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WHAT IS E-COMMERCE LIFE CYCLE?

e-commerce ife cycle

A marketing agency in India, in one of their articles online asserted that “ e-commerce is not only about selling products. It is also about inventory, analytics, and user experience.To make your brand stand out in the multitudes of brands online, it has to undergo different changes to attain business excellence.

In business, as it is in other spheres of life, change is constant. To ensure longevity of your brand’s identity and permanence in the e-commerce world, you need to not only pay attention to selling your products online but also on having the best user-experience for your e-commerce website.

Are you interested in creating the best experience for users of your e-commerce website? Do you wish to create a lasting impression on those that visit your website? Do you want to gain an edge over your competitors in the market? Then, you need to hire the services of a freelance WordPress developer Sydney.

What is e-commerce life cycle?

Investopedia defined a life cycle as a course of events that brings a new product into existence and follows its growth into a mature product and eventual critical mass and decline.

In e-commerce, a product life cycle is the progression of an item through the four stages of its time in the market. Every product has a life cycle that consist of stages, the time spent on each state is different from product to product.

What are the stages of e-commerce life cycle?

There are four stages of  e-commerce life cycle. Introduction, growth, maturity and decline are the four stages of e-commerce life cycle.

  1. Introduction stage: at this stage, the products an e-commerce website wants to promote is introduced to the online marketing community. It is at this stage that the owner of the products assure the market of the quality of the solution the product seeks to bring. At this stage, the branding of the business is vital. Remember, it is how you introduce your brand the world will . perceive it. You can create a unique and lasting impression for your brand by getting freelance WordPress developer Sydney to design your website.
  2. Growth stage: at this stage, the quality of the products introduced to the market needs to be sustained. The prices of your products need to be on a stable level than it was initially, for sales growth maintenance. It is important you create marketing campaigns to reach a broader audience and for growing your share in the global e-commerce market.
  3. Maturity stage: after growth of your brand has been established, you need to identify your unique selling point. Add features to your products that will give you an advantage over your competitors. You should make new promotions that differentiates between your products and that of others.
  4. Decline stage: at this stage, a business owner can still keep his/her products in the market or choose to withdraw it from the market. The production rights can be sold to another company. If the product is still to be left in the market, new features can be added or older ones removed.

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