Hirav Shah was the First To Predict Apple’s Diversification into the automobile sector.
This and many other forecasts are a testimony to the fact that Hirav Shah’s predictions for any business are worth their weight in gold, indeed !
Meanwhile, Hirav Shah, who is India’s most Influential Thought Guru, Business Astrologer & Astro-Strategist, here shares his unique insights, visionary views and thoughts on the diversification of the E-Commerce Industry.
Diversifying an E-commerce 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.
E-Commerce has seen astronomical growth, generated huge revenues, disrupted multiple markets and changed the way we shop, both from a B2B and B2C perspective. That trend for evolving, improving and catering to buyer’s needs won’t stop in the future, therefore diversification is a key consideration for all E-Commerce businesses.
There are different ways to begin eCommerce diversification, some can be subtle tweaks and others more fundamental shifts in your approach.
These three are the most effective ones as per Hirav Shah
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.
2.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.
3.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.
Now let’s look at what are the Benefits of eCommerce Diversification as per Shah.
1.Larger Customer Base
Diversifying product ranges and sales platforms causes a natural increase in not only the kinds of customers who buy your products, but in the sheer number of consumers who see your company as a source to buy products from. A larger customer base will also allow for less of a need to rely on one or two types of customer for revenue, giving a better long-term business outlook.
2. Increased Profitability
Expanded product ranges in most cases leads to an increase in customers, with an expectant increase in profits. This will also provide the opportunity for increased market segmentation, which in turn will also help to increase net profits. An increase in sales channels can also pave the way for profit growth. This can provide a virtuous circle, whereby the profits are reinvested into further eCommerce diversification to further increase sales channels and product diversification.
3.Robust Business Protection
Selling across multiple categories and reaching all kinds of consumers is one of the most powerful ways to protect your business. It’s a sure-fire guard against stagnating markets that you would otherwise be relying on for revenue. It’s also the perfect way to adapt to changes within a seasonal market. Business protection is one of the most important aspects to maintaining a successful, long term brand.
4.Better Utilisation of Market Data
One of the added perks of utilising the capabilities of E-Commerce is being able to store and access much larger and more detailed volumes of customer data. By knowing the kind of consumer niches you want to sell to, and collect data on, you can much more effectively create, manage and diversify marketing campaigns targeting individual groups of potential customers. This move away from generic advertising can increase the chance of sales from customer to customer.
It’s no secret that starting and running a business requires strategy. Whether you’re just starting out, or have years of experience, if you’re looking to grow your business and don’t have a strategy for doing so, then your competitors end up leaving you in their dust.
Fortunately, that is where the role of an amazing business strategist like Hirav Shah comes in.
Hirav Shah is not just that, but he is also the Top Most Astrologer in Business and the Top Most Adviser/Consultant as well.
Before questioning, why should I ask ?
Consider asking yourself, why not?
The Gateway to your Victory is Right There !
Go For It !!