Starting your first e-commerce business can be exciting. However, you must understand that owning an online business does not guarantee success. It is only one of the many aspects of your retail business. If you’re not careful enough, you may find yourself making avoidable mistakes that can delay your company’s growth. The launch of any business shapes up the future of the business. The stronger the foundation on which the business is build up the easier it would become to grow and expand.
Here are the 5 mistakes you should avoid when creating an eCommerce start-up.
1. Choice of platform to sell or promote your product
Many of the entrepreneurs go for the herd mentality and fall prey to the ongoing trend. The choice of the platform shouldn’t be impulsive. It should be done by properly analyzing the current competitors and how they are faring on the eCommerce platform. It is of utter importance to take into consideration the user needs and the wrong choice of platform based upon the popularity of the platform that might affect the performance of your business. Many of the platforms provide you with many useful tools like payment options, chatbots, Management bot etc which makes it easier to handle and manage the business.
2. Improper knowledge of Target audience and Marketspace
This is of utmost importance; you cannot sell your product if you keep on selling it to everyone. Every customer has different needs and requirements. Not having a clear understanding of your target customer can affect the smooth functioning of your business.
To understand your target audience you first need to understand your product and what problem it solves so that it can create a better customer experience and increase your conversions. Use analytical tools like MOZ pro, Hotjar, Semrush etc to analyze and lay down the foundation of your marketspace and which will help you know more about your potential customers. This reduces the unnecessary use of resources and time point your business to the right direction and helps you in making the right choices
3. Not making a digital presence on social media platforms
Today billions of accounts are associated with numerous social media platforms. If a customer has to buy a certain product many of them choose a social platform to know more about the product. Every social media handle should be explored and the creation of a community around it would give an impetus to your business. Make customers visit your social media handles and provide information regarding products and services and make them read customer reviews. It also helps to gather customer feedback and in turn, helps you to retrospect your current strategy. You can utilize platforms like facebook, instagram, tiktok to promote your brand and reduce the cost of promotions and marketing due to high traffic already present on these platforms
4. Poor Marketing Plan
While starting an eCommerce business it is very important to build a brand first rather to expect early returns. People should understand that the focus should be to build a brand and which will make customers trust your product more and will help you diversify or introduce new products easily. Many Entrepreneurs commit the same mistake of being overconfident about their product which results in poor sales and making a bad impression on the customers. This results in the rebranding of the product to make a second impression. Handout free samples, Sponsor events, lure the market by giving out discounts, influencer marketing email marketing etc.
5. Management and strategizing mistake:-
At the launch of the business, many of the entrepreneurs try to multitask and as far as possible try to handle most of the workload to a point of burnout. We understand that while starting up a venture funds are not enough to be able to hire a good workforce however strategizing and distributing the work depending upon the areas of expertise can play into your favor. A proper management plan has to be created and executed taking into consideration the long term goal and overlooking short term achievements.
Joy smith is a Business Manager at Magneto IT Solutions – a Software development company in Bahrain offers quality Iphone Application Development, Magento development,android app development, magento migration, Laravel development services. The company has experienced Laravel developers for hire at a very affordable price. She is a firm believer in teamwork; for him, it is not just an idea, but also the team’s buy-in into the idea, that makes a campaign successful! she is enthusiastic about all things marketing.