ecommerce summit atlanta fit for commerce

Download eCommerce Summit Atlanta Fit For Commerce

Post on 20-Aug-2015

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  1. 1. Michael Miller VP of Client Development, FitForCommerce Finding Your Right Match-Identifying the right partners & solutions to grow your eCommerce Business
  2. 2. FACT: 60% of eCommerceMarriages END in Divorce Most lasting only 18-24 months
  3. 3. Why? http://video.aol.com/video-detail/celebrity-family-feud-singles-bars/2130384646
  4. 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. 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. 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. 7.
    • HOW TO KNOW ITS TIMEFOR A CHANGE
    CASE STUDY: Steve Jones, HomeBistro
  8. 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. 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. 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. 11.
    • E-tailing Group Ecommerce Gauge (egeg)
      • Your site vs Your Category Leaders vs EG100 Index
    (cont.)
  12. 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. 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. 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
    (cont.) This is real data on the feature: Ratings & Reviews
  15. 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
  16. 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