The new buzzword is eCommerce, the holy grail for creating millionaires and leapfrogging oneself into fame and wealth.
What do you need for your eCommerce Success is the eCommerce Mantra.
“For eCommerce I need a good value proposition, good partners, scalable technology, innovation, Quick launch, exponential customer acquisition that ensures a steady cash flow to achieve funding and create wealth.”
So let us demystify our eCommerce Mantra
1. Good Value Proposition
You business idea must be sound and create value in saving time, money, efficiency and these should be measurable and make an impact in the domain where you want to launch your eCommerce service. Your value proposition must be a disruptor to the old way of doing business.
2. Good Partners
Good partners is the elixir for the success of your eCommerce venture, you need great partners for every aspect of your business be it accounting, administration, logistics, technology, banking, funding, advisory, legal, domain experts and other partners in your ecosystem.
3. Scalable Technology
Your technology must be able to scale quickly and lend itself to course correction whenever needed, your eCommerce technology solution is an ongoing project based on business needs and you must choose your Technology partner and solution carefully.
Your business proposition must be innovative so that it attracts all stake holders in your ecosystem to work on making your eCommerce solution a success. Innovation attracts strong partners which accelerates the success of your eCommerce enterprise.
5. Quick Launch
The eCommerce world measures in weeks, not in months or years, so from start to launch you must be ready to complete your first cycle in 12 weeks or less. You can keep working on improving your eCommerce offering, but getting your feet we in the real world quickly is important.
6. Exponential Customer Acquisition
Your ability to bring in customers to your eCommerce solutions must be exponential, you need to grow the customer and user base exponentially, not only in eyeballs captured but also in revenue.You will need exponential revenue generating customers to use your eCommerce portal success. To achieve this you need a great marketing plan and more important a capable sales team to achieve this.
7. Steady Cash flow
Your plans must project a steady cash flow which will increase month on month and you must back this with a clear supporting on how you have arrived at these cash flow projections.
If you get the above points right, you will have funding at your doorstep and you do not go door to door with a begging bowl for funding. So make sure you have enough funds to achieve the above steps and have transactional value created in your portals before you let in the potential investors into your business.
9. Create Wealth
It is important that from day one your plan creates wealth for not only for you and your team but also your partners. Show intent to execute this by signing definite contracts with all stake holders so that they are motivated to make your eCommerce business a success.
To keep yourself on track, read the eCommerce Mantra more than once a day. You can surely carve your way to eCommerce success on the journey for creation of wealth and prosperity.
About the Author : LS Subramanian is a trusted advisor and a thought leader in Digital Transformation. He is the founder & CEO of NISE, an advisory firm that helps in translating eCommerce ideas into reality. He can be reached at firstname.lastname@example.org
This article was published in the Digital edition of Dataquest India on August 14th, 2015.