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Ecommerce

5 key components to building a valuable eCommerce business

How do you build a business that is valued by everyone that interacts with it? 

A valuable eCommerce business is a business that’s valued by others.  

Actually, we’d go as far to say, a valuable business (full stop) is a business that is valued by others.  

Not just one that can make a lot of money quickly. 

Not just one that is built with a structure worth selling. 

A business that is valued by the people that work within it and the people that interact with it, buy from it and connect to it. 

A business that actually means something to others. Not just the owner.

That’s a valuable business. That’s the key indication that you have a valuable eCommerce business.

That’s a business that can’t simply be replicated. There are no true copy-cats or direct competition. 

That’s the kind of business that takes a certain kind of dedication and intention to build.

 

How do you build a business that is valued by everyone that interacts with it? 

 

We believe there are 5 key components to it:

  1. Culture
  2. Experience
  3. Understanding
  4. Relevancy
  5. Trust

Let’s break them down:

➢ Culture. If this isn’t number one on your priority list, you’ll never actually build a business that is valued by others. Sounds dramatic, but it’s true. Culture isn’t some fancy buzzword that you slap onto your careers page. It’s about how your team feels about you, what your suppliers say when you need that last minute favour, overall productivity and quality of work. It’s the energy in your offices. Culture is the first place to look to make sure you have a business that’s valued by others. 

➢ Experience. This could be a whole post on its own (we’ll save that for another day). Experience is everything in eCommerce (and arguably business as a whole in 2022 and beyond). Simply put, what kinds of experiences do your customers have when they interact with you and your brand? What do they remember? How can you make it better / easier / more enjoyable? (the answer should never be nothing, there is always something, get creative with it). 

➢ Understanding. How much do you know about your team? Your ideal clients? What do you know about your data? Trends? Do you know what colours are most popular? Do you know your exact shipping cost forecasts for the next 3-5 years? The one thing you can never outsource is your leadership, and, if you want to build a business that is valued by people, you need to understand every element of your business better than anyone else.

➢ Relevancy. This one is straightforward so we’ll make it quick. Why should people care? Why should people value your business? What are you bringing to the table? 

➢ Trust. Customers. Team. Suppliers. Even your Instagram followers. How and where else can you build trust in your brand, your mission and the bigger picture vision you have for what this all means? 

If you’re missing one of the 5 components, your brand won’t necessarily flop – but you will have more struggles, and they will be difficult to isolate and overcome if you don’t have a solid plan in place to continually pay attention to each of these key areas. 

Our Gross Demand Plans can help your eCommerce brand prepare, understand and better optimise your data, numbers, and business foundations in order to get to a place that feels steady and comfortable, so that you can focus on the things that really matter - the people. Get in touch if you’d like to know more.

Chris Thomas

Author

Chris Thomas

CEO & Founder

Chris has been at the forefront of eCommerce and a pioneer of online retailing since the early 00s. A 5-time Drapers Award winner, Chris has extensive experience in developing fashion brands online.

Chris founded Cake in 2016. Based in Birmingham, with offices nationwide, Cake specialises in helping fashion brands understand their market online and then helps to develop appropriate strategical direction to achieve their plan, all backed by his 20 years of operating in the retail market.