This part of the course discusses how to build e-commerce concepts from market segmentation and targeting to mining problems and customer discovery interviews in order to develop a viable idea. With the numerous guides available in the internet on how to start an e-commerce business, the challenge for entrepreneurs is to come up with a good e-commerce business idea and the development of it until it can be worthy of an investment.
9 out of 10 businesses fail to sustain operations after a year of its inception. One of the reasons that are often overlooked is the concept entrepreneurs are trying to pursue. Many attribute the failure to succeed how well the e-commerce pillars are set up. However, a bad e-commerce idea may well set up an entrepreneur to failure.
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Market segmentation is classifying customers into groups via attributes and characteristics that are critical to your business. Market segmentation is important in any industry – e-commerce or traditional it may be – because it enables businesses to precisely know how to reach a group of customers with specific needs and wants.
Every good e-commerce business starts with a target market in mind. It is not the creation of a market segment but the identification of the best ones for a better chance of building the next big thing. By using market segmentation, an e-commerce business can narrow its options and layout specific paths to have more probability of success.
For an advanced level Market Segmentation Concepts and Tutorials: