India’s Rise As a “Promiseland” For D2C Brands
As the competition among India’s D2C brands continues to heat up, many are looking for new ways to stand out from the pack. One way brands are doing this is by experimenting with new product mixes.
By offering a unique mix of products, D2C brands can differentiate themselves from the competition and attract new customers. Would you like to experiment with new product mixes but are not sure where to start? Now is your chance to try out the innovative approach and broaden your customer base by unleashing the power of ONDC network.
For those still wondering what product mix is and how it can be leveraged for business growth using the ONDC network, this article is for them. Let’s learn about the usual problems that D2C brands face in the current eCommerce landscape and how switching to the game-changing network using a powerful solution like the Mystore Seller app is a masterstroke!
Table of Contents
Issues With Traditional E-commerce Plaguing The D2C Companies
Traditionally speaking, retailers, manufacturers, etc., have been trapped in Amazon’s monopolistic scheme.
Existing eCommerce brands often find it challenging to compete with these industry giants in terms of brand reach, pricing, and shipping capabilities. To have a digital presence, most D2C players have to sell on either Amazon or Flipkart, denying them control over their products or business operations.
How ONDC Network Helps the Modern D2C Brands
If so, you must consider joining the ONDC network. It is a non-profit organization that helps small and medium-sized retailers set up and advertise their product catalogs to an extensive audience. The platform seeks to level the playing field for all types and sizes of Indian eCommerce business owners across all sectors.
As a member of the ONDC network, you will have access to a variety of resources, including a network of logistics partners, tech firms, and payment firms. This will allow you uninterrupted, network-wide visibility and the ability to leverage tech solutions to better your order fulfillment.
ONDC network is committed to increasing profit margins for its network-wide participants and addressing their worries about traditional eCommerce (including hefty commission costs, preferential treatments, engagement barriers, etc.)
Product Mix Through ONDC Network
Try out new products in new segmented markets
With the Open Network, businesses can try out new products in new segmented markets and compare how well a new product compares to an existing one based on customer response. This makes it easier for businesses to allocate resources to the best opportunities. Through the collected data, businesses can turn data into actionable insights.
Think of it like A/B testing. Merchants can verifiably demonstrate the effectiveness of success of potential changes in products or new products entirely. Through the Mystore seller app, businesses can utilize these insights to enable data-driven decisions, thus ensuring a relatively safe product outcome.
Collect a wide variety of data on customer acceptance of new vs old products
Offering a new set of products v/s established products to uninformed consumers is often a risky business. The feedback you receive from prospective buyers could be negative and they could decide not to do business with you again. Again, by deriving key business insights, D2C brands can clearly define which product mixes are hit or miss, by analyzing the level of acceptance through feedback, conversions, etc.
To better understand how well their customers respond to new product mixes, D2C brands can use data collected using ONDC network customer analytics to make decisions about their products as well as define a target market segment/customer types based on feedback from them.
Strategically plan inventory/warehousing and logistics based on the results from data
Today, D2C retailers struggle to keep up with their online counterparts because they are still using outdated logistics/warehousing solutions that are rapidly falling out of favor in today’s fast-paced world. But what if brands could make decisions about inventory/warehousing and logistics without investing in additional technology or infrastructure? That’s what ONDC network offers.
Merchants can sell on ONDC network and strategically plan inventory/storage and logistics based on the results from data they gather from customers. D2C brands can take advantage of the optimized logistics to better scale, reduce costs and more efficiently serve their customer base by implementing an efficient fulfillment strategy.
Successfully launch new products to the most appropriate buyer groups+ market mix
When launching a new product, it’s crucial to clearly define your target market, buyer persona, and an effective marketing strategy. The last thing any brand needs is a service crisis through the launch of the wrong product to the wrong audience at the wrong time. This can cause newly launched products to sit around for months because customers do not need them.
By switching to the ONDC network through Mystore, D2C brands can choose their target groups and concentrate their product mixes on that particular audience. Use a powerful UI dashboard to upload new product catalogs in minutes. Not only that, if you find that a particular product mix needs to be temporarily hidden, you can simply change its product status to “Unpublished”.
Through Mystore, D2C bands can elevate risk management capabilities by ensuring their new launches are likely to attract the target buyer group.
Make Your Business Do The Talking With The Mystore Seller App
Powered by the cutting-edge enterprise eCommerce provider in India - StoreHippo, Mystore enables you to effectively utilize all state-of-the-art functionalities to highlight your business's strong points. Mystore uses its 360-degree, multi-channel solutions to enable D2C brands to experiment with different channels, marketing strategies, and product mixes to find which approach works best for them.
With seamless integrations, comprehensive analytics, and dozens of in-built marketing tools, merchants don’t need any technical expertise to try new product lines on different customer segments. They will already have a well-defined strategy that maximizes their potential for success. Leverage Mystore’s state-of-the-art functionalities to sell better for zero starting costs! No reason to wait around and let your D2C counterparts have all the fun!
Conclusion
ONDC network unlocks exponential growth potential for direct-to-consumer brands and gives them the edge to break away from competitors. With sophisticated data-driven insights and strategies, any brand can have its sales graph soaring through the skies! To get there, D2C brands need the 360-degree solution of an advanced, seller-friendly, and ONDC network-compliant platform like Mystore.
Powered by a cutting-edge tech stack and the flexible MACH architecture, Mystore makes building fully functional online stores easier than ever before. Explore the incredible features offered by the Mystore seller app for no upfront cost and claim your rightful spot as the innovative leader amongst your customers!