Why Companies Using BaaS Are Shortening Time to Market
For eCommerce brands, it’s important to regularly create and launch new products. Developing a diverse selection of products is one of the best ways that companies can grow, writes eCommerce marketer Andrew Maffettone. Most brands can’t survive on a single product alone. The quicker your time to market and the better your products are, the more successful your eCommerce brand will be. One of the most effective ways to do this is to integrate BaaS solutions.
By partnering with specialist providers, you’ll be able to improve product development, speed up product launches and quickly expand product offerings to new markets.
They Have More Time to Focus on Design and Manufacturing
As we have stated in the past, one of the major benefits of outsourcing some or all of your eCommerce functions is that it allows you to focus on what you are best at. For many brands — especially those that have previously partnered exclusively with retailers — this will be product creation.
It doesn’t make sense to waste your team’s time trying to juggle marketing or fulfillment when it is better served elsewhere. By partnering with a BaaS provider that handles these functions, savvy eCommerce brands can spend time getting new products up and running rather than trying to get existing products out of the door.
After all, successful product development relies on having a focused and dedicated team. As IndustryStar Founder and CEO William Crane points out, forming new product development teams is one of the most impactful things a company can do.
Doing so can avoid what the team at Technova believes is one of the biggest speed bumps to successful product manufacturing: poor scheduling. If your team is too overloaded with other projects, they aren’t going to have the time or energy to focus on getting new products prototyped and into development.
They Can Better Allocate Available Resources
In theory, the more money you can invest in product development the quicker those products can be developed and the better they will be. Finding those resources can be tricky if you are trying to juggle every facet of running an eCommerce company yourself.
However, Digitalexits.com Founder Jock Purtle points out that partnering with specialty businesses allows eCommerce brands to allocate their resources in a much more productive way. The partners, meanwhile, are built to achieve economies of scale and create cost-efficiencies. That’s why hiring specialty partners is almost always cheaper than trying to execute the same offering in-house.
With significantly lower overheads, eCommerce brands that partner with BaaS providers have more resources that can be invested in product development in the following ways:
- Identifying new opportunities. WanderlustWorker.com Founder R.L. Adams notes these can be found by researching everything from your competitors and foreign markets to distribution channels and other industries.
- Customer insights and co-design. Working with customers to develop products from the outset can help brands quickly establish product-market fit, says Skybell Video Doorbell Founder Andrew Thomas.
- New technology. Bain & Company Partners Nicolas Willemot, Mike Booker and Kara Gruver note that rapid prototyping technologies such as 3D printing let brands test and improve products faster.
They Create Awareness for New Products Quickly
Quickly developing new products is only one half of getting them to market fast. The other is quickly getting them in front of customers. Whereas BaaS solutions have an indirect impact on increasing the speed of product development, they have a direct impact when it comes to getting products to market.
eCommerce marketing services typically combine software with human expertise to deliver a service that far surpasses what most eCommerce brands would be able to develop in-house — and again at a much-reduced cost.
Being able to quickly and easily upload new products to your website is a key feature of most comprehensive eCommerce solutions. It’s not enough to just upload your new products to your website, however. Your product listings need to sell them. This is where working with a specialist eCommerce marketing partner can help.
In particular, product pages need to have high-quality visuals, helpful and informative product descriptions, and customer reviews if they are to generate sales. When creating such pages isn’t in your wheelhouse, a BaaS provider cancraft this content quickly on your behalf to make sure products don’t just appear on your site, but actually appeal to customers.
Even if your website is your primary sales channel, it doesn’t hurt to get new products in front of as many customers as quickly as possible. Despite some tradeoffs, marketplaces have a lot to offer brands in this respect.
This is where the software offering of BaaS solutions comes in to play. Specifically, with a project management feed, new products — along with their images, descriptions and meta data — can be instantly added to any third-party marketplace. They can even be uploaded to marketing channels like Google Shopping, too.
The right product feed will automate the process while reducing complexity and ensuring that all data is channel-ready, says Productsup’s Gina Beach. As a result, it will significantly minimize the time it takes to get your new product in front of customers, wherever those customers may be.
They Promote Existing Products to New, Global Audiences
Being able to enter new markets more quickly and more successfully than your competitors will also give your brand an edge.
Entering new global markets is fraught with difficulties, however. That’s why many eCommerce brands choose to partner with third-party experts who can provide the advice and technology needed to make the move as smooth as possible.
Marketplace Seller Courses’ Shannon Roddy believes that partnering with these kinds of experts is essential. Trying to work your way through complex international laws isn’t something worth spending your time on. It’s too complex and too easy to get wrong. Plus, the quicker you can get it right, the faster you can sell to new customers.
Having the legal right to sell is just the start of global expansion, however. Localizing your website is also essential if you want to engage and capture your new audience, writes Day Translations President Sean Hopwood. At its most basic, this means translating all website content to the local language. You should also look to tailor content specifically to your new audience as well, notes Hopwood, so that it lines up with that country’s existing culture. Sales messages that work in the U.S. might not hit the mark in the same way in Japan, for example.
This doesn’t mean spending time or money developing a new website for that market, however. If you are using a comprehensive eCommerce platform, it should be possible to toggle the language setting of your existing website and use geo-targeting to ensure that the correct language website opens up for each visitor.
If you actually want to make sales in foreign countries, you’ll also need to partner with a payments provider to ensure customers can make payments in a way they are comfortable with, writes content marketer Ryan Robinson. “A more convenient, streamlined experience catered to the needs of each target audience will make it that much easier to close the sale.”
BaaS solutions aren’t just a way to outsource parts of your eCommerce offering. They can give brands the opportunity they need to grow. Whatever your expertise and whatever markets you are in, business as a service can help your brand create new products quickly and get them to market faster than you could on your own.