The world abounds with the success stories of billion-dollar valuation flaunting of Amazon and Alibaba. But along with every glorious page of Amazon and Alibaba, there are thousands and thousands of pages of glaring failure. Note that e-commerce has about an 80% failure rate. Other researchers believe that it’s as high as 97%. It mainly stems from the fact that there is nothing as volatile as the e-commerce domain. As if it has wheels at its feet, it moves with a rapid speed and alacrity in terms of technical precedence. What is in fashion today may become pass tomorrow.
Naturally, keeping in steps with giants like Amazon, who have the lion’s share in the market, by coping with technical upheavals becomes impossible for small and mid-size e-commerce platforms. Far away from eroding the market share of Amazon, they struggle for existence. That’s where an e-commerce consultation firm, knowing each and every brick in the wall of e-commerce, can become your silver bullet.
What Is the Role of Ecommerce Consultation Firm?
First of all, it’s important to know that Amazon covers nearly 44% of all e-commerce revenue on the internet. Also, third-party sellers are accounting for the major chunk of a portion of Amazon’s revenue. It clearly suggests that there is enough room in the e-commerce marketplace for small or growing businesses.
However, owning that room will call for a sound marketing strategy and operational support. But all this will get rendered as useless if businesses fail to identify and target the right customers. With immense know-how and experience, a consulting firm can bridge the gap between recognized business expertise in products and a consumer niche. Similarly, it can also provide specialized methods needed for e-commerce, as it generally specializes in one task or stage of developing an e-commerce platform.
In short, an e-commerce consulting firm can fire up your growth engine to capture the projected $4.5 trillion e-commerce sales by designing, testing, and refining campaigns as well as operational processes.
How It Actually Does It?
Though there are hundreds of ways through which e-commerce consultation firm can assist an e-commerce business, we have listed down few.
1) Initiating the Right Digital Marketing:
With new channels, tactics, and platforms emerging with each passing day, today’s digital landscape is in constant flux. A reputed e-commerce consultant firm can assist you in defining goals, Key Performance Indicators (KPIs), and key tips for utilizing a particular channel such as SEO, pay-per-click, paid social media advertising, and much more. It doesn’t just free up your time – it gives you the liberty to focus on your core competencies.
2) Analyzing Results from Ecommerce Marketing Perspective:
Though the study of customer behavior is important in all businesses, it becomes of paramount importance in the e-commerce segment. It’s mainly because the journey of e-commerce buyers is heavily digitized. There is very little face-to-face interaction with them. That’s why details like which campaigns, ads, etc. are producing good results and which aren’t, which channel is giving the maximum traffic, which attribution model (last-click, first-click, etc.) is been more successful becomes vitally important.
With various tools and manpower at disposal, an e-commerce consulting firm can provide you with all the aforementioned details. Once equipped with them, you can take a strategic decision, which might have a positive impact on your bottom line.
3) Improving the Sales Funnel:
Due to their ability to provide easy, result-driven, and iteratively optimizable platforms, sales funnels are key to increase conversion rates, average order value (AOV), and other KPIs. Sales funnels can be set up within an existing e-commerce site – or can be used in place of them. Ecommerce consultants can provide you pre-built funnels, or can easily build custom funnels. Note that there are consultation firms in the market that specialize only in the sales funnel.
4) Timely Guidance on Strategic Issues:
A consulting firm may not know what is actually going to work at the ground level for e-commerce. But it has witnessed enough failures to tell you what’s not going to work. For example, if your Google Ads are not working as per the expectation, a consulting firm can tell you why it’s not working. It could be due to the lack of differentiation, weak value proposition, poor brand positioning, and severe competition. It can make course-correction easy and efficient.
On a broader perspective, it can help you in deciding –
5) Identifying and Creating Opportunities:
As I have explained earlier, reputed IT consultants have a strong ground-zero experience. They have seen stupendous success. They have also seen gigantic failures. Their seasoned eyes are naturally trained to see any change in the wind. They can sense where the paradigm is shifting, which new things are coming, and what is going to rule the market. This sixth sense enables them to think outside the box and see the lucrative possibilities which are invisible to others. The new areas of growth illuminated by consultants, which were hidden from your eyes, can expand your business footprints. More importantly, they can help you establish as a thought leader, not as a mere seller of products. Not that it’s one of the finest ways of achieving customer trust – a prerequisite to any customer retention.
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