E-COMMERCE STARTUP ERRORS OR FAILURE MADE BY ENTREPRENEURS.
- Do you need to have a clarity on, WHAT YOUR BUSINESS WILL BE?
- Do you need to have a clarity on, WHAT ARE YOU PLANNING TO SELL?
- If your business will work or not?
- You have the new, unique and different quality of materials and services will score more.
- If you already in the online business market, you are offered entirely different to the existing one.
But here, it is the toughest competition. If you get the success of your business and you have to need the right methods or techniques and have some patience because this is not an easy task. Due to competitively market, some entrepreneurs lose their focus and depart from their target or track.
We are focused or highlight some of the points that put you off track from the beginning.
Ignored Market Analysis.When you start an online business, you always some point keep in your mind and judge your product or services ask first yourself. The following questions arise in your mind are as:-
- Is there a need for your product in the market or not?
- Is your product new and better?
- Is it unique or different?
- Do you need to make any changes in your product?
- Who are your competitors in the market?
- How long can your business last?
- Have you analysed your annual turnover or statistics etc.?
If you can’t answer them, you have clearly ignored the market analysis. Before you jump or dive quickly and energetically into the sea of e-commerce business… RESEARCH!!!!
First of all, you study and explore the market, especially the area or interest area that you plan to enter. The same information you collect about the market or competitors as the following:-
- Find out the details of market value , where you will be serving, w.r.t the people, location, etc.
- Focus or find in the market WHAT IS TRENDING? And WHAT PEOPLE NEED?
- Find out the total revenue generated for the kind of product that you intend to sell in the recent financial years.
- Find out the growth rate of the market to know how long your business can last.
- How to understand or tackle the way existing business gurus are handling the dynamic situation.
And last not least, finally you analyse the profitability trend and try to predict your share of the market that you might capture.
Don’t have a Business Model.Whenever you start a business, you should follow the rules :-
- Firstly, you have a blueprint to implement the overall functionality of your business. If you don’t have, you are entering a black hole.
- Secondly, you have always best to put your ideas on a paper.
- Thirdly, you get a clarity on your business framework.
- Fourth, you can always identify your strengths and work on your weaknesses.
- Fifth but not last, It also keeps everyone working for you, stay focused and have a common understanding.
The main focus of the following points to establish and runs your business on a very large scale are:-
- Good and clear Business Strategies
- Business Milestones,
- Business Metrics,
- Business Costs,
- Business Expenses,
- Business Sales Projections,
- Responsibilities for Execution and Track Performance.
- Identify assumptions clearly.
- You should be the direct channels and techniques to connect with your target audience.
A business model would contain the following parameters –
E-Commerce Platform Doesn’t Fully Cater to Your Business Need.
- You always understand the requirements and resources of your online store. You should need to manage the overall functionality of your website, both front-end and back-end. So, you always remember base should be right. You should choose rich-feature and flexible on E-Commerce platform to expand or make changes to your e – store in the future as well.
- They should also provide for the installation of a third party plugin or add-on, as per your need for optimum user experience and growth.
Customers Aren’t Buying!
Actually, the customers may be or don’t know about your products yet. It may be just the initial phase of your business and people are unaware of your brand.
Which means you need to work on your patience and marketing strategy. You don’t lose your temper.
You should try to incorporate solutions or reasons for real-time engagement with prospects.The following of the given below are:-
- You can advertise your company brand, services or offers on social media.
- You can share the relevant content of your site and try to engage the targeted audience.
- You can promote yourself offline too.
- You can turn to organising or attending events.
- You can print merchandise with your brand logo.
- You can apply, offers and discounts online etc.
- You have the best quality marketing skills to sell your stuff through them in order to spread your own brand awareness.
- If you want on top of that, your product is offering anything new that excites or attract the audience.
- You need to create a sense of urgency amongst the customers, but with relevant choices.
- You can understand what your customers like and need.
- You can alter your product or services accordingly.
- You can add a Unique Sales Proposition to attract them.
- You can apply or show offers irresistible deals or combos.
Poor Presentation of ProductsIf you create your e-commerce store, you should always the good presentation of products. Some point, you should follow:-
- All the setting of products or things is right and equally significant.
- The display on your website should be eye catching.
- Put up clear product images, preferably with a white background or in a relevant context.
- If you can, put video demos as they are more effective than images.
- Stand out by providing detailed product descriptions, highlighting all the special or unique features.
- Do not just blindly copy the content from the manufacturer’s site. They are boring and is present on other sites as well.
- Get creative by putting some fun quotes or building up a short story around the product, just to make it an interesting read.
- Is it possible, add a few reviews and testimonials from other customers? This will help the customer get an idea of what to expect or require if at all they buy your product, services and offers.
- The whole idea is to keep the customers engaged and convince them into making a purchase. Even if they don’t give you an immediate sale, your website should be capable of making a positive impact and stay in their minds long enough to bring them back again.
If you don’t have a great product to sell and no efforts are put in elaborating or showcasing them in the right manner, it can pull your business down.