Why Growth of the What And When You Want Economy Matters
Written By: Kyle Musser
Not sure if you’ve noticed, but right now here in 2016… we live in a world where the consumer owns You, Your Business, and Your Brand.
And before you get all fired up and call this bs, hear me out first.
Lately I’ve been hearing a lot of stories from business owners and newbie entrepreneurs that things are tough, it’s hard to reach new customers, and so on.
Which, let me call you all out on that because that’s where the real bs is.
We live in a day and age where no longer are the big box retailers… Wal-Mart, Best Buy, etc., the kings of the consumer retail space.
How do I know this? Well a couple reasons…
Data and Consumer Behavior.
Let me ask you a question, how many of you (raise your hands) have comparison shopped via your smartphone in the past 6 months?
Ok, how about the past week? 🤔
For those of you that are fully engaged and actually raised you hand, good job. 👏🏼
In fact, I know from personal experience in that I’m always comparison shopping and trying to find what I want, when I want, how I want it, and atwhat cost I want it by searching online before I make a purchase.
The numbers show that the consumer has the upper hand when it comes to purchasing power and making decisions about what, when, where, how, and why when it comes to consumer purchases.
Which on the flip side, makes for a winning formula when it comes to you guessed it…
Content + Commerce Brands.
These are the businesses and brands that understand the powerful combination of content when paired with a great product.
All of this is made possible by today’s technology combined with the smartphone revolution that has taken hold over the past 5–10 years. Consumers now have the ability to say Yes or No to unlimited brands on a global scale at their fingertips.
Which is great news for small business owners and growing Ecommerce brands that are looking to leverage the DCLabs Profit Pathway of creating Conversations that lead into Conversions.
So let’s dive into Why Growth of the What And When You Want Economy Matters…
Let’s take Shopify as quick case study…
Recently while watching an interview, the host mentioned that this once startup venture now turned dominant player in the Ecommerce space is doing over $8B in transactions annually.
Before you think that number is just a small drop in the pond, let’s break it down so you can understand this…
“More than 1/2 of the countries in the world have a GDP of less than $8B annually.” (Yes, you read that right)
And these aren’t just big brands with massive marketing budgets and endless resources of people, products, and new innovations waiting in the Idea Labsto be launched.
These are solopreneurs, small business Ecommerce shops, bloggers monetizing their brands, brick-and-mortar retails shops, and the list goes on that are all creating their own virtual distribution channels.
Many of which have unlimited profit potential…
These are businesses from all ends of the spectrum too.
Whether you’re a startup just heading into the Idea Lab, or you’re a growing brand who’s team is working in the Growth Labs designing, developing, and testing experiments at scale, opportunities exists in all levels of the Content + Commerce Profit Pathway…
“The barriers of business have forever changed and opportunity exists literally everywhere we look.” — Kyle Musser 💭
But what makes this story really interesting is the fact that we live in an age where the consumer has an equal if not greater say to the ultimate success or failure of your brand.
I know that this is not a reality that many of you are still ready to own up to, but this is a fact and a truth of business in a digital age.
Businesses and startups alike have to understand that the marketplace dynamics have shifted into digital commerce driven economy.
— via Reinvently
And it’s not just digital commerce growth that’s fueling these changes. It’s digital content growth that’s allowing even the smallest Ecommerce brands the opportunity to attract, build, and grow a very profitable business.
So while businesses like Amazon have proven that this happening with their push into new business ventures like Amazon Video to compete against Netflix and Amazon Shipping to compete again UPS and FedEx. The fact is you don’t have to be as big as them to compete and dominate your chosen niche.
The fact is that…
“People want what they want, when they want it, where they want it, & how they want it.” — Kyle Musser 💭
Don’t believe me?
Check out some of the numbers…
Doesn’t matter if it’s a physical product or if it’s a piece of content that your brand puts out to create the conversation around your business.
The people in your audience are a part of your brand and it’s time for every entrepreneur and growing business to embrace this amazing world that we live in.
In addition to that, they also want (and command, myself included) the support and love that comes before and after the sale. Not only while trying to make the close… 😏
Just take the news that just came out today where Shopify is going to be integrating with Facebook Messenger to provide customer service on demand.
Having access to customers and their data is a key reason why platforms like Shopify are flourishing with the help of small businesses and entrepreneurs that are the key driver of content driven commerce.
And while some of you might have experience or even own an ECommerce shop already, I know that some of you still might be asking the question…
“Well Kyle, how does this affect my business in 2016 and beyond??”
Well, the answer is that it drastically does! And best part for you is that it potentially does in very lucrative ways.
Your prospects and customers are changing right before your very eyes. I know some of you have noticed, but there’s a few of you that have year to see the actual numbers to prove it…
With endless social and digital distribution platforms, comes the opportunity to attract, connect, and conduct commerce with an endless number of consumers.
Whether it’s…
Getting fresh groceries delivered directly to your door, The Daily Dot
Buying from your favorite boutique retail Ecommerce shop,
You the business owner have to own up and embrace the fact that consumers having access to prices, data points, and options is actually to your benefit. But that’s assuming that you have a strategy in place when it comes to leveraging the tools like Shopify.
And I’m always pointing out that if you don’t utilize and leverage these tools, you are putting your business in jeopardy with each day that passes.
I know that might seem a little grim, but don’t worry because there is much to be hopeful of. 👍🏼
I’m pointing this out so that you can know what’s on the horizon as we head into 2017 and beyond so that you can GROW YOUR BUSINESS!
Question is…
“Are you listening?” 💭
It’s not a matter of small vs. big, fast vs. slow, digital vs. brick and mortar, etc.
What it really comes down to is whether or not you and your team are off the sidelines and in the game. We all (myself included) should be paying attention to what’s happening around us in the business world as much as we can at all times.
But at the end of the day, it’s not up to me to decide what’s best for you and your business. It’s up to you to get out there and execute.
With today’s post, I just want to challenge you to think about new opportunities and think about how your business can leverage the digital world to your and your customers benefit.
Shopify’s success as a Content + Commerce Profit Pathway Solution shows that this trend is not a phenomenon.
So for those of you that leverage this trend, the rewards are literally infinite when you have a content and commerce infrastructure in place. And don’t get scared by that big consulting speak term infrastructure.
All that means is that you have a delivery mechanism between your products and your customers. Technology is the ultimate enabler and the greatest change agent that we’ve ever seen.
The fact that mom and pop retail shop or teen blogger can leverage these trends (Content + Commerce) to create a six, seven, or even $8+ figure business is incredible.
So to bring this all full circle with an actionable takeaway for your business, I want you to think about the context of this article.
Because digital content and commerce are becoming (already are I would argue) one in itself, maybe the question that you and other businesses // entrepreneurs need to be asking is…
How can I provide value to my customers AND take advantage of this global shift into Product + Content Commerce??
Not only do customers want to be given value in the form of a physical product, they want to be given value in the form of content and community that supports their purchasing decisions.
(insert membership article)
Whether it’s Snapchat, Instagram, Facebook, Youtube, your Blog, etc., the reality is you’re in the business of people. 👥🌎🌍🌏
And right now here in 2016 is the time when you have unlimited opportunity to provide content to your community as a way to create conversations that lead to conversions in your digital commerce business.
TAKEAWAY: I’d be curious to know how the Content + Commerce model has helped you grow your business…
Be sure to leave your comments below and share it with a friend if you’ve found any of these helpful…
And if you’ve found this valuable, I’d be much appreciated if you could leave a HEART below… 💙
I’m Kyle Musser,
Founder and CEO (Chief Experiment Officer) of digitalconversionlabs.com. Come check out what we’re up to and be sure to check out our FREE RESOURCES by clicking on the link below the image…
Oh and be sure to subscribe to our email list as we give our best content, tips, strategy’s, and much more to those who unlock VIP Access to the DCLabs!
Image Stats & Figures Via…
Next Juggernaut — “Infographic: Meet the On Demand Economy!”
The Verge — “TaskRabbit is Blowing up it’s Business Model and Becoming an Uber for Everything”
Pew Research — “On Demand Services Overview”
Harvard University Business Review — “The On-Demand Economy Is Growing, and Not Just for the Young and Wealthy”
