3 Reasons Your eCommerce Store Might Fail
You might think that all you have to do is bring your business online and you will succeed. However, nothing in life is that easy. Did you know that 80% of all eCommerce stores eventually fail? There is so much competition that means only the best and most dedicated will succeed. Take Toys R Us as an example. This was a major brick and mortar retailer with stores all around the world, That company has now closed due to not being able to develop a competitive online presence.
If you have an eCommerce store or plan to set one up, you might find this article valuable. It will look at the 5 main reasons your store might fail. If you understand this early, Perhaps you can ensure that your store does the opposite.
- You are selling the wrong products.
Choosing the products you sell is probably the most important aspect of creating an eCommerce store. THere is a fine line between selling something many others do not, and selling something nobody wants to buy. While you dont want to enter a market that is too competitive, you also do not want to enter a market, that does not even havea market.
- Your Pricing is Off
Unfortunately, one of human natures most galling attributes is greed. However, if you are pricing products way over what your competitors are, you will likely fail. You need to make a profit of course, but customers will always shop around to find the best deals. Compare your prices to your competitors and adjust accordingly.
- You Have No Marketing Plan
It is all very well creating an eCommerce store and putting it online but if nobdy knows about it or can find it, you wont make any sales. You need to ensure you have your website optimised for SEO, you have a social media marketing strategy, and generally work hard at building a following.
As you can see, whether you created your store using an eCommerce website builder after reading a Wix eCommerce review, or you already have one, success is not a guarantee. If you do not have a predefined strategy, your store will join the other 80% that fails miserably. Hopefully, the tips above will go some way to helping you avoid that. Ifyou take your business seriously and put in the work it needs, you might just end up among the 20% that do succeed.