Every month, thousands of new online stores are created. According to market research, the average life span of different ecommerce projects, regardless their size or business niche, is just over two years. Around 90 percent of ecommerce startups eventually fail. Here are some solutions for ecommerce startups to common problems.
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Problem: Excessive confidenceThe entry barrier to ecommerce is low today. A basic store setup, including costs for shopping cart software, storefront design, web hosting, domain name, and storefront design, can cost between $500 and $1000. This is combined with well-known examples of successful ecommerce leaders worldwide and locally, creating the dangerous illusion that it's easy to open and grow an online shop. Market experience has shown that online store owners tend to underestimate their capabilities and abilities by almost three to four times when forecasting growth in sales and potential return rates.
Solution Realistic forecasts of traffic volume, conversion rates, and sales transactions are essential. Spend some time analyzing every aspect of your online business and calculating your monthly average income. This will allow you to devise the best strategies for your business growth. It is not a good idea to try and break even by increasing your prices. Your prospects will be turned away if your prices rise by more than 15% to 20%, regardless of how high-quality your products are or the convenience of your services.
Problem: Outrageous expenses.Many ecommerce startups with enough investment opportunities waste large amounts of money on the design of their offices. A company's image is enhanced by a trendy office design, luxurious furniture and luxury cars. You will rarely have visitors to your office and any expense will prove futile.
Solution. When your online venture is just starting out, there are many other options that you can consider. These include a unique, eye-catching online storefront, SEO, effective advertising campaigns and customer support.
Problem: Large initial inventory. __S.21__ It doesn't necessarily mean you have to be crazy about the latest smartphone model or like certain types of tea or coffee.
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Solution. When you start your journey in the ecommerce marketplace, it is important to get small quantities of goods. You should do this until you have a clear understanding of your product inventory, and the sale rates. This will allow you to gradually increase your order or purchase volume. Online retailing is a great way to add products to your storefront without having them in stock.
Problem: Poor shipping services __S.29__ Experts from established distribution companies say that many start-ups online don't take into account average figures when planning and estimating their resources. The entire shipping system could fail if it experiences its first peak load.
Solution. Don't rely on your contracting parties and be ready for spikes in sales. It is essential to deliver all goods on time and satisfy your customers in order to manage peak loads. A dedicated team should be able to manage and respond quickly to any shipping issues.
It can be difficult to open an ecommerce store. There may also be problems. You will be better prepared to deal with any problems that may arise by setting up your business on solid ground and not allowing common issues to occur.
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