When an e-commerce startup first gains popularity, business owners and operators often see a large volume of customers interested in their store with one signature product in mind. However, as your customer base grows, the overall demand for what your store has to offer also increases. At Etoile Web Design, we believe that no matter where you are in the business life cycle spectrum (1), it’s important for every business owner and operator to build a multi-product mindset.
As opposed to a single-product mindset where business leaders focus on just one concept or product at a time, multi-product thinking is more powerful and will pay off with great operational and financial outcomes (2). We believe that a multi-product approach can be beneficial to every business for the following reasons:
- Increasing your customer’s basket size & satisfaction:
When a customer first comes to your e-commerce store, they might start with one product in mind initially. However, under the multi-product approach, you will be able to draw your customer’s attention to your whole product portfolio, instead of just the one single product they wanted to purchase. Through successfully addressing a wider range of wants and needs, your customers will be more likely candidates to become loyal to your brand. Not only will this impact your operational and financial results, but it will also pave the way for new product releases in the future.
- Creating room for scalability and growth:
As business owners, oftentimes, one of our biggest goals is to scale our business and allow it to grow. According to Investopedia, scalability is a business’s ability to grow without being hampered by its structure or resources when faced with increased production (3). With a multi-product mindset, not only will businesses be able to achieve economies of scale more easily, but they will also be able to produce products faster (4). This will help businesses to scale their operations more easily, to achieve their growth target, by tapping into various needs of the customer segment they have served from the beginning.
- Digital capabilities make it easier to bring a multi-product thinking to life:
Back when small businesses were mainly operating under brick-and-mortar structures, multi-product thinking was harder to implement and execute, due to the limitations in storage, real estate, and operational capabilities. However, nowadays, digital capabilities make it easier to organize a multi-product store concept. With unlimited shelf space and banner slots, more ways to support and stay connected with those who are interested in their products, small businesses can now create a more well-rounded customer experience, making it easier to improve your business’ brand image.
Ready to start applying multi-product thinking to your WordPress e-commerce store? Our team at Etoile Web Design is excited to provide affordable, yet simple, customizable and reliable WordPress plugins that are fully supported and updated. Our plugins, including the Ultimate Product Catalog, Ultimate FAQ, Ultimate Reviews, and WooCommerce Filters plugins, will turn your WordPress page into the biggest weapon to support your e-commerce business. Learn more about us and our products here.