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Have you ever wondered the vision of your business in the next 10 years? Would it become a giant business or a going-down ship?
It would not be a surprise when many start-up e-Commerce businesses started with an epic fail (80%, to be precise). The leading companies in the global e-Commerce network like Amazon, Alibaba, and eBay even took 10 years to become profitable for the first time.
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So, what are the reasons for this colossal failure?
In this article, we will go over several reasons for a common startup failure in order to avoid and formulate the business more smartly and successfully.
1. High competition in the industry
The industry of e-Commerce has a low barrier to entry, as it becomes more easily to set up plenty of open sources content management system. It only requires a minimal investment, so people are prompted to take a risk without full consideration in the long term.
In addition, there is a high probability of being taken over if newcomers offer the same products as the market leaders. For instance, it would be problematic for a new e-commerce store to sell a laptop which is already available from hundreds of online retailers, including WalMart, Best Buy, and so on.
2. No real investment
3. Poor inventory management
Poor inventory management can be a burden for any business, yet the hardest part for the e-Commerce business is keeping the same amount of inventory levels on both website and store. If you are out of stock but you have not updated on the website yet, the customers may misunderstand the information and keep on ordering the products. The customer will not wait while you place the times on order, so make sure to balance the right inventory levels.
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4. Poor user experience
One of the most cardinal sins that e-Commerce sites do not take into consideration is the user experience. To fulfill their experience, it is inevitable to improve 4 factors of the UX design: emotional (graphic communication), technical (performance and speed), statistics (analysis) and ergonomic (user interface). The online store needs to emulate the offline store experiences as much as possible.
Make your products easy to find with clear navigation, strong product visual representation, and a search bar. The purchasing process should be seamless and convenient. As the customers are getting more complicated than ever, we should take advantage of every newest trend to make them satisfy.
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Things to ponder!
No matter how well-designed your website is or how much money you are investing, it is the preparation phase.
Understanding the common reasons above and you will most probably be able to kickstart an online shop that will return your investments abundantly while truly making your customers more satisfied.