We experience in numerous e-commerce projects that customers know exactly what they want. They have worked out their clear ideas in lists and want every single point in the project implemented. The classic case: Despite the most careful planning and good project management, it turns out after long project phases that the consumer does not accept the offer. What remains are considerable costs and great disappointment.
For this reason, an MVP (Minimum Viable Product) is increasingly used in OXID e-commerce projects. By this we mean a preliminary, but functional store system. It is developed in the shortest possible time, with little time and financial effort, in order to quickly go to market and receive valuable customer feedback.
So an MVP is less a product and more a process. The minimum functional product is quickly to market. But time-to-market alone is not the main factor for e-commerce success. Rather, an idea must develop into a viable offering, and ideal customers must become a validated target group. In an integrated approach, both converge so that a viable business model can be established as quickly as possible.
- Start quickly, gather user feedback early, minimize risk
- Test new target groups and use customer feedback
- Keep projects lean and accelerate software development
- Validate market assumptions and implement lessons learned
- Save time and money and generate revenue quickly
- Test new business models without risk
By quickly and continuously testing their own assumptions on the market, store operators gain reliable data and insights for further action at an early stage. The goal is not to make all assumptions correctly right away. The goal is to be able to learn faster by letting the market confirm or reject one's own assumptions as early as possible.
It is also helpful to fail quickly, because that way resources are not spent on the wrong things. Instead, only ideas that can be confirmed or rejected by customer feedback are pursued. In this way, new offerings can be tested directly on the market in the shortest possible time with the least possible cost and resource input. The linchpin is therefore real customer needs. If meaningful feedback is continuously gathered, customer pain points and solution benefits can be quickly and efficiently crystallized.
An MVP means constant balancing between customer benefits and minimum necessary effort. This is what we at OXID eSales mean by "time-to-value". Because it is more than just being faster on the market than the competition. It means creating added value for the customer faster and generating increasing sales sooner than would be possible with a conventional e-commerce project that sometimes lasts weeks or even months.