Published on November 8, 2014
The Journey of an eCommerce Startup. eCommerce Expo 2014 Keynote by Mandeep Singh of StreetHub
1. Things you love, near you The eCommerceStartup Journey MandeepSingh, Co-Founder, StreetHub eCommerceExpo Keynote, 01 October 2014
2. Introducing Real time inventoryScaleIncrease footfall Discovery Instant Gratification Near you Forretailers Forconsumers The local marketplacefor quality independent retailers
3. Step 1? Find a great idea, but do something different “The best ideas often look terrible at the beginning … the truly good ideas, don’t seem like they’re worth stealing” -Sam Altman, President, Y Combinator
4. ? Foundingteam ? •Complementary skillsets •A “marriage” •Opposites attract?
5. 5 Proof of concept -the Minimal Viable Product (MVP) •Real world > hypothetical surveys •Landing Page, AdWords tests => CPA •Fake it! •Build a list of features. Take out 90%. Take out 90% again •Do you need to build it yourself? Magentoetc?
6. 6 Get funded or bootstrap? •Earlier profitability vs earlier scale •Proof points vs valuation/ability to raise •Freedom vs structure & advice •Word of mouth vs paid marketing
7. Build the team •Focus on your weaknesses. Do not hire lookalikes •Do they get your customer? •Passion. Passion. Passion
8. 8 Evolve the product •Take the MVP and iterate •Lean •Speed > perfection •A/B test •Talk to your customersdaily •Mobile app –what’s going to stop them from deleting?
9. Build supply 9 •Marketplace = sellers. Avoid the catch-22 •Traditional e-commerce = sourcing
10. Build demand 10 •Getting from 0 to 1,000 is the hardest •Word of mouth is great, but how can you help? •Delight early customers •Paid? Cost > scale •CPA / LTV > brand-building •How can you be smart? Long-tail? Partnerships? PR?
11. Monetise •LTV > CPA •LTV; increase ABV, margin or repeat purchase rate •CPA; virality, smart marketing •Marketplaces; commission vs gross margin but are there other ways to monetise?
12. Scale 12 •Back on the fundraisingtrail? •Early customer-profile may not be mass-market •National > international?
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