How minimum viable products (MVP) benefits eCommerce industry?

Minimum viable products or commonly known as MVP is a part of agile software development methodologies. The lean startup approach is the most potential crossover for an eCommerce website.

Using the MVP model in eCommerce business gives a feasible option of highest possible return of 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 got nothing to lose and everything to gain.

Often an eCommerce business lags behind because of micro-managing every little detail. With MVP approach in eCommerce business plan, you get a clear shot of your targeted customer base. As resources are minimized, you get the benefit to look the other matters in hand. Even powerful companies such as Dropbox, 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 MVP is to measure actual result against your expected result to prove or disapprove 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,

• Find suppliers and purchase a few samples
• Build an eCommerce website
• Invest in just enough marketing ideas for your website
• Try getting a few sales penetrating your niche market

 

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 as your business as you get positive feedback from the customers.

Summing up!

The MVP in eCommerce will save thousands of dollar and countless hours spent in creating a web store that does not hold resonates with the needs of your audience. Minimum viable product concept will help in creating an eCommerce web store that market actually wants.