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Blink and you might miss it—that's how fast ecommerce is changing. It's like a sassy chameleon at a disco party, constantly shifting and transforming.
If you remember the good old days when the shopping funnel was as simple as ABC (Attract, Browse, Convert), then you, my friend, are in for a surprise!
So, what's changed?
Well, a lot.
Today's consumers are like ninjas, hopping between platforms, devices, and channels during their shopping journeys.
You might spot them on Instagram, then they’re checking reviews on a third-party website, and before you know it, they're making a purchase on your mobile app. The traditional funnel can't keep up with these stealthy, interwoven shopping journeys.
And don't even get us started on attribution. It's like trying to herd cats!😅
Remember when 'one size fits all' was a thing? Well, not anymore!
Well, a lot.
Today's customers want shopping experiences that are as unique as their Netflix recommendations. They crave personalization, tailored to their preferences, needs, and behaviors.
It's not enough to offer them a smorgasbord of products; you have to serve the right dish to the right person!
In this wild ecommerce world, competition is fierce.
As Ronak Shah, CEO of Obvi, puts it, "we're in a world where there's no barrier to entry for new brands or new companies." With a zillion online stores and easy access to global markets, customers are spoilt for choice.
So, how do you stand out in this bustling bazaar?
That's where the Ecommerce Flywheel comes into play.
What, you may ask, is a flywheel?
Picture a spinning wheel that gains momentum with every turn. The more energy you put into it, the faster it spins.
Now imagine that your happy customers are the ones adding that energy, propelling your business like a SpaceX rocket (or Beyonce!)!
The flywheel is all about wooing your customers at every turn, from their first click to their post-purchase experiences. Keep them over the moon, and they'll keep coming back for more—turning from casual shoppers into your brand's biggest fans!
Happy customers are the best marketers!
The flywheel approach turns your delighted shoppers into brand ambassadors, sparking word-of-mouth (WoM) marketing and pulling in new leads.
Who needs expensive ads when you have thrilled customers singing your praises?
The flywheel is like a personal trainer for your business—by constantly analyzing, learning, and enhancing, you'll fine-tune your strategies and deliver top-notch customer experiences.
Collect feedback, crunch the numbers, and watch your flywheel pick up speed!
The flywheel's flexible nature lets you pivot and adapt, keeping pace with your customers' ever-evolving needs. With the agility of a gazelle, you can outwit your competition and embrace new challenges head-on.
Discovery: Customers stumble upon your brand or product through various channels, like search engines, social media, or word of mouth.
Research: They dig deeper, comparing your product with competitors and identifying the best choice for them.
Interaction: Customers interact with your brand through various platforms, be it your website, mobile app, or good ol’ brick-and-mortar store.
Purchase: They make the big decision and complete their purchase through their channel of choice.
Post-purchase: The fun doesn't stop at purchase! Customers might leave reviews, chat with your customer service team, or even turn into your brand's biggest fans.
Retention and loyalty: By rolling out the red carpet for your customers and providing stellar experiences, you can transform first-time buyers into repeat customers and loyal brand advocates.
Putting your customers first and embracing the flywheel approach can unlock wild, wonderful growth for your ecommerce business.
By continuously fueling the flywheel with fantastic customer experiences, you can harness the power of happy customers to drive long-term success.
So, what are you waiting for? It's time to rev up your ecommerce engine, hop on the flywheel, and take your customers on an unforgettable shopping journey that they’ll truly love.
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