One of the trendy businesses in town right now is eCommerce. a lot of people rush into it only to brush rush out. Statistics show that over 90% of eCommerce businesses crash within 3 months of starting while only three-quarter sail through the first year successfully. However, this is in total contrast to how the sale of products over the Internet skyrocket every year. Consumers are exposed to more e-commerce businesses daily and they have to struggle with making their choice from the myriad of options presents to them. If your eCommerce business does not stand out from the multitude, you will have a hard time surviving in the market. Why do most eCommerce businesses fail?
No strong product strategy
Most eCommerce companies started as a result of imitation; maybe the owner has some friends who are already making big money in the industry and he wants to be like them. With no idea of which particular niche he is going to serve, who needs his product, what they are going to sell, etc, he starts an eCommerce business. Because there is no focused strategy, the business crashes. Just like every other industry, eCommerce has its own set of rules for success. For instance, if you want to scale your business up quickly, go for products that bring in high profit, or jump on the bandwagon to sell trendy products. You should also find an existing market, make findings of their problems and offer them solutions in form of your products. For instance, people who require exercise but have no time to go to the gym will readily by workout equipment they can use in their homes. For this set of people, it would be wrong to sell to them the benefits of going to the gym because they o not want to or have no chance.
Poor content quality
As rightly said, content is king. The quality of content you put out determines the type of customers you get. When people visit your website, they are looking for what makes you stand out from the competition. This is where your content comes in. Your content can be in different formats: audios, videos, text, etc. Quality content will increase your conversion rate and bring in more money for you. You have to rely heavily on content that speaks more to your target audience. For instance, video content encourages more engagement and establishes stronger credibility for your business. Make sure that you put good visuals and valuable information on your website. Tailor your content towards the customers’ needs, use targeted keywords to increase your chances of appearing on search engines and do not appear as begging for your customers’ money.
No strong marketing efforts
Most eCommerce business owners believe that their customers will find them as long as they are on the internet. This is not true! There are lots of businesses on the internet that you need to be strategic about standing out. In this era of information overload where your business can sink into the river of forgotten memories, you cannot afford to be lackadaisical about handling your business. You must put efforts into building a strong brand voice which must be consistent in your activities. You should spread out your marketing channels, relying on one channel is risky. Also, you need to invest in quality advertising. Even if you sell the greatest product and you are not consistently pushing it in people’s faces, no one will buy from you. Be creative and strategic with your advertising and see your sales skyrocket.
Limited options for payment
Imagine trying to buy products from a website and then you find out that they do not have a payment option that you can use to pay. This could be frustrating as you might really want to patronize the company but they have only one or very few payment options of which there is none you can use. Money transfer is an easy payment option that eCommerce platforms might want to take advantage of. You should ready money transfer tips to get more information on accepting money transfer for your eCommerce business.
Unprotected payment gateways and stressful checkouts
No one wants to; leave their financial details with an eCommerce store they feel is unprotected. The payment gateway you use can either attract or repel your people. Make sure you commission a professional website builder to build your website for you. If you are doing it yourself, ensure you do a great job. You do not want your customers’ financial details in the wrong hands because the perpetrators hacked into your website. That is not a good marketing strategy. Also, do not request those who visit your website to go through a long process such as creating an account or subscribing to a newsletter or YouTube channel before they can buy your products. Make the shopping experience as easy as possible for them. Remember that people want the easiest way out of anything especially when they are paying for it. Your eCommerce business has every chance of succeeding; it is up to you to make it do so.
