What are the common e-commerce mistakes to avoid? This is the question that you should ask yourself if you’re on the verge of starting an e-commerce business today. Studies show that about 90% of e-commerce businesses fail within four months of being launched.
While owning an e-commerce store is a profitable business opportunity, most entrepreneurs often overlook or underestimate the risks from the early stages. Ignoring the reward that comes with this business (when you want to start) is essential to succeed. However, an important aspect to note is the mistakes you must avoid to succeed in the e-commerce industry.
There are countless mistakes you can make in the e-commerce industry. However, you can easily correct or avoid most of these mistakes. In this article, we will discuss the common e-commerce mistakes to avoid as an entrepreneur. Consequently, with a detailed understanding, these problems can be easily resolved without hassle.
Common E-commerce Mistakes
Let’s be clear! Having an “e-commerce store” isn’t the same thing as having an “e-commerce store that gives customers an amazing experience”. Both are completely different. Therefore, all entrepreneurs need to focus on the latter, and we’re going to help you achieve that. Highlighted below are the common e-commerce mistakes to avoid today:
Not Doing Market Research Before Starting
No doubt we were going to start with this. Without doing your market research, how will you find your target customers? Moreover, your business strategy is bound to fail without researching your market.
Thus, you must do market research as soon as possible. In other words, analyze your market demand and supply. This will help you calculate your business profitability.
Not Picking A Niche
If you have a product to sell, you can’t just sell it without knowing who you’re selling to. This is because you need to know those that are interested in your product before you can sell. The same thing applies in the e-commerce industry. You need to identify those that are interested in what you sell. To achieve success in this business, you need to make critical niche research to identify your customers. Failure to do so, and you’ll simply be leaving money on the table.
Pricing Products Without Doing Research
Having done market research and found your niche will help you determine the price of your products. However, avoiding pricing research is one of the most common e-commerce mistakes entrepreneurs make today. That’s a big deal – what if your production costs are higher than the market is willing to pay? Or your price is less than what people are willing to pay?
Therefore, do your research before you determine your product’s prices!
You’re Selling the Wrong Product
Most e-commerce businesses often make the mistake of selling the wrong product – especially when they are just starting. Yes! You are passionate about the product you want to sell. However, the same can’t be said for others. Moreover, they are a high possibility that the demand for your product isn’t sufficient enough.
Additionally, starting with a lot of products at once is a big mistake – only do this when you’re sure that each product has a high demand.
Insufficient Promotion
Not promoting their website enough is one of the biggest e-commerce mistakes entrepreneurs make today. Just because you have an e-commerce store doesn’t mean customers will automatically be visiting your website. You have to work hard enough to achieve this.
Furthermore, without a concrete marketing strategy, you can lose a whole lot of money. You need to implement a concrete marketing strategy and also develop a strong brand identity. This is because all your investments would be in vain if no one knows where to find you.
Poor Customer Service
And finally, neglecting your customer service is one of the most tragic mistakes e-commerce brands make today. Of course, focusing on product and promotion is important; however, if you don’t provide customer service, your base will be significantly reduced.
Wrapping Up
All these e-commerce mistakes have a central theme: The customer comes first. It’s all about making a good impression on your customers that they’ll want to buy from you.
Picture yourself during a singing audition belting out the wrong tune, lacking confidence, and singing with a hoarse voice. Yes, no doubt you’ll leave an impression on the judges – a bad one. Thus, don’t let this happen to your e-commerce store. Make your first-time visitors happy and satisfied by avoiding the common mistakes described above.
