How online marketplaces are empowering small and home business

How online marketplaces are empowering small and home business:

The online marketplace is now picking up in India. It has provided a lot of opportunities to the small and medium business as well as to the online market place providers in terms of collaboration and reach of the market place to the required customer segment with right product.

So before getting in to the specific marketplace to get the advantage of the e-commerce platform, it's prudent to do the analysis for the given market place and the product offering they have.

Understanding online marketplace:

1. Audience and Customer Analysis

2. Competitor Benchmarking

3. Online Partner Analysis

4. SWOT: Own Digital marketing Analysis

 

1. Audience and Customer Analysis

While choosing the market place, it is essential to understand the type of the customer and the audience each market place caters to.

2. Competitor Benchmarking

While doing the competitor analysis, they need to understand the model that they offer, the ease of implementing your digital strategy in line with their reach and engagement strategy like conversion rate optimization, content marketing, PPC (Pay Per Click) and overall customer experience and site effectiveness.

3. Online Partner Analysis:

In terms of online partners need to understand the payment systems that they offer because in Indian context most of the small and medium business face problem in this regard. The other things to gauge are affiliate and partner marketing, e-contact strategy, customer service and support.

 

4. SWOT Own Digital marketing Analysis:

A digital marketing-specific SWOT summarizing the main issues to prioritize on once the analysis has been completed.

 

The overall analysis can then be used to form the digital strategy using RACE framework for these small firms as well:

Reach:

SEO

PPC

Social Media Marketing

Online Advertising & PR

Act & Convert:

Conversion Rate Optimization

Lead Generation Techniques

E-Commerce Management

Home page Optimization

Engage:

Content Marketing

E-Contact Strategy

Customer Service & Support

Social CRM

References:

Publication: The Economic Times Delhi;Date: Oct 15, 2013;Section: Special Feature;Page: 18

Thanks & Regards,

Ajinkya Vishwekar

12DM-016