François Maingret

Category: Business strategy (Page 2 of 4)

Ecommerce Rivalry Unveiled: How to Navigate a Competitive Environment

September 3, 2023 /

In the grand theater of ecommerce, competition takes center stage, keeping the audience on the edge of their seats. But not every performance is a heart-pounding Shakespearean tragedy. Each business has its unique script, stage, and actors, and the intensity of rivalry among competitors can vary dramatically.

Today, we will explore the competitive dynamics of the business world, with a special focus on the ecommerce world. For the business strategy nerds out there, we’ll delve into Porter’s analysis of the intensity of rivalry and apply it to online businesses. We’ll review the key factors that impact the intensity of rivalry before looking at strategies to successfully navigate a competitive environment. So, let’s dive in and discover what keeps our audience applauding.

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From Likes to Sales – Why Social Commerce Can’t Be Ignored

August 6, 2023 /

Have you ever been scrolling on your Instagram feed, seen a picture of a model wearing a pair of shoes you really like, and then found a View Products tag? That is social commerce: the fusion between ecommerce and social media. Kids are now born with a smartphone in their hands and social media on the screen. Platforms like Instagram, Facebook, and TikTok drive huge amounts of traffic daily and have billions of users worldwide. Companies had to find ways to monetize all this traffic and data, and social commerce is one of them. This relatively recent way of selling is significantly impacting the digital marketing world, and it is getting bigger by the year. But how big is it exactly and should you use it? Let’s find out.

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Benefits of Online Marketplaces

Harnessing the Benefits of Online Marketplaces

July 8, 2023 /

If I had a dollar for every “Get rich with Amazon FBA” course out there, I could quit working and retire early. Whether these courses are useful or not is irrelevant. The sheer number of gurus selling these methods shows how much attention Amazon has been getting for the past decade. Their net revenue went from $61B in 2022 to over $513B in 2022. However, Amazon is not the only marketplace out there. Everyone knows eBay—I remember waking up early to bid on video games and pairs of rollerblades when I was still in middle school. There is also Walmart Marketplace, which is gaining more and more traction, or Etsy for those who like shopping for handmade goods.

Because of the millions of customers these platforms attract, it can be a tremendous opportunity for entrepreneurs. While selling on marketplaces has its risks and issues, they can still be very profitable sales channels. After writing about the dark side of marketplaces, I’d like to talk about the flip side and go over the main reasons why some companies would consider joining one of these platforms.

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ecommerce expenses

Understanding the Most Important Ecommerce Expenses

June 17, 2023 /

I may be one of the few weird people who enjoy looking at financial dashboards and playing with complicated Excel files. I find it fascinating to change a number in a cell and see the whole spreadsheet, charts, and tables change. And you know what? It actually helps me wrap my head around different aspects of the businesses I deal with. I may be a nerd, but I understand that finance, numbers, and ratios may look scary to rookie entrepreneurs. Here’s the deal: understanding and managing cost structures is a key to success, whether in the Ecommerce world or other industries. Some of the costs related to an online business are similar to what you’d find in any other business, while some are unique and tied to online businesses. Others are much more important than in other business models. 

I can’t talk about every component of every business; this would take the whole book, and I know a lot more about Ecommerce than other business models anyway. The aim of this section is to focus on costs related to Ecommerce. Cost structures are a very important part of a business. They are key to crafting the best pricing strategy, effective financial planning, and ultimately maximizing growth and profits. So, let’s get started and look at each category.

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Good-Better-Best Pricing Strategies

Good-Better-Best Pricing Strategies

February 12, 2023 /

Perhaps not everyone is familiar with the Good-Better-Best approach in business, but we have all experienced it as customers, no matter where we shop. Booking a plane ticket? You’ll have to choose between Economy, Economy-Premium, or Business. Pumping gas? Your options are Regular, Midgrade, or Premium. It is an easy concept to understand, and many businesses across various industries are using this approach, while others are still not offering tiered pricing. The G-B-B strategy has many advantages, and if done right, can bring a lot of extra revenues. 

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Pricing Strategies for the Ecommerce Entrepreneur

February 4, 2023 /

Whether you have experience in online sales or not, you probably know that pricing is often one of the most important criteria for the customer. Of course, we all like a good deal, but pricing also affects our perception of a product. We previously talked about low-cost pricing and premium pricing strategies. But pricing is more complex than that, and getting the price right is one of the most important things in maximizing sales and profits. Different businesses have different products, customers, and competitive environments, so they need the best strategy for their business. Let’s talk about the seven main pricing strategies that apply to Ecommerce and online sales. 

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How to Find New Products Ideas

January 22, 2023 /

I have met many aspiring entrepreneurs over the years. While some were quick to start their first business, most were struggling to get started. I have heard many reasons (some would say excuses) why they wanted to start a business but could not: lack of funds, not enough education or experience, or too busy with their job. But the one reason that comes up the most is finding the right idea. It is easy to convince someone that they can start a business without a Harvard MBA or a million dollars in the bank. But getting them to acknowledge they can find a good business idea is more difficult.

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The Worst Product you Can Sell Online

October 2, 2022 /

Behind this provocative title, I want to highlight a grim reality in the ecommerce world: too many unsuccessful entrepreneurs are actually trying to trade commodities on Amazon. You probably know that commodities are products like steel, sand, or oil. But if you think about it, many products sold to online consumers are close to being commodities. And being a commodity seller isn’t where you want to be as an ecommerce entrepreneur. Let’s see why.

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Mob

You May Have More Competitors Than You Think

September 20, 2022 /

How many competitors do you think you have? Are you sure your environment isn’t more competitive than that? It is easy to underestimate how many competitors a company has. While finding out about direct competitors is easy, the threat of indirect competitors (or threat of substitutes) can be more difficult to evaluate. Ultimately, when does this competition matter, and when is it less of a problem? Let’s find out!

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