Who doesn't like to get things right in the first attempt, especially when the task involves monetary investments. Still, according to the statistics published in 2019 by Small Business Administration (SBA), about twenty percent of business start-ups fail in the first year. About half succumb to business failure within five years and by the 10th year, only about 33% survive. There can be multiple reasons behind this failure but most of them can be avoided.
Here’s 5 such common mistakes e-commerce business owners make but are often overlooked.
Ignoring Market Research
It is crucial to analyse the risks involved before starting an e-commerce business. A thorough knowledge about the market will help you in deciding the strategies involved in running an online store. The results of market research will make decision making easier. How to outsell the competitors, which marketing platforms to use, how to approach the customers, how to lower business risk etc are some of the information involved in research. Also, it will be a huge mistake if you fail to know the customer behaviour before launching the business.
Not Investing in Content Marketing and SEO
The customers today, depend on search engines to help them find everything on the internet. This means that despite your marketing campaigns and offers; your target audience is likely looking at products or services offered by other e-commerce stores on search engines like Google and Bing.
When your customers search for your products and services, you obviously want to appear on the top of the search engine rankings. Other than the major objective of wanting them to click through to your website, there is a certain value in simply appearing on top of the search results in terms directly related to your business. This is why SEO marketing is more important than ever and would result in a grave mistake if ignored.
Lack of Social Presence
It is extremely important for an online business to be promoted on social media given the billions of active users on such platforms. Social media marketing can help in building brand awareness and in increasing the organic traffic to your e-commerce website. It is one of the most effective and affordable method to engage a company’s target audience in a platform where they spend most of their time online.
Inadequate Product Descriptions
In e-commerce, the customer cannot sample or see the products themselves and depend on the product description to examine the product. Write a product description that markets the product and contains all the details that are necessary to convince a customer and encourage his/her buying decision. A poorly written description can lead the customer to avoid the product thereby affecting sales.
Poor mobile device experience
Mobile phones have become a necessity that people cannot avoid. According to a paper published by Statista, M-commerce sales in India are estimated to be valued at nearly 38 billion U.S. dollars by 2020. Due to the convenience and ease of use, more than half of all the online shopping performed are done on mobile devices. Therefore, it will be a substantial mistake if the mobile user face is ignored while launching an e-commerce store.
Bottom Line - Learn from your mistakes
Eleanor Roosevelt once said, “Learn from the mistakes of others. You can’t live long enough to make them all yourself.” E-commerce is a domain where making mistakes would affect your time and most importantly your balance sheet. These pitfalls can create serious threats to a new business, but can be avoided with proper planning and foresight. Through continuous progress monitoring and result analysis, you will be able to consistently grow in your eCommerce business.