So, you are the "Cash Cow" of the BCG matrix. It must be exciting to be on top of the pyramid as you have exciting site-traffic and have excellent ecommerce conversion.
Retail ecommerce is not quite a complex business to manage as long as you have the crucial aspects of the customer experience well-managed. However, I wish I could say the same for ecommerce analytics. The growth of ecommerce industry is rapid. The market size is expanding every year. So, how does anyone measure the success of the quarter?
The final quarter of the year is full of seasonal products and festivals. It is quite an ideal time for online selling websites. For a website with excellent conversion rates and fair amount of site-traffic, the online sales would be quite a number to brag about. But, only the YoY growth isn't the only factor. An important question here is how to measure success against the growing market share. Is your YoY growth linear with the market growth?
The Saturation Point:
Online selling is all about the fusion of innovation and technology. Young businesses and seasonal selling sites often beat the sales figures of giants during the festival season. Because, they do not sway themselves in the myth of monotonous marketing activities and frequent success. Such businesses often limit their horizon by clouding the opportunities. They remain in the hindsight of the success only until a successor comes and steals their show.
Until then, they sit comfortably comparing their own YoY growth and do not really focus on the gradual decrease of their own ecommerce conversion rates.
The Buyer's Behavior:
Years and years ago, before the extravaganza of online selling sites, the Walmart, the Brick & Mortar Store, and all others – people still bought things. Their preferred choice of buying goods, merchandises, and grocery; it all varied. The technology played a key role in this change of behavior. And, some creative marketing methods with deep pocketed super malls did, too. Just because the buyers prefer to buy from your store today, does not necessary mean, they will always continue to.
It is quite human to expect change. This change could be in the form of buying pattern, the destination itself, the catalog, or the overall experience. A wise man once said, "Keep your mind young to stay younger".
How to Edge Towards Continuous Growth?
The following is accurate for most technologies, let's (for the sake of reference) talk about Magento. To maintain optimum performance of a Magento powered online store is a task. An ecommerce site demands continuous improvements and creative inputs. But, everybody does that. Updating the product catalog is also something that everyone does. How do you separate yourself and find something unique for your site-visitors?
Magento Product Design Tool
Yes, product personalization is the missing piece of your puzzle. Be it the seasonal products or regular products, people find their own reasons to shop at regular intervals. A Magento Web to Print Store provides an ultimate destination for the buyers to personalize the products for a friend's birthday, a sports event, or an office event, to attend a function, or just for fun.
The overall experience of creating something unique remains with the buyers for a long period of time. You might spend thousands of dollarsfor advertising, but that one t-shirt with a unique tagline would give you more loyal customers than any you might get through an extremely successful Google Adwords Campaign.
The integration of Web to Print Magento product customization extension for printers is the tomorrow of retail ecommerce. If your store does not provide product personalization, you might end up losing half of your site visitors by 2020. Post the Amazon patent of automated Warehouse, it is extremely crucial to have the means to ensure that you are able to provide what your customer demands.
Not Just the Question for Improving, Matter of Survival!
Each of the new technological advancement has changed the overall industry it is applicable to. And the ecommerce industry is nothing but the produce of the technology. There are changes you require to adapt with. And, then there are those which may easily become a deciding factor for your survival in the (near) future. If you have a website powered by Magento, you must look for a compatible Magento Product Design Tool.
For a scalable business such as yours, you must also ensure that you look for a technology partner with equal level of competence. Brush Your Ideas – Magento Product Design Tool and Web to Print storefront offer a feature rich tool, It does not only enhance the functionality of your website, but it also ensures that your customer experience remains flawless. Find out more today.