Eighty percent of online users from India have made purchases from E-commerce platforms within the last thirty days. This huge number can be attributed to the fact that e-commerce brands are now an integral part of our ever-growing economy. However, this statistic also shows the brands just how many competitors exist to cater to all those requests. The e-commerce sector is now a substantially more crowded marketplace, each passing day adding more.
Say you are back after traveling from a long fun trip and you are busy recalling all those wonderful experiences you had. You might spend a couple of minutes recalling the car rental experience. But more often than not, you might end up forgetting it. You may notice that it’s not really a problem with the car rental industry being deficient in certain tools, technology or the workforce. The issue here would most likely be the mindset of the service providers who would rather approach this business as just an income earning service and not exactly something that can count as experience.
Though I come from the data science background, I am compelled to avoid
using word “Predicting customer churn”. Because “Prediction” is a machine
learning term and it tends to bring along the associated overwhelm for the
business executives. This overwhelm has been the number 1 reason why most
SaaS enterprises focus on adding new customers and tend to ignore the fact
that their existing customers are leaving them every month.
If You are the founder, senior management leader or head of sales for a traditional business that is being conducted online, then you are more likely to be wondering about strategies to acquire new customers constantly. According to Peter Krasilovsky, chief analyst at Local Onliner, SMBs are more aware of ways to spend on customer acquisition than retention.
Superficially, the title of the blog looks like an oxymoron. We immediately map the terms Research & Development with the Innovation. It is so much prevalent in our perception that innovation comes straight out of R & D, ready made, ready to be consumed and everlasting. But when you carefully look at the process of R & D, it is just an iterative process where you form a hypothesis, conduct experiment and test the theory with the obtained result. If the results are conclusive, then you get your innovation. But it's most often that you can be wrong. When you fail at the intermediate steps of the experimentations, you go back, re-formulate the hypothesis and test again. It’s called as rinse and repeat. This process demands the sheer amount of energy of the people involved and requires time to do that.
If you are managing a business, you might wonder how would I maintain the perfect cash flow. Are people paying off too much of their debt is a good thing? Or asking people to pay money when they don't have any? Both of them may negatively impact your business. Keeping a right amount of credit with your customer may be a good thing after all. It will empower them to run their business without worrying you about paying right back as soon as they purchase from you. But after all, you need to get your money back. But when to ask for the payment is the right question.
Tags: Datoin Apps
As software architects we secretly desired, the software system should not be built by, line by line of code, but rather architected more like how we play with Lego blocks. Just grab the blocks from available blocks and connect them. There you have it the system you have imagined! More at the natural form of how you have envisioned the system.
Tags: Dation Platform