A resilient ecommerce business should diversify it’s strategies and, if able, build it’s business around four key pillars. I have highlighted the top line summary from a recent webinar I attended.
- Channel Diversity – List and advertise your products across multiple channels, including marketplaces, search engines, your own website and more.
- Fulfillment Diversity – Expand your shipping capabilities, so you are not dependent on a single method of delivering products to your customers.
- Geographical Diversity – Tap into new sources of demand in multiple markets, usually through international marketplaces.
- Supply Chain Diversity – Mitigate risk by creating backup plans for sourcing your most prized inventory.
At the same time, there are two fundamental aspects to every growing business
- maintaining profitability and,
- ensuring your business has a steady stream of new customers.
Depending on the growth path of a specific brand or retailer, all four pillars of diversity might not be profitable or feasible. No two businesses are alike, and each brand or retailer should make the best business decisions for their size, goals and circumstances.
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