Make up your mind and stick to it.
According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. Perhaps, 80% of businesses who are resultants of the current ecommerce boom face a complex situation of surviving the competition and reserving a place for themselves. In my personal opinion! It is that they start with determination and dedication but fail comprehensively to keep the consistency and the intensity of their pursuance of activities that could bring a larger difference in the long run.
Most Ecommerce Startups Fail to Plan Adequate Financial Resources:
Money is the biggest factor that keeps the business simmering. Running a B2B marketplace is very similar to running a brick & mortar business. You will incur expenses to keep the site developments going, improving navigation, tackling security issues, product profile building, etc. Failing to keep up with its requirement is sheer loss of business. Hence, before advancing towards your dream project of owning an e-store, check your budgeting properly. Make a list of things that will require funds at the start of the business, once it kicks off and to continue it regularly.
A large number of online businesses make it to the failure’s list due to shortage of funds. Unforeseen expenses are lack of planning, and spending a thousand bucks now is always better than spending five thousand bucks, a year down the road.
Ecommerce Startups Give Zero or Least Priority To Branding:
Building a brand is never easy, but re-branding is not easy either. So spare yourselves the efforts of it and perform what you think is best for you and the business.
Products are not perceived anymore as materials, but an essential substance that improves our lifestyle and standards. Would you buy shoes from a roadside stall? Why?
Well, I’ll buy from a store, no matter what! Because I have been made conscious and aware about umpteen times by these ruthless marketing and advertising guys that, what they have is the best and, nobody else has it better! This is what ‘Brandin’ does to people. They influence your perception and encourage you to take an apt decision, which is Buying their Product!
Ecommerce marketing and branding are imminent. Acquire the right team to manage your company’s profile and image. Build a success story on how your products are useful and how your customers will be benefitted. Take advantage of various platforms and exercise numerous tactics to incline the market towards your endeavor.
Do not attempt to be the ‘Jack of all’; your own actions will jeopardize the whole business without even giving it a chance to put itself together. Hire someone to do it for you!
They Don’t Invest In Market Research
If you seek to leverage the market, then you should study the market. A professional market research is always advisable in order to understand the saturation level of your offerings. It will also help you to see the similarities that you and your competitors share at different levels, enabling you to find your core strengths and opportunities. The more unique your product, the more is its likability.
Let’s dig deep.
Snapdeal has a diverse product catalog, which ranges from Tablets to Shoes. Likewise, Flipkart has a diverse catalog too. But, what sets them apart is that Snapdeal which made an exciting debut into ecommerce by offering various coupon deals, opened to cater its services in two more regional languages (Hindi and Tamil, I guess!). While Flipkart, throws wide open, its new personalized stores which concentrates on celebrated products.
So, both of them have acquired a readily available market space by differentiating on as little terms as language and personalized stores. That’s what market research does- it helps you turn your business into a profitable venture.
Being in this ecommerce industry for more than 10 years, from my experience, I can bet you that Market Research can open a whole new plethora of opportunities that will not only help you to find the right attitude to perform but will also prove crucial in surviving those first 18 months.