7 Business Models
Maximise your revenue with 7 Business Models
Creating an e-commerce channel is just the first step for a business to create a whole new paradigm.
In today’s competitive world, companies can no longer rely on just one model to ensure success. Big brands such as Tesco and Amazon have defined the game and pioneered new business models to flourish in the omni-channel age.
Now that omni-channel is ubiquitous for retail, at least in mature markets, to thrive companies need to differentiate, innovate and propagate by extending their existing and developing new business models to maximise revenue and market share.
So why aren’t more businesses developing more channels? Managing multiple business models is complex and requires a commitment to organisational change as well as innovative technology and customer-centric strategy. IVIS Group work alongside clients to define vision/strategy, operations/implementation and ensure an organisation is ready for such transformation. Strategy, operations and organisation underpin this transformation which is about People, Process and Technology being aligned and integrated successfully.
The five competencies needed for this transformation Alignment, Agility, Customer Centricity, Collaboration and Innovation are outlined in AACCI - IVIS Group Customer Centric Step-up Framework.
With a customer-centric omni-channel solution, you are limited only by your imagination because there can be complete openness across channels, regions, segments, categories and business models.
When building additional models for your brand you need to consider segmenting your product range for each model, defining it by gaining customer insight for each specific target segment as well as offering different channels to engage with the customer and deliver the product or service to them. Each model will need to put the customer at the heart of the business but the mechanism for doing so may be different. With internationalisation, each of these models may be replicated across different geographical territories adding a further layer of complexity.
Similar to building with Lego, businesses need the ability and flexibility to piece-together different modules/aspects of the platform to fit these various business models which will continue to grow and develop with omni-channel maturity and internationalisation. This is particularly true for customer-centric product information which can be repurposed to create product information for different business models. A good platform with component based architecture such as IVIS Group, Sonetto® Retail Solutions will support the information and flexibility required for these 7 different business models.