Grow your DotCom Business : 4 Easy Steps

I know my audience has been waiting for this one from me. You might be at various phases of your DotCom Business journeys. Irrespective of where ever you are , you always regret few decisions of your past, so do I. One of such personal decision was to wait for the right moment. Today I think I should have started early. My point being, there is always a scope of improvement. In the dynamic environment of digital world you cannot control the external factors but you can control the internal ones. So lets focus on that without much worrying about things beyond your control. Keeping customer at spotlight , here are 4 easy steps for growing your DotCom business. These worked for me and I hope this will work for you as well.

1. Be Different (in a right way)

The DotCom world is a vast and complex web of information, media and related businesses. How can you create success in the world where you are competing with millions ? My cheat code is don’t chase others. Create your own path and your destination will be different. Offer something unique and differentiator could be anything. It could be a product, service, packaging or customer experience. One can only inspire you to think differently but you only have to find your X-Factor.

2. Be There (where customer will look for you)

Make your business offering present where customer will look for you. Or go one step ahead to offer it where customer does not expect you but will pay a premium to get that.  Media on demand (Amazon Prime, Netflix etc) in on air flights is one such example. For customer its a delight when a business provide a seamless experience through various outlets (i.e. different websites) and different electronic devices. Research have shown that companies with strong presence on multiple platforms retain more customers than others who are not. Easier said than done. You need a consistent push across all your platforms and should have seamless transition from customer point of view.

3. Be with Someone (who make sense to your business)

If you want to walk fast, walk alone; if you want to walk far walk with someone. I think this proverb fits here. Find a right partner for your mutual growth. The partner should bring value on the table which you cannot generate profitably on your own. They should either help you to increase your revenue or increase your profits. With a right partner you will instantly start focussing on your core strength without wasting your time on something which is not your core competency.

4. Don’t be Content (rather focus on your content)

Push your goal post at every milestone you achieve. Think big and work for it. Only you can decided what is possible and what is not possible for you. And your content is going to achieve it. I am sure you have heard it before that content is the King. It goes beyond just selling your business to customers. It create and nourishes long term relationship. Content can be offered in form of visuals, videos, blogs, influencers etc. Your imagination only limit its possibilities.

No journey is fun without little hurdles and sense of overcoming them. I wish you do overcome yours. Do write back and tell me if these tricks helped you.

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It Takes Two to Tango

Welcome to my first blog which shares my perspective on Indian e-Commerce specially on near past where all leading e-commerce portals started focussing on Home Furnishing and related categories instead of electronics category. Home furnishing was an ignored category in the yesteryear of eCommerce. But as per the e-Commerce home furnishing market 2016 report, in 2015 world eCommerce home hard and soft furnishings market, combined, were worth $39.9 Billion, with overall world furnishings market forecast to grow at a CAGR of 8.87% in the next 5 years. With cellphones (especially Smartphones) and increasing Internet penetration, end user can make the purchase on the go. This has led to a surge in the sellers and buyers on e-commerce platform. Sellers on the e-Commerce home furnishing portals now provide free deliveries, Cash on Delivery, easy exchange and replacement warranties.

A number of exciting figures and facts are available if you go in detail of complete report on e-Commerce home furnishing market available at Sandlerresearch The reports tell us that analysts forecast world’s e-Commerce home furnishing market to grow at a CAGR of 19.45% during the period 2016-2020. The report clearly indicates that Europe led the world e-Commerce home furnishing market and had a market share of more than 44% during 2015. The Luxury range with sale of premium-priced and customised home furnishing products in the west Europe especially UK, France, Italy, and Germany and the presence of leading vendors like Bol.com, IKEA with other premium stores in the region will contribute to the growth of this market in Europe in the years to come.

A few international brands / Sellers and many local vendors are making the world e-Commerce home furnishing market fragmented. Product portfolio, differentiation, and pricing plays pivotal role in the complete forecasting scenario. To create an impact in highly competitive environment, brands/stores need to distinguish their product and service offerings through a clear and unique positioning. There are few names which has done this successfully are amazon, Ikea, costco etc. Presence of these stores in US also plays an important role to become the leader.

a05ee29f-5b3d-4ee4-9161-a59fae4c3aa8-originalThe thing which enables these brands to provide better products with sufficient margin to operate is sourcing. Ideally, China would have been the obvious choice but to surprise, manufacturers like Trident Group and Welspun are one of the two big exporters apart from Alok Industries and others. The superior quality coupled with competitive pricing making India a better choice. In Indian perspective, despite of slump in foreign investment, the e-commerce is surviving and credit goes to focus on home furnishing category. Some consolidation and wallah ! ; we would enter into Indian E-commerce 2.0 where focus will shift from discounts to service quality. It will definitely going to take time and could be painful for some of the high aspiring startups (they will either die the slow death or bought by bigger players). Despite of all this chaos “it will take two to tango”, Home Furnishing and Indian E-commerce Industry in coming times.