Running an E-Commerce store is one of the most successful ways to create an Ultra-Lean Business. There are three basic selling models to choose from. They’re based around the buyer you’re trying to reach. Today, I will discuss the Business-to-Consumer (B2C)
Business-to-Consumer E-commerce Model
In the B2C model, your business sells directly to the end consumer. So if you sell subscriptions, each subscription is purchased by one person who uses it exclusively. B2C is the most common model for small and startup e-commerce businesses. Although there is a lot of competition from larger retailer stores, having that niche is what allows this type of business to really grow.
B2C Model Characteristics:
Easy to understand
Clear target market
Short sales cycle
Potential for emotional and impulse purchases
Lower risk and costs of entry
Mass/consumer media marketing strategy
One way to create a successful e-commerce store is to building a reputation as a curator of a highly specialized product or service and creating a community that fall in love with the product or service. One reason B2C is so popular as a business model is that it’s easy to understand and explain.
B2C companies may find it fairly easy to understand their target markets because their customer profiles provide very clear insight on who is purchasing their products.
A classic characteristic of the B2C model is a short sales cycle. Which is great for cash flow, and quick turnover to see what your customers like and don't like. in the B2C model, customers can buy quickly. The consumer decision journey might go from interest to purchase within a few minutes. Thanks to technology, you shouldn't have to worry as much about your company having issues like customer questions, billing issues, and refunds. This is one of the best features of the business models of an Ultra-Lean business where you can outsource some of these areas.
Your marketing strategy works great with social media, and you can check out your customers behavior to determine what products and price points works the best. To learn more about building an Ultra-Lean, High-Revenue Business our Million-Dollar Entrepreneur Workshop will teach you how.