The increasing trend of online shopping and ‘click and collect’ as part of a truly multi-channel retail model is creating a tide of change, which will require investment into the eCommerce team; inevitably landing at the foot of the CFO.
With the frequent requests made to retail CFOs for budget to pursue new ventures, marketing campaigns and recruitment, it is crucial that a compelling business case is put forward to seal eCommerce investment. The key to doing so is ‘speaking the CFOs language’, and considering how the proposed changes will affect their agenda:
- As a person who is driven by numbers and margins, it is worth painting a clear picture to the CFO. Populate any business case with accurate figures around the growing trend for online shopping
- Show real life examples and scenarios of what your investment would deliver, such as other efficient eCommerce platforms and the presence of online only retail models. Help the CFO picture where money will be spent and what the result will be
- Always stay commercial - top of the CFOs list, more often than not, is finding ways in which they can develop retrenchment strategies in order to ease financial strain. It is going to take some convincing to make the CFO release budget for investment projects. Show the return on investment that can be anticipated with hard data to back it up.
When pitching for eCommerce development projects, the CFO is likely to be concerned by processes and technologies that will ultimately result in a healthy revenue increase; the presence of a seamless customer experience may not be the number one priority. Help them see beyond fancy buzzwords to understand how a fluent eCommerce platform will keep the tills ringing; online and in-store.