The founder of Alibaba Group Jack Ma, founded Taobao University in Hangzhou, China, which offers a major in building a digital business. Incidentally Jack Ma was also a teacher. He may give best lesson for entrepreneurs out there,
Genecia Alluora, founder of Soul Rich Woman, an entrepreneurial advice platform for women in Southeast Asia, one of which has spent her knowledge on campus, outlines three important things taught at Taobao university in building a digital business for entrepreneurs as quoted by CNBC.
1. About brand building
The online shop does not look like a traditional shop. But as the e-commerce market grows, it becomes very important to have a brand that consumers can identify with.
“People are no longer buying outright,” explains Alluora, highlighting the tendency of consumers to seek product reviews more frequently on social media before making a purchase.
“Customers want to get to know the brand and see you have credibility. It’s more than just having a Facebook page, it’s about knowing how to promote yourself more broadly,” Alluora said.
2. You need to promote it (marketing)
After creating a brand, the next step is to promote it to the right people. As technology develops, it becomes necessary to make the most of it.
“To be at the top, you need to generate traffic,” Alluora said. The best way to do this is focusing on a digital strategy like prioritizing keywords in your product descriptions.
Alluora notes: “You have to sell a lifestyle, not just a product. You have to connect emotionally.”
3. Data analysis is very important
To maintain momentum and attract buyers back, you need to get to know your customers. It means having access to customer data.
Given Alibaba’s dominance in China – the online payment system, Alipay, which controls more than half of the country’s digital payments – one of the company’s prides is the world’s most advanced dataset.
“They have a very detailed analysis so they can tailor their offering to each individual,” Alluora said. “If you’re looking for baby items, for example, next year they’ll target you with clothes for one year old babies.”