Minimum viable products, or commonly known as MVPs, are a part of agile software development methodologies. The lean startup approach has the most potential crossover for an eCommerce website.
Using the MVP model in eCommerce business gives a feasible option of the highest possible return on investments with the least amount of risk involved. You get to gather a great number of insights about the consumer with a minimum amount of resources. With the complete win-win strategy, you have nothing to lose and everything to gain.
Often an eCommerce business lags behind because of micro-managing every little detail. With the minimum viable product approach in the eCommerce business plan, you get a clear shot of your targeted customer base. As resources are minimized, you get the benefit of looking at the other matters at hand. Even powerful companies such as Dropbox and Amazon have started using the MVP concept.
In this process, lots of people confuse the term “MVP” with beta and prototype. But the whole idea of minimum viable products is to measure actual results against your expected results to prove or disprove your assumption.
Let’s say you are planning to start an eCommerce business. What will you need if you are planning to go with MVP concept? Here’s what you can do.
At this stage, your goal should not be earning a profit but to identify your customer base and their interests in buying your products. You can expand your business as you get positive feedback from the customers.
The minimum viable products in eCommerce will save thousands of dollars and countless hours spent in creating a web store that does not resonate with the needs of your audience. The minimum viable product concept will help in creating an eCommerce web store that the market actually wants.