The increasing use of internet and smartphone has fueled the growth of the e-commerce business. Also, the recent improvements in technology including automation and chatbots have opened up a world of possibility for online retailers to enhance their operational efficiency and delight their customers. These advancements have even made it easier for e-commerce companies to keep track of all the latest market events and their competitor activities. Therefore, to succeed in today’s digital age, e-commerce companies are expected to innovate and respond to the ongoing market changes to meet consumers’ needs at a much faster pace, while complying to government requirements, maintaining ethical, and adopting sustainable business practices. Therefore, companies are partnering with firms like Infiniti Research to conduct a SWOT analysis.
With erratic changes to the market, competitor’s new advertising campaigns, and new government policies, the client, a leading e-commerce company in Ireland was facing threats in expanding their business. The company’s failure to identify market opportunities and threats was a major roadblock that prevented them from creating attractive products and pricing models to generate revenue. Therefore, with SWOT analysis, the client wanted to identify the well-performing areas of their business and examine their weaknesses.
They approached Infiniti Research to leverage their expertise in offering SWOT analysis solution. With Infiniti’s SWOT analysis solution, the client wanted to examine their internal strengths and weaknesses, opportunities for growth, and mitigate threats. Furthermore, the client wanted to develop business strategies and future objectives related to business expansion.
The experts at Infiniti Research conducted a detailed study of the internal and external environment of the company and the e-commerce business. They helped the client identify potential threats and opportunities in the market. Also, by analyzing their competitors, the experts at Infiniti Research helped the client understand how their competitors were using the market opportunities to their advantage.
Identification of the company’s strengths and weaknesses further helped them to determine how to allocate their resources in a way that will result in the highest possible potential for revenue growth and profitability. Moreover, Infiniti’s SWOT analysis solution presented a fair knowledge about market opportunities, which helped the firm take advantage of emerging opportunities to gain new business, market shares, and access to capital. With Infiniti’s SWOT analysis solution, the client was able to increase their online sales by 44%.
Also, Infiniti’s SWOT analysis solution helped the client to:
- Take advantage of their strengths
- Address their weaknesses
- Capitalize on new market opportunities before their competitors
- Deter threats in the market and take actions to mitigate them
- Develop business goals and strategies for smooth expansion
What is SWOT analysis?
A SWOT analysis methodology is used for documenting internal strengths and weaknesses in a business, as well as external opportunities and threats. By focusing on the key factors influencing your business, a SWOT analysis helps you understand where your business has a competitive advantage and what issues you should be addressing. Essentially, a SWOT analysis is a roadmap for how you should move forward with your business, which opportunities you’re missing out on, and what challenges you should tackle.
What are the elements of a SWOT analysis?
Strengths – Identifying your organization’s internal capacities and resources. This element of SWOT analysis describes the core competencies of a business, strategic factors that may make a certain business more likely to succeed, and areas where the business may have advantages over other similar businesses.
Weaknesses – Identifying your organization’s internal weaknesses, including employee turnover, sales performance, branding strategy, cash flow, and more. Once weaknesses are identified, a business can take steps to lessen the impact or turn them into strengths.
Opportunities – Opportunities are events that have the potential to increase profits. Identification of new trends that complement your products or services and new software that will help streamline your workflow can be regarded as business opportunities.
Threats – Unfavorable changes to laws, higher taxes, and changes in consumer preferences are some of the possible threats. Identifying a threat helps the business manager to limit its impact. Threats further include factors such as tough competition, strong branding by other companies, and an unstable economy.