An ecommerce business aims to generate revenue and customer satisfaction by selling consumer-ready products. But to thrive, it needs a lot of feedback.
Typically, ecommerce businesses rely on market research and existing customer feedback. These external feedback sources are crucial, but if you only rely on them, your business stays in reactive mode.
There’s an often overlooked and underutilized internal feedback loop that leverages your company’s creativity. It’s called ideation, where new product ideas and crazy strategies are born. However, relying solely on ideation without external feedback makes you an insular inventor. Insular inventors can struggle a lot to create a business from their ideas.
The sweet spot is combining internal creativity with external feedback, making you an “Innovation-Driven eCommerce.” This type of business embraces competition and changing market trends, studies them and stays ahead through a robust product portfolio strategy, allowing them to thrive.
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