ecommerce summit atlanta fit for commerce
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- 1. Michael Miller VP of Client Development, FitForCommerce Finding Your Right Match-Identifying the right partners & solutions to grow your eCommerce Business
- 2. FACT: 60% of eCommerceMarriages END in Divorce Most lasting only 18-24 months
- 3. Why? http://video.aol.com/video-detail/celebrity-family-feud-singles-bars/2130384646
- 4.
- FitForCommerce is a consultancy founded to help online businesses figure out what they need and how/where to find it
- Team of former multichannel retailers, marketers, technologists and service providers, with hands-on expertise in eCommerce
- eCommerce Diligence is a philosophy and methodology based on diligent preparation and decision-making to ensure success
- Strategy, Requirements/RFP, Provider Selection, eCommerce Marketing, Implementation Coaching
- Rapid Site Evals are quick 2-day evaluations of ecommerce sites, delivering suggested improvements and prioritization
- FitBase is the first eCommerce market knowledge base andcommunity ,offering
- 1000s of best practices, feature evaluations, expert advice andcommunity content on 300 features, functions and topics
- 1000s of provider and solution comparative info
- 5. Balancing Dual Investments
- eCommerce Marketing
- Customer Acquisition
- Branding/Advertising
- Outreach: Email marketing
- Get found (80% rule!): SEO, PPC/SEM, Affiliate, SCE
- Offline: catalog, direct mail
- Cross-channel: e.g. in-store messaging, package inserts programs (PIP), in-store kiosks, POS programs (POP)
- Customer Retention
- Community, content, social
- Loyalty programs
- Email, direct mail
- Cross-channel: PIP
- eCommerce Technology
- Webstore front-end
- Site Management
- Back-end (Order Mgmt, Reporting, Analytics)
- Data & Integrations
- Security & Compliance
- Fulfillment
- Customer Care
- Design/Creative
- 6. AGENDA
- How to Know its Time for a Change
- How to Prioritize the Must-Have and Should-Have eCommerce Features
- How to Choose the Best-Fit eCommerce Solution
- 7.
- HOW TO KNOW ITS TIMEFOR A CHANGE
- 8. Key Indicators
- Falling Behind the Competition
- Missed Benchmarks & Best Practices
- Cannot Overcome Current Deficiencies
- Internal Costs are Too High
- Strategic or Future Growth is Dependent
- Spending 80% of time fixing, 20% dreaming of how to grow
- When your customers tell you.
- 9. Falling Behind the Competition
- Determine your competition
- Direct competitors same products or categories
- Indirect competitors same demographic, region, size, maturity
- Find out how and why you are/might lose sales or customers to them
- Analyze your analytics!
- Shop your competition following pre-defined use cases or customer journeys
- Ask your customers why they chose you
- Ask your abandoners why they didnt
- Competitive Analysis
- Methodical: Feature by feature
- Try to understand WHY a feature works better
- Look for differentiators that you should do
- Think up differentiators you can invent (think problem-to-solution)
- Hire a consultant or do your own competitive analysis
- 10. Missed Benchmarks vs. Best Practices
- Determine the Best Practices that are relevant to your business
- Ex. Apparel, Food visualization
- Ex. Technical products product information, ratings & reviews
- Ex. Gifting multiple ship-to, gift messages
- Learn about universal best practices
- Ex. High SKU count with multiple attributes guided navigation
- Ex. Persistent shopping cart and abandonment emails
- Ex. Express checkout, 1-2 page checkout
- Ex. Quick view product details
- Document your current capabilities so you have a starting point
- Benchmark your site; document the gaps
- Hire a consultant
- Do your own analysis
- 11.
- E-tailing Group Ecommerce Gauge (egeg)
- Your site vs Your Category Leaders vs EG100 Index
- 12. Benchmarking
- These are generalizations; each case is different, may depend on maturity of business, margins, staff competency, etc.
- Sub-$1m pure-play spending ~$1k-10k/yr
- 3-10% of revenue spent on ecommerce technology
- $15-50m ~$500k-$1m spend
- $50m+ ~$1m spend
- Technology advances so quickly that you should buy for today and next 24 months
- Average turnover of platform is 24-36 months
- 13. Hundreds of eCommerce Components to master
- There are 100s of features, functions, topics that an eCommerce manager must plan and execute around
- Cross technical, operational, marketing, merchandising, creative
- Figure out your pain points and your growth opps:
- Storefront features vs post-order process/tools
- Site mgmt
- Data/integrations
- Fulfillment/Cust Care
- Treat everything like an investment decision
- 14.
- Seek out market data to make your decision
- Ask your peers
- Read key reports, blogs
- Forrester
- Gartner
- Getelastic blog
- Benchmarking studies
- e-tailing group EG100 Gauge (egeg)
- Knowledge bases
- FitBase
- 16. Cannot Overcome Current Deficiencies
- Document the gaps and reasons technical? data? operational?
- Ex. Multiple Ship-To
- Ex. Managing promotions, shipping
- Create a plan to overcome those gaps WITH CURRENT CAPABILITIES
- Define other options to overcome those gaps going BEYOND CURRENT CAPABILITIES
- Individually vs Collectively consider the options
- Rate each of your options Must have vs Should have vs Nice to have
- Explore what happens if you dont address each one
- Can they be phased in?
- Create a Plan B
- Think collectively about a set or series of options doing a few at once can be more effective
- Tweaks vs Changes vs Major Changes
- Tweaks are low-hanging fruit do them now!
- Changes need to be prioritized by ROI
- Major Changes are investment decisions needing ROI with a long term outlook
- 17. Internal Costs are Too High
- Resource Costs
- Inefficiencies: staff time , manual processes, system usage
- Ineffectiveness: accuracy, re-entry of data
- Expense $ Costs
- Total Cost of Ownership (TCO)
- Hard costs out of pocket
- Soft costs staff time
- Opportunity Cost
- What else would you be doing with your time or money?
- If dont invest now, what sales are you missing?
- Will you lose potential customers or on lifetime value if you do