“But the truth is, technology has so many emerging opportunities, that if we’re not staying on the forefront of it we risk leaving a lot of revenue on the table, at the very least, if not getting beaten by our competition.” – Derric Haynie, Ecommerce Tech 

There are a wealth of technology tools and plugins available for ecommerce brands, and new products are being developed and released every week. Brands can’t deny the opportunity for growth and increased revenue that’s possible from implementing the right tools. But choosing the best tools for a company, among all that’s available, can feel overwhelming.

Companies can benefit from having an internal process for how they make decisions about which tools and software platforms to purchase. A good decision-making process includes setting realistic goals, spending time on research, analyzing the total cost and projected revenue, communicating with all the affected parties, and ultimately rounding it out with some educated guesswork. 

As fancy and sophisticated AI-enhanced tools become accessible to smaller brands, staying competitive in the world of ecommerce is becoming increasingly dependent on having the right tools in place. That’s why it’s so important for brands to have an efficient tool selection process in place as well as an organized plan for implementation. 

Breakdown of the Grin Gets Real Podcast Episode 19

“I try to always advise merchants not to be sold on features that don’t exist yet. Because that’s what every sales rep will try and do for you.” – Derric Haynie, Ecommerce Tech

After working for years in the world of ecommerce and ecommerce technology, Derric Haynie saw how much confusion and overwhelm accompanied brands when it came to their tech buying decisions. Derric founded Ecommerce Tech to help companies navigate the ecommerce technology market and select the right tools to help their companies grow.  Derric is an expert on the tools available for ecommerce platforms and he spends much of his day working directly with merchants as a guide through their tech stack decisions.

In this episode of the GRIN Gets Real Podcast, Katya from GRIN, drills Derric on everything tech tool-related, from the hidden gems that no one is using, to the must have tools, like email, SMS, and reviews, that no ecommerce brand should be without. We get to hear his in-depth advice on how to approach tech stack decisions, and what steps a brand needs to take before implementing a new tool.

In this podcast, you’ll hear a breakdown of the most mathematical, analytical way to make decisions about a new technology, which is borrowed from the growth testing framework of Silicon Valley. But Derric also describes a more realistic approach to making these decisions and he breaks down the best practices and their impact. Derric and Katya explore:

• The importance of learning to do something by hand and proving profitability, before implementing a tool and scaling.
• The best way to evaluate features of a software or tool, and which features all brands should ignore.
• How to determine the real cost of a software or plug-in, and evaluate its profitability.
• How to ensure buy-in on a new technology solution from all different levels within a company.
• A model process that could be used when choosing an influencer marketing software.

“It’s ultimately a relationship. Even though technology is often considered plug and play… Once you invest into it, it is a business relationship that needs to be maintained.” – Derric Haynie, Ecommerce Tech

Based on his experience working with all different kinds of merchants, Derric shares the best customer service tools, the fundamental features required for any CRM, and which AI tools are able to catch problems before a person ever knows they exist. 

From the intricacies of what’s possible with today’s technologies, to the pitfalls of falling for unnecessary “bells and whistles,” this episode provides an in-depth look at how leveraging the right technology is essential for brands to succeed in today’s competitive online world.

So grab your favorite podcast tech-app…

and listen to the episode now!

Quotes from the episode

“Most of the time… you have to look at the holistic picture of, here’s my business, here’s how my customers interact with my business, and here are the [technology] opportunities facing us.”

“Live Chat, I think, is got to be the answer, because I’ve seen how much money it makes brands.”

“I think providers today are getting a lot better on how they price their products. Personally, my general feeling is… Pretty much all the features should be available to the merchant at the lower tiers. Save for features that require investment from the provider.”

“We’re moving towards real powerful AI, including AI that’s better at writing our ad copy and our email copy than we are, which I think is really fascinating. It’ll be our job to manage AI in the future.”