Growing Your Business Through Digital Commerce Strategies

Growing Your Business Through Digital Commerce Strategies

It sounds very simple. And yet, I speak with many customers that ponder how to get their commerce strategy off the ground or don’t see the gains because of poor execution choices. There is no doubt that a clear digital commerce strategy based on data driven scenarios when executed well can result in amazing business growth and customers coming back for more!

Let’s validate the strategy.

It starts with understanding the key metrics of your business – which means a foundation of data-driven culture. Having a dashboard view of who your buyers are, how customers buy from you, what they buy (profitable/high margin products) and where the sales are coming from – I call these your commerce scenarios. Knowing your core customer buying scenarios (B2B or B2C) will set your commerce strategy on the right path. There are several cheat sheets and methods available to help an organization document these scenarios.

Now let’s talk about enacting those scenarios. I am a believer in a “rapid launch and learn” methodology. There is no better substitute to real-world customer feedback. My view is to identify your top scenarios, get your commerce site up and then measure performance. This allows you to listen to your customers and alter your product mix/experience based on feedback. Once again, I repeat data-driven approach is the essence of this strategy.

Lastly, let’s talk about alignment – this is making sure that your organization’s internal systems, processes, and people are aligned to interact digitally with your customers and in sync with your digital strategy. Do you have the right value messages for your internal teams that resonate with the market? Do you have the right incentives in place to drive that digital strategy you are enacting? For example, your CSRs taking orders on paper, or your sales people driving direct sales because online does not count against their quota, these are some examples of poor alignment.
For a typical B2B buyer, there are three key factors to consider. Is your prospective buyer able to use your site effectively to find the right product? – Search with filters & keywords is the #1 priority. Secondly, the depth of information offered about the product makes your site the preferred destination for your B2B buyer. Lastly, ease of buying closes the loop to ensure your customer keeps coming back for more – remember “reorder” is a key scenario for a B2B buyer.
Now you have the essential ingredients to enact your commerce strategy.

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Posted by Srini Venugopal

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