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Michael Miller –  VP of Client Development, FitForCommerce Finding Your Right Match  -  Identifying the right partners & s...
FACT:   60% of eCommerce  Marriages END in Divorce   … Most lasting only 18-24 months
Why? http://video.aol.com/video-detail/celebrity-family-feud-singles-bars/2130384646
<ul><li>FitForCommerce   is a consultancy founded to help online businesses ‘figure out what they need and how/where to fi...
Balancing Dual Investments <ul><li>eCommerce Marketing </li></ul><ul><ul><li>Customer Acquisition </li></ul></ul><ul><ul><...
AGENDA <ul><li>How to Know it’s Time for a Change  </li></ul><ul><li>How to Prioritize the ‘Must-Have’ and ‘Should-Have’ e...
<ul><li>HOW TO KNOW IT’S TIME  FOR A CHANGE </li></ul>CASE STUDY: Steve Jones, HomeBistro
Key Indicators   <ul><li>Falling Behind the Competition </li></ul><ul><li>Missed Benchmarks & Best Practices </li></ul><ul...
Falling Behind the Competition <ul><li>Determine your competition </li></ul><ul><ul><li>Direct competitors – same products...
Missed Benchmarks vs. Best Practices <ul><li>Determine the Best Practices that are relevant to your business </li></ul><ul...
<ul><li>E-tailing Group Ecommerce Gauge (“egeg”) </li></ul><ul><ul><li>Your site vs Your Category Leaders vs EG100 Index  ...
Benchmarking <ul><li>These are generalizations; each case is different, may depend on maturity of business, margins, staff...
Hundreds of eCommerce Components to master <ul><li>There are 100s of features, functions, topics that an eCommerce manager...
<ul><li>Seek out ‘market data’ to make your decision </li></ul><ul><ul><li>Ask your peers </li></ul></ul><ul><ul><li>Read ...
 
Cannot Overcome Current Deficiencies <ul><li>Document the gaps and reasons – technical? data? operational? </li></ul><ul><...
Internal Costs are Too High <ul><li>Resource Costs </li></ul><ul><ul><li>Inefficiencies: staff time , manual processes, sy...
Strategic or Future Growth is Dependent <ul><li>New merchandising strategy </li></ul><ul><ul><li>New product types which h...
CASE STUDY: HomeBistro Deciding whether to replace eCommerce platform
<ul><li>Security </li></ul><ul><ul><li>We had a site with the potential to become unsecure; </li></ul></ul><ul><ul><ul><li...
<ul><li>Sales </li></ul><ul><ul><li>Site was not designed/optimized for ecommerce selling & SEO. </li></ul></ul><ul><ul><u...
<ul><li>By source </li></ul><ul><ul><li>Traffic </li></ul></ul><ul><ul><li>Conversion </li></ul></ul><ul><ul><li>Average O...
The ROI: Your Leverage Points <ul><li>Traffic </li></ul><ul><ul><li>Will a new site drive more? </li></ul></ul><ul><ul><ul...
In this economy, is it better to ride things out, or take action? <ul><li>It depends on the ride; </li></ul><ul><ul><li>Ca...
II. HOW TO PRIORITIZE ‘MUST-HAVE’ AND ‘SHOULD-HAVE’ ECOMMERCE FEATURES
Identifying Wins
Quick wins? <ul><li>Source: Forrester </li></ul>
III. HOW TO CHOOSE  BEST-FIT ECOMMERCE TECHNOLOGY
III. How to Choose eCommerce Technology <ul><li>eCommerce Diligence: Ten Steps </li></ul><ul><li>Requirements Diligence  <...
Key Integrations ( Over-simplified )   Marketing Webstore Order Management Fulfillment ERP Customer Service Customers/orde...
Competitive Landscape
Landscape By Category Enterprise Platforms & Tool Kits Licensed, Custom Mid-Market Platforms, SaaS,  Semi-Custom SMB Solut...
Vendor Characteristics Enterprise Platforms & Tool Kits Licensed, Custom Mid-Market Platforms, SaaS,  Semi-Custom SMB Solu...
Requirements Diligence <ul><li>eCommerce Diligence > Requirements Diligence > 1. Drivers </li></ul><ul><li>Clarify busines...
<ul><li>eCommerce Diligence > Requirements Diligence >  2. Analysis   </li></ul><ul><li>Conduct competitive and best pract...
Requirements Diligence <ul><li>eCommerce Diligence > Requirements Diligence > 3. Starting Point </li></ul><ul><li>Document...
Requirements Diligence <ul><li>eCommerce Diligence > Requirements Diligence > 4. Requirements </li></ul><ul><li>Determine ...
Selection Diligence <ul><li>eCommerce Diligence > Selection Diligence >  5. Approach/Model   </li></ul><ul><li>Decide on t...
Selection Diligence <ul><li>eCommerce Diligence > Selection Diligence >  6. Long List   </li></ul><ul><li>Create your “lon...
Selection Diligence <ul><li>eCommerce Diligence > Selection Diligence >  7. RFP / RFQ   </li></ul><ul><li>Send an RFP/RFQ ...
Selection Diligence <ul><li>eCommerce Diligence > Selection Diligence >  8. Short List </li></ul><ul><li>Narrow down to a ...
Selection Diligence <ul><li>eCommerce Diligence > Selection Diligence >  9. Finalists   </li></ul><ul><li>Final diligence ...
Selection Diligence <ul><li>eCommerce Diligence > Selection Diligence >  10. Decide and sign </li></ul><ul><li>Negotiate, ...
Q&A <ul><li>Michael Miller </li></ul><ul><li>VP of Client Development, FitForCommerce </li></ul><ul><li>949-218-4308 </li>...
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eCommerce Summit Atlanta Fit For Commerce

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From the eCommerce Summit in Atlanta June 3-4, 2009 where Michael Miller from Fit For Commerce shares ways to identify the right partners and solutions to grow your eCommerce business. Find out more about eCommerce Merchants at http://www.ecmta.org

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  • Transcript of "eCommerce Summit Atlanta Fit For Commerce"

    1. 1. Michael Miller – VP of Client Development, FitForCommerce Finding Your Right Match - Identifying the right partners & solutions to grow your eCommerce Business
    2. 2. FACT: 60% of eCommerce Marriages END in Divorce … Most lasting only 18-24 months
    3. 3. Why? http://video.aol.com/video-detail/celebrity-family-feud-singles-bars/2130384646
    4. 4. <ul><li>FitForCommerce is a consultancy founded to help online businesses ‘figure out what they need and how/where to find it’ </li></ul><ul><ul><li>Team of former multichannel retailers, marketers, technologists and service providers, with hands-on expertise in eCommerce </li></ul></ul><ul><li>eCommerce Diligence™ is a philosophy and methodology based on diligent preparation and decision-making to ensure success </li></ul><ul><ul><li>Strategy, Requirements/RFP, Provider Selection, eCommerce Marketing, Implementation Coaching </li></ul></ul><ul><ul><li>Rapid Site Evals are quick 2-day evaluations of ecommerce sites, delivering suggested improvements and prioritization </li></ul></ul><ul><li>FitBase™ is the first eCommerce market knowledge base and community , offering </li></ul><ul><ul><li>1000s of best practices, feature evaluations, expert advice and community content on 300 features, functions and topics </li></ul></ul><ul><ul><li>1000’s of provider and solution comparative info </li></ul></ul>
    5. 5. Balancing Dual Investments <ul><li>eCommerce Marketing </li></ul><ul><ul><li>Customer Acquisition </li></ul></ul><ul><ul><ul><li>Branding/Advertising </li></ul></ul></ul><ul><ul><ul><li>Outreach: Email marketing </li></ul></ul></ul><ul><ul><ul><li>Get found (80% rule!): SEO, PPC/SEM, Affiliate, SCE </li></ul></ul></ul><ul><ul><ul><li>Offline: catalog, direct mail </li></ul></ul></ul><ul><ul><ul><li>Cross-channel: e.g. in-store messaging, package inserts programs (PIP), in-store kiosks, POS programs (POP) </li></ul></ul></ul><ul><ul><li>Customer Retention </li></ul></ul><ul><ul><ul><li>Community, content, social </li></ul></ul></ul><ul><ul><ul><li>Loyalty programs </li></ul></ul></ul><ul><ul><ul><li>Email, direct mail </li></ul></ul></ul><ul><ul><ul><li>Cross-channel: PIP </li></ul></ul></ul><ul><li>eCommerce Technology </li></ul><ul><ul><li>Webstore front-end </li></ul></ul><ul><ul><li>Site Management </li></ul></ul><ul><ul><li>Back-end (Order Mgmt, Reporting, Analytics) </li></ul></ul><ul><ul><li>Data & Integrations </li></ul></ul><ul><ul><li>Security & Compliance </li></ul></ul><ul><ul><li>Fulfillment </li></ul></ul><ul><ul><li>Customer Care </li></ul></ul><ul><ul><li>Design/Creative </li></ul></ul>
    6. 6. AGENDA <ul><li>How to Know it’s Time for a Change </li></ul><ul><li>How to Prioritize the ‘Must-Have’ and ‘Should-Have’ eCommerce Features </li></ul><ul><li>How to Choose the Best-Fit eCommerce Solution </li></ul>
    7. 7. <ul><li>HOW TO KNOW IT’S TIME FOR A CHANGE </li></ul>CASE STUDY: Steve Jones, HomeBistro
    8. 8. Key Indicators <ul><li>Falling Behind the Competition </li></ul><ul><li>Missed Benchmarks & Best Practices </li></ul><ul><li>Cannot Overcome Current Deficiencies </li></ul><ul><li>Internal Costs are Too High </li></ul><ul><li>Strategic or Future Growth is Dependent </li></ul><ul><li>Spending 80% of time fixing, 20% dreaming of how to grow </li></ul><ul><li>When your customers tell you. </li></ul>
    9. 9. Falling Behind the Competition <ul><li>Determine your competition </li></ul><ul><ul><li>Direct competitors – same products or categories </li></ul></ul><ul><ul><li>Indirect competitors – same demographic, region, size, maturity </li></ul></ul><ul><li>Find out how and why you are/might lose sales or customers to them </li></ul><ul><ul><li>Analyze your analytics! </li></ul></ul><ul><ul><li>Shop your competition following pre-defined ‘use cases’ or ‘customer journeys’ </li></ul></ul><ul><ul><li>Ask your customers why they chose you </li></ul></ul><ul><ul><li>Ask your abandoners why they didn’t </li></ul></ul><ul><li>Competitive Analysis </li></ul><ul><ul><li>Methodical: Feature by feature </li></ul></ul><ul><ul><li>Try to understand WHY a feature works better </li></ul></ul><ul><ul><li>Look for differentiators that you should do </li></ul></ul><ul><ul><li>Think up differentiators you can invent (think problem-to-solution) </li></ul></ul><ul><ul><li>Hire a consultant or do your own competitive analysis </li></ul></ul>
    10. 10. Missed Benchmarks vs. Best Practices <ul><li>Determine the Best Practices that are relevant to your business </li></ul><ul><ul><li>Ex. Apparel, Food – visualization </li></ul></ul><ul><ul><li>Ex. Technical products – product information, ratings & reviews </li></ul></ul><ul><ul><li>Ex. Gifting – multiple ship-to, gift messages </li></ul></ul><ul><li>Learn about universal best practices </li></ul><ul><ul><li>Ex. High SKU count with multiple attributes – guided navigation </li></ul></ul><ul><ul><li>Ex. Persistent shopping cart and abandonment emails </li></ul></ul><ul><ul><li>Ex. Express checkout, 1-2 page checkout </li></ul></ul><ul><ul><li>Ex. Quick view product details </li></ul></ul><ul><li>Document your current capabilities so you have a starting point </li></ul><ul><li>Benchmark your site; document the gaps </li></ul><ul><ul><li>Hire a consultant </li></ul></ul><ul><ul><li>Do your own analysis </li></ul></ul>
    11. 11. <ul><li>E-tailing Group Ecommerce Gauge (“egeg”) </li></ul><ul><ul><li>Your site vs Your Category Leaders vs EG100 Index </li></ul></ul>(cont.)
    12. 12. Benchmarking <ul><li>These are generalizations; each case is different, may depend on maturity of business, margins, staff competency, etc. </li></ul><ul><ul><li>Sub-$1m pure-play spending ~$1k-10k/yr </li></ul></ul><ul><ul><li>3-10% of revenue spent on ecommerce technology </li></ul></ul><ul><ul><li>$15-50m ~$500k-$1m spend </li></ul></ul><ul><ul><li>$50m+ ~$1m spend </li></ul></ul><ul><li>Technology advances so quickly that you should buy for today and next 24 months </li></ul><ul><li>Average turnover of platform is 24-36 months </li></ul>
    13. 13. Hundreds of eCommerce Components to master <ul><li>There are 100s of features, functions, topics that an eCommerce manager must plan and execute around </li></ul><ul><li>Cross technical, operational, marketing, merchandising, creative </li></ul><ul><li>Figure out your pain points and your growth opps: </li></ul><ul><ul><li>Storefront features vs post-order process/tools </li></ul></ul><ul><ul><li>Site mgmt </li></ul></ul><ul><ul><li>Data/integrations </li></ul></ul><ul><ul><li>Fulfillment/Cust Care </li></ul></ul><ul><li>Treat everything like an investment decision </li></ul>
    14. 14. <ul><li>Seek out ‘market data’ to make your decision </li></ul><ul><ul><li>Ask your peers </li></ul></ul><ul><ul><li>Read key reports, blogs </li></ul></ul><ul><ul><ul><li>Forrester </li></ul></ul></ul><ul><ul><ul><li>Gartner </li></ul></ul></ul><ul><ul><ul><li>Getelastic blog </li></ul></ul></ul><ul><ul><li>Benchmarking studies </li></ul></ul><ul><ul><ul><li>e-tailing group EG100 Gauge (“egeg”) </li></ul></ul></ul><ul><ul><li>Knowledge bases </li></ul></ul><ul><ul><ul><li>FitBase </li></ul></ul></ul>(cont.) This is real data on the feature: Ratings & Reviews
    15. 16. Cannot Overcome Current Deficiencies <ul><li>Document the gaps and reasons – technical? data? operational? </li></ul><ul><ul><li>Ex. Multiple Ship-To </li></ul></ul><ul><ul><li>Ex. Managing promotions, shipping </li></ul></ul><ul><li>Create a plan to overcome those gaps WITH CURRENT CAPABILITIES </li></ul><ul><li>Define other options to overcome those gaps going BEYOND CURRENT CAPABILITIES </li></ul><ul><li>Individually vs Collectively consider the options </li></ul><ul><ul><li>Rate each of your options – Must have vs Should have vs Nice to have </li></ul></ul><ul><ul><ul><li>Explore what happens if you don’t address each one </li></ul></ul></ul><ul><ul><ul><li>Can they be phased in? </li></ul></ul></ul><ul><ul><ul><li>Create a Plan B </li></ul></ul></ul><ul><ul><li>Think collectively about a set or series of options – doing a few at once can be more effective </li></ul></ul><ul><li>Tweaks vs Changes vs Major Changes </li></ul><ul><ul><li>Tweaks are low-hanging fruit – do them now! </li></ul></ul><ul><ul><li>Changes need to be prioritized by ROI </li></ul></ul><ul><ul><li>Major Changes are investment decisions needing ROI with a long term outlook </li></ul></ul>
    16. 17. Internal Costs are Too High <ul><li>Resource Costs </li></ul><ul><ul><li>Inefficiencies: staff time , manual processes, system usage </li></ul></ul><ul><ul><li>Ineffectiveness: accuracy, re-entry of data </li></ul></ul><ul><li>Expense $ Costs </li></ul><ul><ul><li>Total Cost of Ownership (TCO) </li></ul></ul><ul><ul><li>Hard costs – out of pocket </li></ul></ul><ul><ul><li>Soft costs – staff time </li></ul></ul><ul><li>Opportunity Cost </li></ul><ul><ul><li>What else would you be doing with your time or money? </li></ul></ul><ul><ul><li>If don’t invest now, what sales are you missing? </li></ul></ul><ul><ul><li>Will you lose potential customers or on lifetime value if you don’t do it? </li></ul></ul>
    17. 18. Strategic or Future Growth is Dependent <ul><li>New merchandising strategy </li></ul><ul><ul><li>New product types which have new requirements such as technical info, how-to guides, </li></ul></ul><ul><ul><li>New way of romancing the product such as video, product views </li></ul></ul><ul><ul><li>Cross/Up-sell opportunities </li></ul></ul><ul><li>New marketing strategy </li></ul><ul><ul><li>SEO, PPC, Email, Affiliate, Comparison Shopping, etc </li></ul></ul><ul><ul><li>Data and integrations </li></ul></ul><ul><li>Mobile </li></ul><ul><li>International or multi-lingual growth </li></ul>
    18. 19. CASE STUDY: HomeBistro Deciding whether to replace eCommerce platform
    19. 20. <ul><li>Security </li></ul><ul><ul><li>We had a site with the potential to become unsecure; </li></ul></ul><ul><ul><ul><li>One guy, not staying abreast of complex ecommerce security issues. </li></ul></ul></ul><ul><ul><ul><ul><li>Behind the times-- PCI compliance; a non-negotiable. </li></ul></ul></ul></ul><ul><ul><ul><li>Couldn’t upgrade to current software version due to custom mods. </li></ul></ul></ul><ul><ul><ul><li>If you can’t state with certainty how and why your site is secure, it isn’t . </li></ul></ul></ul><ul><li>Stability </li></ul><ul><ul><li>85% uptime. Room for improvement </li></ul></ul><ul><li>Sales </li></ul><ul><ul><li>On the next slide… </li></ul></ul>eCommerce Diligence > Time for change > How do you know if it’s time for a change
    20. 21. <ul><li>Sales </li></ul><ul><ul><li>Site was not designed/optimized for ecommerce selling & SEO. </li></ul></ul><ul><ul><ul><li>Site structure, URL structure, Meta data, merchandising </li></ul></ul></ul><ul><ul><ul><li>No ratings, reviews, blog, community </li></ul></ul></ul><ul><ul><li>The site wasn’t easily administrable to increase selling without IT intervention, even for basic updates. </li></ul></ul><ul><ul><ul><li>And we had only one IT position in the company </li></ul></ul></ul><ul><ul><li>It couldn’t support our strategic mandate for growth. </li></ul></ul><ul><ul><li>Our site was costing us sales. </li></ul></ul><ul><ul><ul><li>Inaction meant chopping down the money tree </li></ul></ul></ul><ul><ul><ul><ul><li>Vs. growing it. </li></ul></ul></ul></ul>eCommerce Diligence > Time for change > How do you know IF?
    21. 22. <ul><li>By source </li></ul><ul><ul><li>Traffic </li></ul></ul><ul><ul><li>Conversion </li></ul></ul><ul><ul><li>Average Order </li></ul></ul><ul><li>Hopefully your dashboard metrics include these. </li></ul><ul><ul><li>If so, you’re ready to understand your ROI. </li></ul></ul><ul><ul><li>If not, you need to gather them first. </li></ul></ul>eCommerce Diligence > Time for change > ROI
    22. 23. The ROI: Your Leverage Points <ul><li>Traffic </li></ul><ul><ul><li>Will a new site drive more? </li></ul></ul><ul><ul><ul><li>How much and by what means? </li></ul></ul></ul><ul><ul><ul><ul><li>Paid marketing efforts </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Natural search (SEO) and merchandising improvements </li></ul></ul></ul></ul><ul><li>Conversion </li></ul><ul><ul><li>How will a new site result in a higher conversion rate? </li></ul></ul><ul><ul><ul><li>How will it vary by traffic source? </li></ul></ul></ul><ul><li>AOV </li></ul><ul><ul><li>How will it increase your AOV? </li></ul></ul>
    23. 24. In this economy, is it better to ride things out, or take action? <ul><li>It depends on the ride; </li></ul><ul><ul><li>Can your site take you where you need to go? </li></ul></ul><ul><ul><ul><li>i.e. Support the strategy. </li></ul></ul></ul><ul><ul><li>Are you fully PCI compliant and secure? </li></ul></ul><ul><ul><li>Is your provider meeting your needs? </li></ul></ul><ul><ul><li>What is your website costing you? </li></ul></ul><ul><ul><ul><li>In terms of opportunity? Sales? </li></ul></ul></ul><ul><ul><li>Does your present ride feel like this? </li></ul></ul><ul><ul><ul><li>Home Bistro’s did. </li></ul></ul></ul>
    24. 25. II. HOW TO PRIORITIZE ‘MUST-HAVE’ AND ‘SHOULD-HAVE’ ECOMMERCE FEATURES
    25. 26. Identifying Wins
    26. 27. Quick wins? <ul><li>Source: Forrester </li></ul>
    27. 28. III. HOW TO CHOOSE BEST-FIT ECOMMERCE TECHNOLOGY
    28. 29. III. How to Choose eCommerce Technology <ul><li>eCommerce Diligence: Ten Steps </li></ul><ul><li>Requirements Diligence </li></ul><ul><ul><li>Clarify business, operational and organizational drivers </li></ul></ul><ul><ul><li>Conduct competitive and best practice analysis </li></ul></ul><ul><ul><li>Document your starting point </li></ul></ul><ul><ul><li>Determine and prioritize your requirements </li></ul></ul><ul><li>Selection Diligence </li></ul><ul><ul><li>Decide on the best solution model/type </li></ul></ul><ul><ul><li>Create a long list of 5-10 providers </li></ul></ul><ul><ul><li>Send an RFP and review responses </li></ul></ul><ul><ul><li>Narrow down to a short list </li></ul></ul><ul><ul><li>Final Diligence </li></ul></ul><ul><ul><li>Negotiate with finalists – and SIGN! </li></ul></ul>
    29. 30. Key Integrations ( Over-simplified ) Marketing Webstore Order Management Fulfillment ERP Customer Service Customers/orders Inventory Shipping info Tracking info Sales Tracking info Inventory Price/Stock Qty. Merchandising Product Catalog Pricing Traffic
    30. 31. Competitive Landscape
    31. 32. Landscape By Category Enterprise Platforms & Tool Kits Licensed, Custom Mid-Market Platforms, SaaS, Semi-Custom SMB Solutions, carts, licensed & OnDemand Full Outsource 3rd party services
    32. 33. Vendor Characteristics Enterprise Platforms & Tool Kits Licensed, Custom Mid-Market Platforms, SaaS, Semi-Custom SMB Solutions, carts, licensed & OnDemand Full Outsource 3rd party services <ul><li>4-9 months </li></ul><ul><li>Ave Yr 1 - $300K 1M+ </li></ul><ul><li>Ave Yr 2 - Typically 30-40% Rev share </li></ul>Provider Managed <ul><li>Full cycle- end to end solutions (eCommerce, Fulfillment, Customer Care, Warehousing) </li></ul><ul><li>Provider Managed - Provider Hosted </li></ul><ul><li>4-12 weeks </li></ul><ul><li>Ave Yr 1 - $25K- </li></ul><ul><li>$100K </li></ul><ul><li>Ave Yr 2 - $5K-$75K </li></ul><ul><li>Merchant Managed (in house) </li></ul><ul><li>3rd Party Managed (systems integrator) </li></ul><ul><li>Shopping Cart </li></ul><ul><li>eCommerce - Front end only </li></ul><ul><li>Full cycle- end to end solutions </li></ul><ul><li>On Demand- Provider Hosted </li></ul><ul><li>Licensed - MSP </li></ul><ul><li>4-8 Months </li></ul><ul><li>Ave Yr 1 - $200K-$500K </li></ul><ul><li>Ave Yr 2 - $120- $350K </li></ul><ul><li>Provider Managed </li></ul><ul><li>eCommerce - Front end only </li></ul><ul><li>eCommerce + Order mgmt </li></ul><ul><li>OnDemand- Provider Hosted </li></ul><ul><li>12 -18 months </li></ul><ul><li>Ave Yr 1 - $1M+ </li></ul><ul><li>Ave Yr 2 - $200K+ </li></ul><ul><li>Provider or 3rd party (systems integrator) managed </li></ul><ul><li>eCommerce - Front end only </li></ul><ul><li>End-to-end </li></ul><ul><li>Licensed- On Premise </li></ul><ul><li>Licensed- MSP (3rd party hosting) </li></ul>Deployment Time Pricing Model Service Model Solution Scope Deployment Model
    33. 34. Requirements Diligence <ul><li>eCommerce Diligence > Requirements Diligence > 1. Drivers </li></ul><ul><li>Clarify business, operational and organizational drivers </li></ul><ul><ul><li>Assess yourself, take a hard look at your own business </li></ul></ul><ul><ul><li>Map out your operations including business flows, system context diagram </li></ul></ul><ul><ul><li>List out pain points, points of failures, SWOT </li></ul></ul><ul><ul><li>Agree on your business objectives </li></ul></ul><ul><ul><ul><li>Include vision, metrics, competitive advantages </li></ul></ul></ul><ul><ul><li>Take the opportunity to re-engineer your business </li></ul></ul><ul><ul><ul><li>Improve your processes </li></ul></ul></ul><ul><ul><ul><li>Re-evaluate your products/services </li></ul></ul></ul><ul><ul><ul><li>Better define your target customers </li></ul></ul></ul><ul><ul><ul><li>Think about a redesign </li></ul></ul></ul><ul><ul><li>Set concrete, measurable objectives for your eCommerce business </li></ul></ul><ul><ul><li>Understand your people and your culture </li></ul></ul><ul><ul><li>Involve your company’s key stakeholders </li></ul></ul><ul><ul><li>Document and socialize! </li></ul></ul>
    34. 35. <ul><li>eCommerce Diligence > Requirements Diligence > 2. Analysis </li></ul><ul><li>Conduct competitive and best practice analyses </li></ul><ul><ul><li>Check on the competition </li></ul></ul><ul><ul><ul><li>See what you like and don’t like </li></ul></ul></ul><ul><ul><ul><li>Decide what you want to include and want to avoid </li></ul></ul></ul><ul><ul><ul><li>Check competition in your category, but also mindshare or budget competition </li></ul></ul></ul><ul><ul><ul><li>Think about what’s needed to give you a competitive edge – short-term and long-term </li></ul></ul></ul><ul><ul><li>Learn about “Best Practices” </li></ul></ul><ul><ul><ul><li>Network with peers </li></ul></ul></ul><ul><ul><ul><li>Research the industry </li></ul></ul></ul><ul><ul><ul><li>Reach out to experts in the field </li></ul></ul></ul><ul><ul><ul><li>Read voraciously </li></ul></ul></ul><ul><ul><ul><li>“ Play” with other great sites </li></ul></ul></ul><ul><ul><ul><li>Use quantifiable data as much as you can </li></ul></ul></ul>A set of Best Practices across 30 different ecommerce topics is available for at www.fitforcommerce.com/fitbase
    35. 36. Requirements Diligence <ul><li>eCommerce Diligence > Requirements Diligence > 3. Starting Point </li></ul><ul><li>Document your starting point </li></ul><ul><ul><li>Create a baseline </li></ul></ul><ul><ul><li>Don’t assume anything </li></ul></ul><ul><ul><li>Be clear on your starting point </li></ul></ul><ul><ul><li>Detail your metrics and functionality </li></ul></ul><ul><ul><ul><li>Web analytics </li></ul></ul></ul><ul><ul><ul><li>Sales/marketing analysis </li></ul></ul></ul><ul><ul><li>Document your processes </li></ul></ul><ul><ul><li>Revisit ‘why’ something is done the way it is </li></ul></ul><ul><ul><li>Know the Voice of the Customer - survey </li></ul></ul>
    36. 37. Requirements Diligence <ul><li>eCommerce Diligence > Requirements Diligence > 4. Requirements </li></ul><ul><li>Determine and prioritize your requirements </li></ul><ul><ul><li>Define them at a detailed, feature-by-feature level </li></ul></ul><ul><ul><li>Create use cases and user personas </li></ul></ul><ul><ul><li>Include systems, data and processes your eCommerce system will integrate with </li></ul></ul><ul><ul><li>Create workflow designs, screen mockups to show how your site will operate </li></ul></ul><ul><ul><li>Include requirements for managing the site </li></ul></ul><ul><ul><ul><li>How products are loaded and manipulated </li></ul></ul></ul><ul><ul><ul><li>How pages are changed </li></ul></ul></ul><ul><ul><ul><li>How promotions are managed </li></ul></ul></ul><ul><ul><ul><li>How orders are managed, fulfilled </li></ul></ul></ul><ul><ul><ul><li>How customers are handled </li></ul></ul></ul><ul><ul><li>Prioritize your requirements </li></ul></ul><ul><ul><ul><li>Rank them in numerical order </li></ul></ul></ul><ul><ul><ul><li>Rate them as nice-to-have and must-have </li></ul></ul></ul><ul><ul><li>Use ‘use cases’ to describe ‘how’ it should work </li></ul></ul>
    37. 38. Selection Diligence <ul><li>eCommerce Diligence > Selection Diligence > 5. Approach/Model </li></ul><ul><li>Decide on the best solution approach or model </li></ul><ul><ul><li>Do a quick overview of different types of providers </li></ul></ul><ul><ul><li>List the pros and cons of each </li></ul></ul><ul><ul><li>Determine the type of solution you need </li></ul></ul><ul><ul><ul><li>In-house </li></ul></ul></ul><ul><ul><ul><li>Consultant </li></ul></ul></ul><ul><ul><ul><li>Point solutions </li></ul></ul></ul><ul><ul><ul><li>Platform solutions </li></ul></ul></ul><ul><ul><ul><li>End-to-end solutions </li></ul></ul></ul><ul><ul><li>Your “long list” of providers should have the same type of solution </li></ul></ul><ul><ul><ul><li>An exception is if you want to see the differences between types of solutions and you need information from vendors in order to get that </li></ul></ul></ul><ul><ul><li>Your list might include multiple technologies/providers needed to work together </li></ul></ul><ul><li>On-demand </li></ul><ul><li>Licensed </li></ul><ul><li>Licensed with hosting </li></ul><ul><li>Custom </li></ul>
    38. 39. Selection Diligence <ul><li>eCommerce Diligence > Selection Diligence > 6. Long List </li></ul><ul><li>Create your “long list” of 5-10 providers </li></ul><ul><ul><li>Research your options in FitBase, Guidebooks (IR Buyer’s Guide), trade shows, relying on peers and consultants, etc. </li></ul></ul><ul><ul><li>Send out preliminary email, including (if available): </li></ul></ul><ul><ul><ul><li>Your business objectives </li></ul></ul></ul><ul><ul><ul><li>Your annual online or company revenue </li></ul></ul></ul><ul><ul><ul><li>Budget range </li></ul></ul></ul><ul><ul><ul><li>Project timeframe </li></ul></ul></ul><ul><ul><li>State any unique requirements that might eliminate some providers, e.g.: </li></ul></ul><ul><ul><ul><li>multi-sites, multi-language/currency </li></ul></ul></ul><ul><ul><ul><li>B2B, purchase order flow </li></ul></ul></ul><ul><ul><ul><li>subscriptions/continuity </li></ul></ul></ul><ul><ul><ul><li>configurators </li></ul></ul></ul>A set of Key Questions for Providers across 30 different ecommerce topics is available at www.fitforcommerce.com/keyquestions814
    39. 40. Selection Diligence <ul><li>eCommerce Diligence > Selection Diligence > 7. RFP / RFQ </li></ul><ul><li>Send an RFP/RFQ and review responses </li></ul><ul><ul><li>Create your Request for Proposal/Quote, including: </li></ul></ul><ul><ul><ul><li>Detailed requirements </li></ul></ul></ul><ul><ul><ul><li>Workflows </li></ul></ul></ul><ul><ul><ul><li>Designs </li></ul></ul></ul><ul><ul><ul><li>Business Drivers </li></ul></ul></ul><ul><ul><ul><li>Relevant competitive analysis </li></ul></ul></ul><ul><ul><ul><li>Relevant best practices </li></ul></ul></ul><ul><ul><li>Set expectations </li></ul></ul><ul><ul><ul><li>Your business objectives </li></ul></ul></ul><ul><ul><ul><li>Your budget range </li></ul></ul></ul><ul><ul><ul><li>Your timeframe </li></ul></ul></ul><ul><ul><li>Offer a Q&A period with a deadline </li></ul></ul><ul><ul><li>Give providers 1-3 weeks to respond, depending on the type of product/service </li></ul></ul><ul><ul><li>Start a tracking document </li></ul></ul><ul><ul><li>Stay in contact with them </li></ul></ul>
    40. 41. Selection Diligence <ul><li>eCommerce Diligence > Selection Diligence > 8. Short List </li></ul><ul><li>Narrow down to a “short list” of 2 to 5 providers </li></ul><ul><ul><li>Eliminate obvious mismatches </li></ul></ul><ul><ul><li>Compare apples to apples </li></ul></ul><ul><ul><ul><li>Create comparison table to put responses side by side </li></ul></ul></ul><ul><ul><ul><li>Add your commentary or scoring </li></ul></ul></ul><ul><ul><ul><li>Color-code your scoring to denote the rankings and ratings you created </li></ul></ul></ul><ul><ul><li>Factor in costs </li></ul></ul><ul><ul><ul><li>Provider implementation, license fees, upgrades, support </li></ul></ul></ul><ul><ul><ul><li>Your overhead - servers, bandwidth, in-house staff, consultants </li></ul></ul></ul><ul><ul><li>Schedule presentations </li></ul></ul><ul><ul><ul><li>Be sure they demonstrate live sites </li></ul></ul></ul><ul><ul><ul><li>Walk through the administration tool </li></ul></ul></ul><ul><ul><ul><li>Understand what limitations exist </li></ul></ul></ul><ul><ul><ul><li>Ask for a test account </li></ul></ul></ul><ul><ul><li>Involve all key stakeholders in these evaluations </li></ul></ul><ul><ul><li>Come prepared with questions and concerns – ask, ask, ask! </li></ul></ul><ul><ul><li>Follow up </li></ul></ul>
    41. 42. Selection Diligence <ul><li>eCommerce Diligence > Selection Diligence > 9. Finalists </li></ul><ul><li>Final diligence for the final 2 or 3 providers </li></ul><ul><ul><li>Select 2 or 3 finalists based on fit </li></ul></ul><ul><ul><li>Ask for proof </li></ul></ul><ul><ul><ul><li>Check client references and live site examples </li></ul></ul></ul><ul><ul><ul><li>Ask for their client list (or get it from the web) and call them to get their perspective </li></ul></ul></ul><ul><ul><ul><li>Get proof points or proofs-of-concept for all their stated capabilities and promises </li></ul></ul></ul><ul><ul><ul><li>Have questions prepared for the client references and ask about any limitations they have encountered (with the product and with the services) </li></ul></ul></ul><ul><ul><li>Meet the team that will be supporting your project </li></ul></ul><ul><ul><ul><li>Even if it means interviewing multiple candidates </li></ul></ul></ul><ul><ul><li>Get a look at their “roadmap” </li></ul></ul><ul><ul><ul><li>Find out what is in the works and when they expect to have it </li></ul></ul></ul><ul><ul><ul><li>If your implementation is dependent on new development, get clarity on what and when </li></ul></ul></ul><ul><ul><li>Get everything in writing!!!!! </li></ul></ul>
    42. 43. Selection Diligence <ul><li>eCommerce Diligence > Selection Diligence > 10. Decide and sign </li></ul><ul><li>Negotiate, decide and sign </li></ul><ul><ul><li>Manage your own expectations; nothing is perfect </li></ul></ul><ul><ul><li>Build in time and money for scope creep </li></ul></ul><ul><ul><ul><li>This is where YOU might expand your requirement list </li></ul></ul></ul><ul><ul><li>Don’t discount the intangibles </li></ul></ul><ul><ul><ul><li>Take into consideration the fact that you feel a particular provider is a better cultural fit with your organization </li></ul></ul></ul><ul><ul><li>Determine your top 2 contenders and start negotiating; you should be happy to choose either one </li></ul></ul><ul><ul><li>Get written documentation </li></ul></ul><ul><ul><li>Negotiate with your top 2 until you are comfortable </li></ul></ul><ul><ul><li>Ask for help with the agreement or contract </li></ul></ul><ul><ul><li>Sign with the one you feel best fits your needs </li></ul></ul><ul><li>Breathe a sigh of relief …and then get back to work! </li></ul>
    43. 44. Q&A <ul><li>Michael Miller </li></ul><ul><li>VP of Client Development, FitForCommerce </li></ul><ul><li>949-218-4308 </li></ul><ul><li>[email_address] </li></ul><ul><li>www.fitforcommerce.com </li></ul><ul><li>FitBase www.fitforcommerce.com/fitbase </li></ul><ul><li>Use eCommerce Merchants Summit discount code ECMTA </li></ul><ul><li>to receive $100 off $795 subscription until 6/20/09 </li></ul>Thank You
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