E-Commerce

E-Commerce

E-Commerce industry primarily involves buying and selling of products and services over the internet. Rapid improvements in digital infrastructure combined with explosive growth of mobile and internet usage fuelled e-commerce transactions in the past decade. The important functions an e-commerce company need to have are user-friendly order management system, robust inventory management system, agile supply chain management, secure electronic payment system, and streamlined delivery system.

E-Commerce Industry Challenges

E-Commerce industry has matured over the last decade with three developments. These are popularisation of online marketplaces, surge in digital wallets, and rise in business-to-business transactions. The concept of local and global business has narrowed sharply with the growth of e-commerce. Moreover, it is rapidly bridging the gap between traditional offline businesses (by enabling them to sell online) and pure-play e-commerce businesses. Thus, E-commerce industry has made it possible for all companies to compete with any other company in the world. This also means that every business today must have an online e-commerce strategy in place in order to survive and thrive in the intensely competitive marketplace. With the reach of mobile and internet expanding further, e-commerce industry is poised to grow over the next decade. However, only the companies at the forefront of applying latest data analytical techniques will be able to participate in the growth.

Veravizion Case Study in E-Commerce

The Client Objectives

The client was an e-commerce company specialising in selling regional food delicacies online. They approached Veravizion with business concerns saying that they had steady revenues but they were not growing. The client also needed assistance in defining their target customer and positioning the business in the marketplace.

About their business performance, the client knew that they had flat growth however, they did not perceive that they had been doing badly.

Case Challenges

This case had a few varied challenges. Despite being an e-commerce business, the data collection process was far from being methodical and consistent. Also, the real problem of the business appeared to be different from the perceived or stated problem.

Key Actions and Results

  • Understood the business objectives; identified the disconnects early on through qualitative analysis
  • Conducted workshops on aligning stakeholders purpose and vision with business objectives
  • Reviewed the online business strategy
  • Shared findings and actionable insights based on exhaustive evaluation of client e-commerce website
  • Shared hidden insights and e-commerce best-practices with the client

The engagement helped clients uncover disconnects at multiple levels – purpose, business objectives, strategy, and execution. It brought fore issues such as lack of control on key business metrics so top management had false perception about their real business problems. There were issues in gross-margin and working capital models. More importantly, it helped the stakeholders realise the true status of the business. Recommended future actions in line with the purpose and objectives of the stakeholders and investors.

 

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