It also used many other sources including Forbes and Huff Post. And the preliminary findings reveal two main reasons why they are failing so early in their entrepreneurial venture.
These reasons pinpoint two critically important aspects of an ecommerce business. An online business needs to be visible, and this requires marketing which delivers. And for most of the people who start an online venture, the investment in marketing and search engine visibility is not as robust as it should be. This is why it is so important to listen to what Hoyle says. Without a targeted and strategic approach to digital marketing, only your friends and family are going to know the address of your ecommerce site.
But it can be expensive, so make certain that you understand it before investing a lot. A much slower, but ultimately more powerful, way to drive traffic is with content — i.
An ecommerce business takes time to grow. Too often new business owners imagine that they will earn profits immediately. But that is not typically the case. No Real Investment It is possible to open an online store for just a few hundred dollars. No Cash Flow At the most basic level, cash flow is the movement of money into and out of a business. Poor Inventory Management Depending on the business model, inventory management can be one of the most significant problems new ecommerce operations will face.
Too Much Competition The Internet is a land of opportunity for even the smallest of businesses. Ecommerce Shipping Benchmarks Shippo. We are not affiliated with any e-commerce service, platform, or provider. Our mission is to publish authoritative articles, commentary, webinars, and podcasts to help online merchants. What makes your e-commerce business unique , and why would someone want to buy from you?
Too many e-commerce entrepreneurs try the throw -a - big- net approach, selling a wide variety of items with no discernible focus.
Or they try to sell common items that are already available in abundance from other e- tailers. S uccessfully b reaking into e-commerce means building a focused inventory and an a ttractive brand. A great example is Dollar Shav e Club , an e-commerce company that sells razors and toiletries for men.
The lesson here is that e -commerce businesses that create a niche for in-demand merchandise have a strong base to build upon. This is a task that you need to knock out of the ballpark on the first pitch. You can do it cheaply, but your potential customers will sniff that out quickly and leave. Poor website design is a major turnoff for customers, and one of the primary causes of e-commerce failures.
It pays to invest in a compellingly designed website. S hoppers also need to feel comfortable browsing , and that means your merchandise must be neatl y displayed through excellent photography and crisp presentation. P ricing needs to be obvious, and site navigation and checkout must be simple. Of the companies surveyed, 37 percent said their failure could be attributed to an inability to compete with, or delivery, online marketing.
A similar amount of respondents said their ecommerce business failed because there was little to no market for the products or services they tried to sell online.
According to Gareth Hoyle, managing director of Marketingsignals, having an online presence and being visible on search engines such as Google, is a key area ecommerce startups need to focus on if they want to succeed.
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