3 Ways to Accelerate Business Growth.
Updated: Sep 30, 2022
eCommerce has to be one of the most ever-changing and yet complex industries to get involved in. The demand doesn’t show any signs of stopping as long as consumers desire products and the market and its methods are always finding ways to adapt to keep up with said demand. With Industry leaders paving the way for startups to expand over time, how are they doing it?
To keep up with the demand, they need to focus on three key elements: trial and error research, rapid reaction support features, and customer-first initiatives.
Trial and error research is the element of applying newly found methods and products to attempt to fix current issues in the industry or improve current methods to better services and growth potential. It can also give insight into the market demand and allow first come first serve solutions. For example, the viral product of Fidget Spinners
originally was a concept that started in a 15-year-olds' garage, and with their trial-and-error technique, they dominated the market, and fidget spinners are becoming more and more of a common household toy. It’s because they took that leap of faith with their product that it could have been a risk but fortunately it worked out and now it’s a million-dollar concept.
Rapid reaction support would imply that with the changes made from trial and error, the brand is easy to adapt to the preferred change. If a product begins to sell really well on the market then the company is able to make the necessary changes quickly on their forefront to be able to keep up with the demand and social growth potential of the product. If the Fidget Spinner was able to grow so quickly it was because companies developing the product promoted the product quickly and efficiently on their platforms to be able to get it into the consumer's hands.
Finally, customer first initiatives mean that the demand for the product only comes from the customer. If the fidget spinner began to dip In sales that needs to translate to the manufacturer and in turn to the eCommerce brand. Why produce a product that is no longer of interest to the consumer? This is why on-demand manufacturing is a preferred method of manufacturing because it's cost-efficient, provides insight onto what sells and what doesn’t, it creates more profit than it would lose, and finally, it provides inventory management for 3PL centers and warehousing, saving a pretty penny for eCommerce businesses.
So how can you apply these methods? We recommend pilot approaches. Once you have a product or service in mind that you want to sell, create a pilot program that allows you to stress test the product with other individuals in your circle. If the idea falls flat then you’ll know ahead of time that you should go back to the drawing board. If it succeeds, then begin the phases of development that can allow you to deliver the product to your consumer.
Furthermore, after your product is ready to be manufactured, you can rely on a company like Black Mountain Fulfillment to give you the tools and resources you need to outsource your product to your consumer. With warehousing, storage, packing, and direct support from top shipping providers; 3PL is the next front you'll need to tackle to take your business to the moon.