Follow me through as I explain the 6 eCommerce business strategies to learn from leading eCommerce tycoons in the industry.
The eCommerce business is undoubtedly broad, which is why there is always something new to learn. With that in mind, studying the path and eCommerce business methods of some of the most successful eCommerce tycoons is one of the most effective ways to learn useful lessons. In today’s world what you find is a wide range of customers shop online.
While every establishment goes through a learning curve when it comes to establishing an online store, some of these business moguls or tycoons have taken a step further to develop the top eCommerce businesses you can find in the world.
6 eCommerce Business Strategies to Learn from Leading eCommerce Tycoons/Mogul
Here are the 6 eCommerce business startegies to learn from leading eCommerce tycoons:
1. Think Big and Never Give Up – Jack Ma (Alibaba)
This list would be incomplete without mentioning this legend. Jack Ma is a treasure trove of life lessons, whether it’s in the eCommerce company or in general. Ma personifies the concept of hard labor and rapidly displays the benefits of perseverance in the real world.
His early days were difficult, but he overcome them by combining experimentation and tenacity. Even back then, his goal was to become Alibaba the world’s most popular eCommerce platform. He was responsible for securing large financing and transforming Alibaba’s initial public offering (IPO).
Read- Value Added Tax- What Startups Should Know.
2. Prioritize Company Culture – Tony Hsieh (Zappos)
Over time, Hsieh developed a solid brand. Throughout the process, he worked on developing the proper culture, emphasizing the need of employing the right individuals.
During the employment process, the organization goes to considerable efforts to ensure that the candidates are culturally appropriate, not simply in terms of their qualifications.
It’s as easy as that. Hsieh realized that people:
- Don’t like the feeling of losing control;
- Need reassurance that they’re making progress;
- value strong social ties, and
- are driven by the desire to be a part of something bigger than themselves.
3. Humanize eCommerce – Hiroshi “Mickey” Mikitani (Rakuten)
Rakuten has grown at an exponential rate ever since its creation. Rakuten founder is Mickey, who’s been credited with the company’s success due to his detailed approach.
For a rich purchasing experience, Rakuten combines people’s demand for connection, even if it’s through computer screens. For an individualistic approach, the premise is that you ought to focus on making provisions of high-quality customer service and hospitality.
Mickey envisaged a bazaar-style environment in which small business owners could curate their items and link with their customers. Rakuten makes use of a hybrid technique in order to make suggestions, mixing humans and algorithms.
What this implies is when customers contact the merchant for personalized recommendations, they get to have a positive experience.
4. Customer Obsession – Jeff Bezos (Amazon)
Amazon has dominated the eCommerce business environment for quite some time now. Ever since it was founded, this eCommerce colosus has shifted attention on creating and adhering to elementary values.
Jeff Bezos founded the company in the year 1995 with the goal of being the most customer-centric corporation on the planet, a great notion which the company has adhered to to this day.
What’s the end result?
Amazon consistently maintains a 90 percent customer retention rate through embodied user experiences. Bezos is hell-bent on going beyond the textbook definition of customer satisfaction.
You are able to employ this method by focusing entirely on your clients and working backwards. One of the ways is to think outside the box when it comes to the services you render and goods that you provide to your consumers.
5. Tackle Problems as They Arise – Brent Bellm (BigCommerce)
Bellm’s position is that leadership in the eCommerce company is all about fixing challenges on the fly. And includes seizing chances when they present themselves.
You ought to circumvent admiring, tolerating, or actually ignoring the current problems. Whilst you do all that, you instead confront problems head-on by taking a problem-solving strategy that is driven.
Similarly, you ought to take advantage of the prospects and business techniques available to you through eCommerce. Set ambitious but goals you can attain, such as increasing revenue, improving merchant acquisition efficiency, and completing orders on schedule.
6. Be Picky and Patient – Josh Silverman (Etsy)
This is in reference to Etsy’s merger and acquisition strategies. Josh became CEO of Etsy in 2017 and worked tirelessly to boost the Gross Merchandise Value (GMV) and reduce the company’s rising expenses.
He developed a brand empire by acquiring specialized marketplaces with yearly GMV in the millions of dollars.
What is eCommerce?
Electronic commerce, which is sometimes referred to as eCommerce, is a business concept that allows businesses and consumers to buy and sell goods through the internet.
6 eCommerce Business Models
The following are the six most common eCommerce business models:
- Business to Consumer (B2C)
- Business to Business (B2B)
- Business to Government (B2G)
- Business to Business to Consumer (B2B2C)
- Consumer to Consumer (C2C)
- Consumer to Business (C2B)
1. Business to Consumer (B2C)
Business to Consumer (B2C) marketing is when a firm decides to sell its products or services directly to consumers. This is the most well-known kind of business.
2. Business to Business (B2B)
Business to Business (B2B) marketing is when an establishment sells its products or renders services to other businesses directly. There are two types of B2B ecommerce methodologies: vertical and horizontal.
Businesses that are vertically focused sell to customers in a specialized industry. You can sell to customers from a variety of industries if you take a horizontal approach.
3. Business to Government (B2G)
Business to Government e-Commerce business model is when an organization offers its products and services directly to a government agency. This firm could be county, municipal, state, or even federal.
An instance of a B2G relationship is when an ammunition manufacturer decides to sell ammunition to the US Army.
4. Business to Business to Consumer (B2B2C)
A company sells things to another company, which then sells them to consumers, in B2B2C ecommerce.
When a wholesale distributor decides to sell items to retail stores, the retailers then now sell the merchandise to end users, this is an instance of a B2B2C relationship.
5. Business to Consumer (C2B)
When we think of commerce strategies, we usually think of them from the beginning of the company. Consumer-oriented approaches, such as Consumer to Business, are becoming more common.
6. Customer to Customer (C2C)
The consumer to consumer business model is another type that most people overlook. With companies like eBay, Craigslist, and Esty leading the way, the digital landscape has truly enabled the concept to take off.
21 e-Commerce marketing ideas to increase online sales
- Invest in SEO
- Run an influencer marketing campaign
- Sell on marketplaces
- Create a TikTok marketing strategy
- You should run PPC campaigns
- You can upsell your products
- Try to integrate Instagram
- Reduce abandoned carts
- Send text message campaigns
- Capture more email subscribers
- Improve your email campaigns
- Make it easy for customers to get what they want
- Engage online store visitors with live chat
- Look forward to future sales
- Begin a content marketing program
- Accept personalization
- Exploit the user-generated content
- You need to think local
- You should optimize your product pages
- You should optimize for mobile
- You loyal customers should be rewarded.
Conclusion
Some of the most successful eCommerce entrepreneurs have paved the route for you. Any business’s bottom line is to provide results that satisfy customers.
While there are numerous approaches, eCommerce tycoons have learned that tailoring user experience, establishing a winning company culture, finding solutions to hurdles, expanding gracefully, and above all, continually being tenacious are some of the skills to learn.
I believe that I have explained all you need to know about the 6 eCommerce business strategies to learn from leading eCommerce tycoons in the industry. If you have more questions, please, drop it on the comment section. I will attend to all.
