ECommerce allows brands to sell directly to customers, bypassing traditional retail intermediaries.
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๐๐๐จ๐ฆ๐ฆ๐๐ซ๐๐ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐๐๐ ๐๐๐ฅ๐ข๐๐๐ญ๐ข๐จ๐ง
A long list of promising eCommerce business ideas is floated around the world every day. However, instead of numerous ideas, only one idea is required that could test the toughest of the existential questions. This is where business idea validation comes in handy. In the process of validating a business idea, some of the most rudimentary questions are raised that must be answered by an entrepreneur in the affirmative and with absolute clarity of thought. Some of the critical questions to be asked in business idea validation are:
ยท Why choose this particular business? Is there any domain expertise, rich experience, value chain presence or giving an advantage? What is (are) that (those) advantage(s)?
ยท What market gap does the intended business cover?
ยท What voids in the customer and user journey are fulfilled?
ยท What value propositions will be in the offing?
ยท Can such value propositions bring brand distinction?
ยท Who are the budding customer segments and how to define them?
ยท How is the value chain going to work?
ยท How is the element of ease of doing business in the chosen geography?
Business idea validation may help shed light on many unrealised or undermined plus and minus points associated with the business concept and the market and industry conditions. One of the most important upshots of business idea validation is that it produces numerous valuable inputs for business model development and business planning.
๐๐ง๐ข๐ช๐ฎ๐๐ง๐๐ฌ๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐จ๐ง๐๐๐ฉ๐ญ
One of the biggest challenges in purely eCommerce-based businesses is that there is no opportunity to impress customers with in-store elements and experiences. Without any prior brand recognition, there is no solid ground for customers and other stakeholders to gauge the stature of an enterprise here. So, for startups and lesser-known brands and businesses, there must be something unique, robust, and reliable to begin with, in the context of the market segments they intend to cater to. For example, an online fashion apparel startup with cause-based offerings is likely to resonate more strongly with its targeted customer base than its competitors with non-specific offerings. Something must happen on the parameter of the โuniquenessโ of the business concept. However, this uniqueness must have tangible or realisable value to customers. It cannot be mere advertising gimmicks. Service elements provide some extra space in this case. This is evident through elements like user experience on websites/apps, quality of customer support, the use of social media platforms, the quality of content, etc.
๐๐๐ฏ๐๐ง๐ฎ๐-๐๐๐ง๐๐ซ๐๐ญ๐ข๐จ๐ง ๐๐ง๐ ๐๐ซ๐จ๐๐ข๐ญ๐๐๐ข๐ฅ๐ข๐ญ๐ฒ ๐๐ฎ๐จ๐ญ๐ข๐๐ง๐ญ๐ฌ
The question at this point is why the entrepreneur believes the business concept is going to be revenue-making and profit-making. The revenue-making part could be translated as - why are people going to love the concept and buy? A complete reliance on hope is recommended to be avoided here. Instead, the focus should be on โif this is the value, then people are going to buy itโ. The profitability part concerns more business acumen here. This could be as simple as having no competitors yet with strong value propositions. For example, a departmental store could harness that additional portion of the market that seeks home delivery services with standard discounts. If there are no competitors for this segment, it emerges as a free pie of the market to be catered to. This offers scale and scale can offer scope to improve profitability in eCommerce business ( https://www.yourretailcoach.in/industries/online-retail-ecommerce-consultants/ ).
๐๐ข๐ฌ๐ข๐จ๐ง ๐๐จ๐ซ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐๐ง๐ ๐๐ฑ๐ฉ๐๐ง๐ฌ๐ข๐จ๐ง
Starting any business should also include a vision for its growth and expansion as it progresses in its life cycle. As stated earlier, eCommerce is only a channel of selling. Growth and expansion in business means deeper market penetration, accessing new market locations, and introducing new product lines or product innovation. The same fundamentals apply to eCommerce brands and businesses as well. As experienced online business consultants, YRC recommends having a vision for taking the business to new heights via best-fit eCommerce business growth strategies.
๐๐๐จ๐ฎ๐ญ ๐๐จ๐ฎ๐ซ๐๐๐ญ๐๐ข๐ฅ๐๐จ๐๐๐ก:
Your Retail Coach is a retail and eCommerce consulting house with more than ten years of experience in providing tailored enterprise solutions for new and existing businesses. With a rising international trail and a success ratio of 95%, YRC has catered to more than 500 clients in 25+ verticals. In eCommerce business consulting, YRC offers planning and implementation services and solutions for online business set-up and growth and expansion endeavours.
Get advise for Retail Business Consulting : https://www.yourretailcoach.in/contact/
Dr Rupal K Shah
Mind-A-Mend Consultancy Private Limited
+91 9860-426-700
consult@mindamend.net
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10 steps to start an E-COMMERCE Business - Right BUSINESS STRATEGY