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A complete guide to developing a business model canvas (BMC) with example (Part 1)

  Are you an entrepreneur struggling to understand the business model that fits you?   This is the go-to tool for you. BMC is a tool developed by Alexandar Osterwalder and it will guide you to understand how to create, capture, and deliver value with your business to the consumer.   But first, you need to be clear on the value you create.   So before you jump into the BMC, it is important to understand your value proposition. It is getting complicated now? Not really, there is a tool for this too. The value proposition canvas (VPC).   Let's start.   What is   VPC?         Look at the chart, there are two sides to the VPC. Let’s look at the client profile. This side of the VPC discusses your consumer. It is broken down into 3 main parts: pains, gains, and customer jobs. Pains are the problems or unpleasant situations customer experience. Customer job is the solution you offer. Gains are the desired outcomes that are more than expecte...
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02 actions retailers can consider changing customers to go online.

 E-commerce is growing on a global scale. How retail can benefit from digital consumers?

 

According to E-commerce worldwide (Statista 2020), the value of the global E-commerce retail sales is worth to be $4,280 billion in the year 2020, and at a clear growth trend.


 

 

The E-commerce share of total global retail sales has accelerated to an 18% in 2020, which was a 202% growth compared to the year 2015. This shows the importance of E-commerce for retailing in the future.

The retailer should be ready to serve the customer online in sophisticated ways to attract and retain the customer with them. As there will be no cost to shift retailers, it is worthwhile to define the customer behavior and take actions to influence the customer to retain.

Behavioral science explains that understanding customer “beliefs”, “habits” and “peak moments” is key to behavioral change. (read my article about MOTs

https://whywebuy-buyerbehaviour.blogspot.com/2022/03/evolution-of-buyer-behaviour-03-shifts.html)

Retailers can strategically utilize these to,

1. Shape new habits through new offerings

The pandemic made many people buy groceries online, and the majority continue the habit. People who were uncomfortable with buying groceries online found it comforting and the habit established. Strong new offerings can influence the customer to go online and once they become comfortable, it will be a habit.

2. Reinforce new beliefs

Positive new beliefs will change the way the customer behaves. The ones that are already established may limit the logical thinking of a customer, changing beliefs may open customers to new experiences which they will choose to continue.

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