Success factor for an E-Commerce Startup company
Sunday, November 11th, 2007
Happened to take notes for my new e-commerce store.
1. Cultivate an adaptable organization (structure and process), built for profit from the outset.
2. Develop a flexible, evolutionary business plan based on target and market dynamics to take advantage of new opportunity.
3. Minimize experimental phase, start-up expenditure and aim for strategic fit.
4. Utilize in-house synergies and ELK across functional departments and sites.
5. Introduce creativity and flexibility in reciprocal-links and joint-marketing ventures.
6. Employ multiple revenue streams (via multi-niche web strategies).
7. Develop strong, credible online brand, with strategic focus on quality, service and delivery.
8. Generate quality, clear visual and written product descriptors.
9. Build and maintain loyal customer base (highly-target each niche).
10. Employ and monitor customer retention programmes.
11. Engage customer creativity to aid site stickiness (i.e. retail theatre concept).
12. Continuously search for and add value to the customer.
13. Avoid “commoditizing” product offerings.
14. Explore customization opportunities.
15. Enhance service opportunity (e.g. customer as designer).
16. Regularly update sites to incorporate fresh added value and new technology.
17. Engage supply dynamics across the chain, including engaging affiliate partners and reciprocal linkages.
18. Incorporate a low maintenance, integrated back-office system.
19. Be proactive in the marketspace.
20. Explore low-cost access to mass-media representation
Reference:
Ashworth, C.J. (2004), “Fashion retailing online: is it triumph or tribulation for SME lingerie e-retailers?”, MMUBS, Manchester, .
Tags: E-Commerce startegy, e-commerce startup factors, Internet Business strategy, Internet Entrepreneurs