Author Archives: Siddharth Kumar

Do I need an App?

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  • Mobile apps are secret formula for higher sales. Specially business with fast moving consumer goods, apparel business or other categories in this field requires a Mobile app to keep track and monitor their in-store placement of merchandise.
  • The common chain flow is from manufacturers to retailers through distributors, where indirect sales force agents are involved. Hence, a mobile app is the best way in order to maintain efficiency of resources and have access to important information.
  • Some of frequently requested features are:
  1.   Ability to track the availability of SKUs (Stock Keeping Units)
  2.   To take pictures of Products displayed on shelves
  3.   GPS location of a sales agent and duration of agent interaction with a customer
  4.   Ability to report the “Share of shelf” by counting number of facings on shelf in                        comparison with competitors’ products
  5.  Placement of products on the shelf (Eye level placement)
  6.   To check presence of price tags on all products
  7.   To be able to generate an automated report once above inputs are received.
  • With the provisions to visualize data in real-time and represent those in the form of graphs or charts add significant value. Every client has its own need of additional filters for an example – country, brand, retailer, store etc. while some companies like geographic breakdown.
  • Having an app for your business is a good strategy as it can help to collaborate the efforts of your sales force and help generate real-time reports is immense. The features are limited for the mentioned companies but it can actually help your business to grow and work effectively.

 


Business Transformation Through Business Strategies

  • Digital Strategy for Business is coming into trend and every brand is behind it. Digital technologies have changed everything. Value is based on information. After looking at various success stories of digital strategy and business transformation we thought of making list of strategies that a brand should make taking these into consideration.

 

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  • Know Yourself : The first thing you should do is to find your position in the market. And for that there are number of techniques like Swot analysis, Competitor analysis, Benchmarking, Audience analysis, Customer analysis, Brand equity analysis and Market Analysis these techniques can help you get holistic and realistic views where your company stand in the market.
  • Set SMART Goals : Choose your own digital goals that are smart and align to the overall corporate goals. Which can be a short term or a long term goal.
  • Digital Strategy : After setting the identify the target markets, segment the markets based on relevant parameters such as geography, demography, user attributes & behaviors. Brand positioning or re positioning is also a part of content strategy to realize the goals.
  • Digital Plan : It is the plan of action to realize the goals. Begin with identifying the stakeholders both internal & external to the organization.
  • Stakeholder Analysis : Conducting interviews with both internal & external stakeholders helps us identify how much we know about customers, and the impediments to service our customers. The impediments may be related to our products, people or processes.
  • Market Segments : After stakeholder analysis Market segment is done which involves dividing a broad target market into subsets of consumers, business or countries that have, common needs and interests.
  • Right Channel Mix : Looking at the trends, the customers’ behavior and marketing funnel is getting complex and as it becomes imperative to produce the right channel mix which includes online presence, offline presence, mobile, social media, wearable devices, video platforms etc. Create and optimize the experience for each of the channels ensuring seamless, personalized and unified experience for customers across the channels and touch points.
  • Brand Positioning : Brand positioning is very important as it aims to make a brand occupy a distinct position, relative to competing brands, in the mind of customers. It helps to know how do customers perceive the brand and how much they are engaged currently. With advance analysis we can understand how customer ideally want to engage with brands and how the brand is helping them.
  • Content Strategy : Take down the notes of customer’s experience for each of the targeted segments. Analyze it carefully and focus on the touch points in each segment. Understand the various channels customers are engaging with brand. Find out what content in effective for each of the channels & touch points, how they consume content, how they want to consume content. The content should be based upon customer’s perspective and not necessarily what you want to talk about.
  • Content model : Content modeling is a critical portion of the implementation. In this phase, you identify your organization’s requirements, develop a taxonomy (classification system) that meets those requirements, and consider where metadata should be allowed or required.
  • Measure & improve : To plan the strategy to be successful we need to define key performance indicator. We can measure the effictiveness with the help of it, as they are specific to the line of business you operate in. Key performance indicator like Customer Life Time Value, cost of acquisition per customer, Average Basket Value, percentage of repeat purchases etc. are worth measuring.
  • Perform Real : Time Analysis to provide feedback and course correct the plan of action. The analysis performed would be specific to each of the goals that have been identified.

 

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  • These analysis range from how many qualified leads have been generated, average time spent by user, what actions user is performing, where is the user exiting from the system, what channels are driving business, cohort analysis, cart abandonment analysis, user searches, keywords driving sales, customer journeys involving multiple channels, what content mix works the best etc. These analysis feeds back into the digital plan.

Magenta Community VS Magento Enterprise

  • Magento is launched in 2008. It provides two distinct platforms, Magento Community Edition which is an open source content management system and has many built-in extensions which can satisfy the needs of small enterprises and Magento Enterprise Edition which is derived from the Magento Community Edition and has the same core files. This edition is designed for users looking for additional features and customization which is not possible in Community Edition. Enterprise Edition is not free and is subscription based service which is packed with Service Level Agreement. The Magento team supports the subscribers through phone or email.

 

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  • Choosing between both the editions of Magento could be bit confusing for the client as Community Edition is cost effective and on the other hand Enterprise Edition has high performance capability. Magento Enterprising Edition is a more powerful edition with security enhancements, additional modules and performance capabilities. We recommend either of the editions based on the client’s requirement so that you don’t feel you are paying extra for the services, which you don’t require in Enterprise Edition.

 

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  • Although we can help you through our experience working with Magento. Magento Community is being used for several projects and have worked for most of the requirements at substantially low cost. We also design Magento Community Edition according to a client’s requirements by either purchasing and customizing existing extensions or building customized edition specific to the client’s requirement. This comprises you Magneto store with the features you required.
  • But our recommendation takes into account resources available, volume, traffic and business size among other essential factors. There are projects for which only Enterprising edition fits best and projects where we can tailor Community Edition to suit your requirements. It is all constructed upon the client’s need and requirement.

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