These days, the entire world seems to revolve around the Internet. And, every brand seems to be searching for “the silver bullet” that will drive EBITDA. eCommerce sales were over $225 billion in 2012, up almost 16% from the prior year. That is about 7.5% of total retail sales, since the birth of the internet some 20+ years ago. And, that does not include all the consumers and B2B customers that check online first, then buy at a bricks and mortar location or through a sales rep.
But past is past, consensus projections are that sales will double again over the next five years, and that doesn’t include expected growth in mCommerce (Mobile Commerce). All of this sounds great, except for two “minor issues.” First, you’re not the only one with the data. Second, there are now 180,000,000 functioning websites world-wide selling direct, informing, educating, entertaining, providing assistance, blogging, and, yes, scamming.
In our decade plus of providing technology solutions exclusively to the Private Equity Industry, we’ve seen the cardinal sin of eCommerce repeated again and again: failing to embrace the reality that a portfolio company’s future success is inextricably linked to providing a branded, world-class web
experience. PIP has compiled a list of the top 10 mistakes we encounter most often:
THE PIP TOP TEN ECOMMERCE MISTAKES
1. Underestimating the Impact of Digital Clutter
2. Focusing On Buzzwords Instead of Fundamentals
3. Buying A Maserati, When A Chevrolet Will Do
4. Ignoring the Importance of Documentation
5. Believing The Best Digital Marketing Plan Begins (And Ends) With Search Engine Optimization
6. Asking the Wrong People the Wrong Questions
7. Not ensuring Your “eCommerce Factory” Is Ready To Service Customer Demand
8. Having the Right eCommerce Orchestra and the Wrong Conductor
9. Emphasizing Style over Content
10. Having Unrealistic Expectations
If you have any of the above concerns, or are simply not sure if you do, have a 15-minute phone conversation with our eCommerce practice Director, Felicity Sissener. Or, just download our detailed White Paper Report, “The 10 Most Common eCommerce Mistakes.” Time spent now, may mean more EBITDA later. As always, with PIP clients, there is no cost or obligation. We’ve become America’s Leading IT solutions firm in the Private Equity space by never forgetting that one of our most important jobs is to provide you with useful information, while ALWAYS respecting your time.
Download the free whitepaper here.
The smartest business and IT strategies without effective and efficient execution will under-deliver on expectations.