The e-Commerce industry is where all the hot business is at nowadays. If you reached the last step of our e-Commerce Ascension™, then you must be ready to strive for your spot on top of the competition. In this step, I explain what actions must be taken by stakeholders to ensure that they maintain their unfair advantage in this ruthless industry. I will address points regarding market research and how to study the industry trends, which are more volatile than in any other field, I will talk about how to make a habit out of always trying to widen your horizons in order to always obtain that winning product that surpasses all other rival products on the market. Moreover, I will go through the details of how should new development plans be approached and why you should always consider hedging your growth by constantly expanding your portfolio.
The first detail of the Ascension step is to keep informed on industry trends. If possible, I strongly recommend to create a budget allocated for resources that will yield you a heads-up of what the next big thing will be. Of course, this is a trial-and-error process, but I believe that having this information advantage is bound to create a hefty return one you identify the next winning product before it even achieves its status with the wide public. Remember, even if 1 out of 100 products deems itself successful, you will strike gold. E-commerce is strongly time-sensitive, implying that besides the what, the biggest factor is the when. A good product won’t sell if you are the last to jump on the trend. Stay profitable, stay informed!
Second item on this list is learning how to constantly explore other opportunities. Strongly intertwined with the first element of the Ascension step, this practice focuses on developing an entrepreneurial mindset. Always try to seek out other paths that allow you to grow your business in other directions. It’s a no brainer that you should focus your resources on your cash-cow project, but the returns on any product are diminishing, implying that at some point it will hit a hard cap. Expanding your business in other directions will allows you to gain additional, albeit single digits, percentages towards your profit.
The third and last item is the proper strategy required to prepare the new developments. It might be a bit counter intuitive to what the first two items above recommend you should do, but this final step is what differentiates winners from losers in the e-commerce industry. Remember to always take your time and plan out the playing field before jumping in the action. Normally, you’d want to be the first to put out a product on the market, but the second you do it, a copycat will steal your product and sell it for a cheaper price. Therefore, you should prepare yourself in such a way that it will allow you to maintain this strong differentiator from copy cats and uphold your status as an industry trend setter. Research what the possible market demand will be, secure the supply and invest in strong marketing that will outshine cheap white-label drop-shipping duplicates.
If you enjoyed this article about the Ascension in the e-commerce industry, all the other steps of the e-Commerce Ascension™ become way easier. The template is not just a powerful tool to increase your e-Commerce performance, it’s a mindset that allows people like you and me to gaze through the lens of consumer behavior and successfully apply the insight gathered.