{"id":25346,"date":"2023-04-24T06:46:50","date_gmt":"2023-04-24T01:16:50","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=25346"},"modified":"2023-04-24T16:11:33","modified_gmt":"2023-04-24T10:41:33","slug":"how-to-start-a-lean-and-agile-ecommerce-business","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/how-to-start-a-lean-and-agile-ecommerce-business\/","title":{"rendered":"How to start a lean and agile eCommerce business"},"content":{"rendered":"<p>Starting an eCommerce D2C brand can be challenging, especially with managing costs and staying competitive. It&#8217;s important to build a lean and agile eCommerce business and prioritize efficiency, flexibility, and innovation in order to succeed in today&#8217;s digital landscape.<\/p>\n<p>During a masterclass at the D2CTech conference, Akash Gehani, who is a co-founder and CPO of Instamojo, talked about the process of developing a startup that is both lean and agile. Here&#8217;s an excerpt from his presentation.<\/p>\n<div class=\"cs-embed cs-embed-responsive\"><iframe loading=\"lazy\" title=\"Workshop with Akash, COO &amp; Co-founder, Instamojo\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/TQo6lpJIaK4?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe><\/div>\n<h2 dir=\"ltr\"><strong>Why should a startup be lean and agile?<\/strong><\/h2>\n<p dir=\"ltr\">We live in very dynamic times. Right now, we are witnessing the rise of D2C and businesses are pivoting to accommodate the varying customer needs.<\/p>\n<p dir=\"ltr\">Having a lean and agile startup means:<\/p>\n<ul>\n<li dir=\"ltr\" aria-level=\"1\">\n<p dir=\"ltr\" role=\"presentation\">To adapt quickly to changes in customer behaviour<\/p>\n<\/li>\n<li dir=\"ltr\" aria-level=\"1\">\n<p dir=\"ltr\" role=\"presentation\">Efficiently manage limited resources<\/p>\n<\/li>\n<li dir=\"ltr\" aria-level=\"1\">\n<p dir=\"ltr\" role=\"presentation\">Avoid wasting time on resources and strategies that do not work<\/p>\n<\/li>\n<li dir=\"ltr\" aria-level=\"1\">\n<p dir=\"ltr\" role=\"presentation\">Respond quickly to customer feedback and add more value to customers<\/p>\n<\/li>\n<\/ul>\n<h2 dir=\"ltr\"><strong>Building a minimum viable product<\/strong><\/h2>\n<p dir=\"ltr\">The minimum viable product (MVP) is the basic version of a product with just enough features to be usable by early adopters who can provide feedback. An MVP should add value to your target audience and solve a problem they face, which customers should be willing to pay for.<\/p>\n<p dir=\"ltr\">The goal is to get feedback from customers as early as possible.<\/p>\n<p dir=\"ltr\">Creating an MVP is one of the first things you do when starting a business.<\/p>\n<p dir=\"ltr\">Here are some examples of MVPs by brands that are now global successes:<\/p>\n<ul>\n<li dir=\"ltr\" aria-level=\"1\">\n<p dir=\"ltr\" role=\"presentation\">Groupon &#8211; Sending mail coupons in PDF format via a single landing page<\/p>\n<\/li>\n<li dir=\"ltr\" aria-level=\"1\">\n<p dir=\"ltr\" role=\"presentation\">Airbnb &#8211; The founders put up a landing page that offered their top floor for rent<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\">Note that these offerings were not elaborate but had enough value to understand how the audience responded. This acted as a foundation for the next stages like gathering investment and building the full product.<\/p>\n<p dir=\"ltr\">Here are some MVP methods to try as a D2C brand:<\/p>\n<ul>\n<li dir=\"ltr\" aria-level=\"1\">\n<p dir=\"ltr\" role=\"presentation\">A single landing page for your business<\/p>\n<\/li>\n<li dir=\"ltr\" aria-level=\"1\">\n<p dir=\"ltr\" role=\"presentation\">A product catalogue<\/p>\n<\/li>\n<li dir=\"ltr\" aria-level=\"1\">\n<p dir=\"ltr\" role=\"presentation\">A checkout process<\/p>\n<\/li>\n<li dir=\"ltr\" aria-level=\"1\">\n<p dir=\"ltr\" role=\"presentation\">Basic analytics tools to track visitor behaviour and other metrics<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\">You can start by showcasing your catalogue on social media and community platforms, building your landing page and then creating a full-fledged online store. It\u2019s a great idea if you can get pre-bookings before creating the full product.<\/p>\n<h2 dir=\"ltr\"><strong>Measure important metrics consistently<\/strong><\/h2>\n<p dir=\"ltr\">Make it compulsory to measure kep KPIs right from the start. Chuck the vanity metrics and go for the data that actually counts. Some of these include:<\/p>\n<ul>\n<li dir=\"ltr\" aria-level=\"1\">\n<p dir=\"ltr\" role=\"presentation\">Customer acquisition cost<\/p>\n<\/li>\n<li dir=\"ltr\" aria-level=\"1\">\n<p dir=\"ltr\" role=\"presentation\">Conversion rate<\/p>\n<\/li>\n<li dir=\"ltr\" aria-level=\"1\">\n<p dir=\"ltr\" role=\"presentation\">Customer feedback metrics<\/p>\n<\/li>\n<li dir=\"ltr\" aria-level=\"1\">\n<p dir=\"ltr\" role=\"presentation\">Social media traction<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\">To know more about <a href=\"https:\/\/www.instamojo.com\/blog\/ecommerce-kpis-across-business-stages\/\" target=\"_blank\" rel=\"noopener\">eCommerce KPIs for each business stage<\/a>, here\u2019s a blog based on the masterclass by Ankur Sharma, CPO of Instamojo.<\/p>\n<h2 dir=\"ltr\"><strong>Learn and pivot<\/strong><\/h2>\n<p dir=\"ltr\">During the initial stages, you may be tied emotionally to a certain feature or product.<\/p>\n<p dir=\"ltr\">Follow the data. Modify your strategy and take action based on what is needed and not what\u2019s wanted.<\/p>\n<h4 dir=\"ltr\"><strong>Types of pivot:<\/strong><\/h4>\n<p dir=\"ltr\">Here are some examples of some noteworthy startup pivots:<\/p>\n<ul>\n<li dir=\"ltr\" aria-level=\"1\">\n<p dir=\"ltr\" role=\"presentation\">Customer need pivot &#8211; YouTube started out as a video dating site<\/p>\n<\/li>\n<li dir=\"ltr\" aria-level=\"1\">\n<p dir=\"ltr\" role=\"presentation\">Zoom pivot &#8211; Instamojo catered to MSMEs and offered payment solutions. Now it offers a whole host of eCommerce tools along with the payment solutions.<\/p>\n<\/li>\n<\/ul>\n<h2><strong>Lay the foundations for innovation by building an agile D2C brand<\/strong><\/h2>\n<p>In conclusion, building a lean and agile eCommerce business can help you overcome common challenges and achieve success in today&#8217;s dynamic marketplace. By applying the principles of you can create a business that is responsive to customer needs and adaptable to changing market conditions.<\/p>\n<hr \/>\n<p style=\"text-align: center;\"><a class=\"mb-button mb-style- mb-size-default mb-corners-default mb-text-style-default \" style=\"background-color: #2bc470;\" href=\"https:\/\/www.instamojo.com\/\">Start an online store<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Starting an eCommerce D2C brand can be challenging, especially with managing costs and staying competitive. It&#8217;s important to&hellip;\n","protected":false},"author":60,"featured_media":25352,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[398],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Start a Lean and Agile eCommerce Business - Blog Instamojo<\/title>\n<meta name=\"description\" content=\"Learn the essential steps to launch a lean and agile eCommerce business with this guide. 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