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You have a groundbreaking idea and all it takes to move your ecommerce business on the path to success. But do you know that 80% to 90% of ecommerce business startups fail?
Getting your ecommerce business into the market and generating revenue is no easy task for business owners. From getting funding for your product to promoting your product online, and attracting the right customers to your business. Some ecommerce businesses might find themselves struggling to stay afloat.
To be a successful ecommerce business owner, it is important to know and avoid certain mistakes that could affect your ecommerce business growth.
In this article, we’ve put together a list of some mistakes that emerging ecommerce brands make and how you can avoid them for ultimate success.
Here are ten mistakes that rising ecommerce brands make and how you can avoid them:
In the world of ecommerce, guessing or assuming your way to success is only a path to failure. If you don’t understand your product or market, you run the risk of creating or selling products that no one will buy.
As an ecommerce business owner, you want to understand the intricacies of your market and how you can penetrate it.
Before launching a product into the market, it is important to carry out market research. You need to know where to find your target audience and what your target audience needs. You can use analytics tools like Google Analytics to begin your market research. Google Search, Facebook Groups, and Customer Reviews are great sources for carrying out thorough market research.
As you carry out your research, look out for the strengths and weaknesses of competitors. You can implement the things that are working in the market and improve on things that are not working to stand out from the competition.
Due to limited resources, new ecommerce business owners may fall into the temptation of investing in cheap ecommerce platforms. Investing in a cheap ecommerce platform may be good in the short term. However, they are not scalable and may not provide room for business growth.
Some ecommerce platforms may come with some attractive features that have hidden charges which may lead to unnecessary costs that affect your profit.
To choose the right ecommerce platform, it is important to identify your business needs clearly. You also want to consider your customers. Your ecommerce site should be easy to navigate and provide consumers with a seamless shopping experience. Go through various ecommerce platforms and choose the best platform that meets your business needs.
See also: Top 7 Best Ecommerce Platforms to Sell in 2023
See also: Shopify Vs. Wix: Which is the Best Ecommerce Platform?
After putting much effort into creating a product, some new ecommerce business owners focus solely on highlighting their product's awesome features.
But here’s the secret. Features only tell customers about your product but benefits sell your product. Your customers want to know how your product can add value to their lives.
If you can successfully show customers how your product can transform their lives, you are on your way to building a lasting brand.
In addition to highlighting the benefits of your product, your brand should also communicate the services your company will provide. What unique benefit can customers expect from your brand? You want to highlight the unique services that make your brand stand out from the competition. This could be fast shipping, exceptional customer service, and so on.
While your product may be suitable for a wide range of people, your marketing strategy will only work best if it is specific. The mistake of new ecommerce brands is to try to sell products to everyone. If you try to everyone, you will sell to no one.
To successfully sell your products, it is important to zero in on who your target audience is. You want to spend ample time understanding your target audience. What are their motivations? What are their pain points? You can segment your audiences based on certain demographics and psychographics.
With a deep understanding of who your customers are, you can create targeted marketing campaigns, create more personalized messaging, and build a community of loyal customers.
See also: 7 Types of Buyer Motivation for Your Ecommerce Brand
Another mistake that is common with new ecommerce startups is not listening to feedback from their team. You have created a wonderful product or have thought out a brilliant idea but can fall into the trap of thinking it is impeccable and become emotionally attached to your brand.
The danger is that you can lose out on finding better ways to execute your idea or sell your product. Worse still, it may not be suitable for your customers.
To avoid this, it is important to listen to your team. They may not be emotionally attached to your brand but can bring in some perspectives that can take your business to the next level.
Members of your team are also in constant interaction with customers and are getting direct feedback from them. This can be useful for improving your product and creating something that your customers will love.
Also, you don’t want to listen to just your friends and family members because they may be biased and unable to give an objective assessment of your product.
As a new ecommerce brand, you may be tempted to ignore data from consumers. But, no matter what level you are, keeping an eye on data is crucial to success. As you run marketing campaigns, work with real data from consumers. Avoid making hasty decisions based on assumptions or expectations. Work with the real facts and don’t be discouraged by negative reviews.
On the flip side, while data is important, don’t get too comfortable. Work on creatively building a brand while paying attention to the real facts.
Another common mistake with newer ecommerce brands is not putting effort into branding. At the initial stage of your business, you need to find ways to create a long-lasting impression and keep your brand top of mind. With thousands of ecommerce brands, your customers want to see something unique. Don’t skimp on making your ecommerce site fun and creative.
Avoid using boring visuals and designs.
Keep in mind that you don’t have to do something complex or extraordinary. Keep it simple yet compelling.
Your texts, graphics, and videos should also be high-quality and interesting. With high-quality media, customers can get a better picture of what your product is like, ultimately increasing your conversion rate.
Staying grounded with your business and its growth is important. However, you also want to think about where your brand is going.
Understanding your long-term strategy can help you make quality decisions from the start. From the kind of ecommerce platform you use to the kind of technology you invest in and so on.
Ensure your long-term strategy is both daring and practical. You should be realistic about where you currently are and where you want to go in a few years.
Some founders or CEOs start out by doing it all. From operations to sales, customer service, and practically everything. While this may appear “cost-effective”, it can hinder productivity and growth. You run the risk of experiencing fatigue or not maximizing your business idea.
So, instead of trying to carry it all, outsource certain tasks and work with a team. Just like we mentioned earlier, your team can give you more objective opinions about your brand strategy, creating room for improvement and growth.
If you’re selling on Amazon, you can check out this article on 13 Amazon FBA Tasks You Should Outsource.
One thing that will keep customers coming back to your ecommerce brand is top-notch customer service. Customers may forget all the bells and whistles your product promises, but they will never forget their experience shopping with you. When your customers face challenges, they want someone who can listen and help solve those challenges.
Providing 24/7 customer support is one way to provide great customer service. You can invest in 24/7 live chats to attend to customer complaints and queries. FAQs are also great for tackling common questions customers may have about your brand or product. You also want to provide enough contact information about your business including your business phone number, email, business address, and more.
While you're excited to finally launch your ecommerce business, it is important to avoid these mistakes that emerging brands make.
Put your customers first and foremost and seek to create shopping experiences that keep your customers coming back to your brand.
You’ve probably already considered selling on Amazon but its way easier than you think.
Call Us Now