A repository of acronyms, jargon, and useful definitions perfect for eCommerce founders & marketers like yourself.
Every eCommerce business goes through its fair share of ups and downs. It is important to understand the cycle to achieve the results you need for your business. Understanding the current life cycle stage of your eCommerce business is important to structure how you invest in your site.
The most common lifecycle of growth stages include-
The initial period for most eCommerce businesses is fast and in some cases can experience unexpected growth. The possible reason for this could either be the market demand or the popularity of the product rather than the implementation of their eCommerce platform. Some of the most common platform choices include Magento, Shopify, and BigCommerce. It is important for the business to respond quickly to change and stay agile.
You should prefer to not get involved with muddled frameworks or be cuffed by too much process. Brands frequently enjoy a quick impact in this vacation period, before development eases back down and movement is stopped by a sort of undetectable roof. This sees organizations moving into the second phase of the eCommerce lifecycle, which is a growth plateau.
When most businesses reach this second stage of the eCommerce lifecycle, they tend to panic and immediately start looking for quick solutions to solve their problems with a click of a button.
After the initial spike period when you have gained enough brand awareness and initial momentum, it's an ideal opportunity to think about your advancement, analyze your data, and gain key experiences to make estimated and key changes to your eCommerce site and your advertising. In this stage4, you need to spend the majority of your time and resources to research and workout on the best strategies to go to the next level i.e. renewed growth
The issue of plateauing growth can lead to certain impulsive decisions like picking up a new eCommerce platform or a quick change in direction, but you need to think strategically before making any move to strengthen your company’s growth and momentum.
The solution to plateauing growth may just require realigning your business objectives with changing customer patterns, staying up-to-date with the latest innovation and strategies. Analysis and research are needed to streamline measures and further develop the customer experience. This will guide your system. Exploration might uncover issues and you may discover your need to replatform, however, there should be sound thinking behind choices to execute the strategies.