Building a viable business in an ecommerce world isn’t easy. There are 80% failure rates for ecommerce ventures, with many companies ceasing trading within the first 120 days.
If you want to avoid the common pitfalls of e-commerce and make your venture a success, read on for some of the things that can make or break your company that you need to know.
The Wrong Ecommerce Platform
The platform you use to build your online store will be an influencing factor in how successful you are. It will impact how you display your products, the payment options available to you, the fees you can expect to pay, and how you can market and scale your operations. You need to have an idea in mind of what you are doing before choosing your platform. Things like the type of products you sell, how much control you want over the website, your budget, the kind of experience your customers are looking for, and how you want to scale in the future should all play a part in picking the right platform for you and help you decide which one is the best long term not just right now.
Not Knowing Your Audience
You can’t just bring a product to the market, place it on a website, and expect it to sell; ecommerce does not work like that. Before even launching anything, you need to define your target audience and make sure there is a market for what you are selling.
Who is your audience, what are their pain points, why are they buying your product, and what is your product doing for them? From here, you need to identify your audience, how to communicate with them, and develop your marketing strategy to meet all of this information to give yourself the best chance of success.
Making The Buying Process Too Complicated
If you want to increase conversions, you need to make the checkout stage as easy as possible. Don’t require customers to create an account to check out or enter reams of useless information to pay for a product. Make things as simple and as straightforward as possible so they can have a faster, smoother checkout.
Your website copy should be clear and concise, with a stand-out CTA to direct customers through the process. You need an efficient virtual payment gateway for your website to make transitions easier and allow customers to pay with confidence, and under no circumstances should you be hitting people with unexpected fees at any point of checkout. Everything they are paying for needs to be stated upfront and not hidden because chances are, if they come to pay and find there have been copious amounts of hidden or garbage fees added, they will abandon the cart and never return.
There are many things that can make or break your ecommerce business. These are just a few of the options you need to consider to ensure you are doing everything you can to make your business successful.