Diversifying an eCommerce platform gives a businessperson the same protection as a diversified portfolio gives to an investor: less exposure to risk. You never know when an audience will shift its interest from one product type to another. It is best to have your finger in many pots so that you will be ready when the changes in your digital business do happen.
How can you diversify your portfolio within eCommerce? Here are a few best practices that you can implement right now.
One of the best ways to expand your burgeoning empire is to focus on products that are related to your target market and specialty. This also helps you maintain a brand on your store and a finger on the pulse of your industry niche. It is also very possible that people who have bought from you before will have a need for some sort of complementary product. They will be very happy with the convenience you offer.
Keep in mind that complementary products do not necessarily mean products that you think are complementary. There are always ways to tell what your audience is trying to do within a marketplace. Make sure that you ask them instead of trying to determine for yourself how they are using something. This leads directly into the next tip for diversifying your platform – dealing with the data instead of with your gut.
Leverage Other Platforms
If you want to diversify quickly and easily, you don’t have to necessarily do it with new products. You can simply sell the old stuff in a new place. Although many sellers are focused on Amazon, there are plenty of smaller niche sites that will bring you a higher percentage of hot leads. Less competition means more people will find you.
If you’re focused on building your own website or platform, there are obviously more factors at play. One such factor is search engine optimisation, or SEO, which is vital if you want to make sure your products are visible on Google. This post: Best eCommerce platform for SEO provides some insight into key considerations such as site speed, infrastructure and content marketing. Choosing the right platform could be make or break for your business.
Go With the Data
There is really no need to guess at what will be your next big seller. There is more data in the ether these days than anyone knows what to do with. If you can access it, organize it and analyze it, then it will tell you exactly how to diversify your store and who to sell the new stuff to.
If you have trouble looking into data, you may need to learn how to look at it. It can be quite overwhelming, and you have to match the data that you gather and organize by the KPIs that you are trying to improve.
No matter which industry you sell in, you can always be sure of one thing. The market will fluctuate here and there without warning. The sellers who survive will be the ones who know how to go with the flow. Do you have the flexibility in your eCommerce to handle the winds of change? Stick with the best practices above for great results.