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Friday, 8 August 2014

5 Tips For Successful eCommerce Business

According to Statistic Brain, an average user has an attention span of 8 seconds – one second less than that of a goldfish. Interesting, isn't it? And it even becomes more interesting when we consider that an eCommerce merchant has only so much of time to catch the user's attention and make a successful sale. Now the question arises, how to catch attention in 8 seconds flat? If you think it's difficult to do, think again. There are few companies who have successfully managed to do so, and joining their league is easy if you can implement the following principles:

eCommerce Business

This is the age of innovation, you have to offer something out-of-the-box to differentiate yourself from the competition. You can promote innovation in your company by empowering various teams to develop creative solutions based on the strategic objectives of the company. If you have a decision committee in place which is hindering innovation, it's high time that you implement an organizational restructure.

Business unit

Many business organizations – especially the larger ones – have lengthy processes in place, and usually these processes are at fault for the lack of innovation. The best way to overcome this problem is the creation of a separate business unit. This business unit should have adequate decision-making power, technical capabilities and information to push innovation and modernization beyond corporate bureaucracy. Moreover, the new business unit should have its own independent setting, including physical space with its profit and loss accountability.

Streamlined processes

Having good business ideas is not enough. They should be quickly implemented. If you have a good product in mind, you should be able to conduct market research immediately. Based on the market research, the product should be manufactured and put in the market. Customers' feedback should be taken and analyzed, and then appropriate decisions should be taken. If the product needs modification, it should be done quickly and if the target audience isn't impressed with the products, you either need to implement a strong marketing strategy or pull back the product. In short the bottom line is, the processes – right from the moment the idea was conceived to the customers' feedback – should be executed quickly and seamlessly without any bottlenecks.

Innovation accounting

In this age of intense competition, traditional accounting is no longer enough. When factors such as innovation, adaptability, flexibility and scalability are of paramount importance, accounting needs to consider them too. In this situation, innovation accounting comes in the play. Unlike traditional accounting, innovation accounting will allow you to measure the success of your business based on your ability to innovate. You just need to define your innovation criteria and measure the actual performance against it.

Agile methodology

To stay ahead of the competition, you should create agile team that will help the business create new ideas, design innovative products and speed up the manufacturing process to beat the competition. Agile teams are usually are more adaptable to changes and open to innovation.

Do you want to build a successful eCommerce business? Ydeveloper is specialized in offering a range of custom-built and multi-store ecommerce products and solutions (e-Smart eCommerce Suite) that help you penetrate target audience effectively and efficiently for outstanding sales and profits.

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