E-COMMERCE SUCCESS STRATEGIES. The eCommerce business has grown in the last couple of decades and has seen the rise and fall of a lot of promising ventures too. Even in the last decade, there was a lot of heavy weights leaping into eCommerce business, but not many of them survived. In fact, more companies have succumbed than those are still playing in the market. Why is that?
Most recently, a college research found that the main reason behind downfall of promising eCommerce companies is the strategies that they had. Some strategies worked and some did not. And those which did not, eventually killed a lot of buddying companies with very capable portfolios.
Hence, we understand that the business strategies that you implement in your eCommerce business are very important and they affect your success at the end of the day. In this article we are going to look at one such eCommerce success strategies. Stay tuned till the end of this post.
One other finding of that research told that the other major reason of downfall of many of those eCommerce companies is that they failed to cater to the local buyers – both in their region and on foreign lands. They were not able to tap the local buyers up to their actual potential, wherever they took their business. Many local buyers could not connect to the foreign or global marketing strategies and hence, moved away from those companies. It has led to the downfall for many big eCommerce companies who started on large scale in the last decade, the study shows.
Act locally, think globally
Well, this is what all the management gurus have been teaching all eCommerce businesses since they started catering to the countries outside their own and slowly spread globally too. How many times have we heard the phrase, “think locally, act globally” from the mouth of our mentors? I am sure a lot of us have heard this phrase a lot of time. But in this age, as everything evolved, this phrase also lost its meaning by a great extent.
The main idea behind this phrase in business was to spread your business beyond the local boundaries. The management gurus preached to think about how you can take your local business to countries and regions which are beyond boundaries. This is where the globalization started and it helped a lot of businesses in a lot of ways.
The phrase “act locally, think globally” works even today in various sectors but then, in the recent past we have learned that the business and the ways we do business have evolved. Now, we cannot fit the same cap on everyone’s head. The solutions won’t work for everyone. Hence, it is time to retrospect and find out what is right for us and for our businesses.
E-Commerce Success Strategies: Think Local, Not Global
After realizing that the times have changed and businesses have evolved, I can easily say that we must make necessary changes to our eCommerce business strategies. Let us try to understand why “think local and not global” is one of the most successful and new eCommerce success strategy.
As I told earlier, one solution does not fit all now-a-days. You cannot prescribe the same medicine for all the various diseases that the various patients have. Depending upon the symptoms, you need to choose the right combinations of drugs which will cure the patients. Different patients have different diseases and hence, they need different treatments.
This is exactly the same with your product markets – the various markets in which you sell your products through your Shopify store. Since the markets vary, we must study and analyze each of them separately and find the best solution which will work in those individual markets only.
The Shopify store that caters to a specific market should be designed and customized for that specific market or region or country, as much as possible. Positioning and pricing of our products must match with the place too. We learned this from the four Ps (Product, Pricing, Positioning, and Place) in marketing too and it is time to implement those in our eCommerce business too.
Customized solution is going to be the next big thing and it can only come when we think locally and try to look at what the locals want, rather than trying to implement strategies which worked globally. Did that make sense? Do post a comment below and let me know what you felt about this new eCommerce success strategy: think local, not global. I will eagerly wait to read your comments and know what you feel about it. Also, feel free to share your experience if you have seen anyone following this strategy in eCommerce business around you.
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