business processes, for instance operating models and website performance, as well as delivery and fulfillment in customer service.
Assessing growth potential
Furthermore, looking into the future is key. By understanding where they are performing well but also recognising current gaps, organisations can plan ahead appropriately. This then leads onto businesses having the chance to explore how they currently acquire, convert and retain customers, as well as identify future opportunities.
Developing a strategy with impact
The results of the audit and growth assessment can be fed into an overarching eCommerce strategy, bringing together elements from across technology, digital marketing, customer experience, delivery and operations. This then leads towards reshaping the fundamental organisational architecture, ensuring a centered business model, supporting growth and value though eCommerce.
Ensuring access to the right skill set
Once a comprehensive strategy is in place, ensuring the right talent is there to deliver is another key stage to ensuring an effective eCommerce strategy. If the right skills are not handled in the right place, an organisation will not be able to unlock its true value and many obstacles will be challenged wasting both time and expertise.
Alike, organisations should not make the mistake of simply developing a strategy and then thinking the job is done. A good strategy should factor continuous optimisation, incorporating measurable milestones. While technology is continuing to develop beyond anyones guesses, a strategic eCommerce strategy will have to continually adapt to the digital evolution.
Handled correctly, an eCommerce strategy has the potential to modernise businesses developments, driving efficiencies and accelerating growth. Getting it right can take time and all too often, we witness organisations making the same key mistakes when it comes to eCommerce, hindering their ability to take advantage of opportunities presented by market growth and new technology. However, with the right approach, advice and strategy, all organisations can harness eCommerce to really add value and stay one step ahead of the competition.