6 Marketplace Mistakes You Want To Avoid – eCommerce Business
Being in the online shopping business isn’t an easy job. The competition is tough with too many players already competing for the same target audiences. However, many startups are established every year, but only a few of them succeed. The reason? The sacksful players manage to steer clear of the hurdles that may come to their ways and most importantly, they identify the mistakes of the failed businesses to avoid them.
That’s why we have searched throughout the internet to identify the top 6 marketplace mistakes that most failed startups make. In this article, we’re going to talk about the most common errors committed by new marketplace founders and thus enabling you to build a successful business.
Failing to Do Market Research
This is the most common mistake that many startups make. They come across an idea that they feel is amazing and would be in demand, but they never try to have a look at the real-time statistics to understand if it will work. No matter how great idea you have, if it is not in demand you are going to face the failure at the end.
It is always important to not just keep creating things inside your head without doing any market research. Market research serves as your partner to check the real-time demand of your idea. For example, if you are planning to start an online shopping website, it is the demand for a secure online payment platform should not be undermined. Check on how many people trust the different payment gateways so you can find the best for your portal.
Spending too much or too little
Most global businesses either cheap out or overspend on the business expenses without evaluating how much return they are going to get for the investments they are making on the startup. Remember that there should be a balance of everything in life, the same rule applies to the business expenses too. Before taking any financial step, it is important to calculate the budget and the expected returns. Many businesses spend too much or too little on business activities like business setup, marketing, etc.
Doing Everything Yourself
A sense of motivation and independence are two important characteristics of any entrepreneur. But, this is very important to understand that operating a business needs time, efforts, and above all, a team. Working solo on all the activities like development, establishment, marketing, market research, etc. can make things hectic and confusing, resulting in great loss. When you are low on budget, you have the option to cut down the resources or outsource your operations to someone at a cheaper cost. And of course, make sure to understand that there’s going to come a time when you will need to hire an in-house team of experts. Building strategic partnerships in the industry can help you attain success in the long run.
Using unsafe payment methods
Every hour, thousands of orders are placed online, and payments of millions of dollars are made across the world. Following this, the hackers are targeting the online shopping world and always looking for vulnerable shoppers as well as businesses. The consumers are also getting concerned over their online financial security. This makes it important to never trust just any payment gateway, but use only the ones that are secure and trusted with proven security technology. If you are serious about the growth and safety of your business, you must take these issues very seriously. Using unreliable and unprotected payment gateways of payment systems not just encourage the visitors to run away, but also it keeps your crucial data at risk too.
Bad User Experience
Do you prefer to use any mobile app or website that you find difficult to use? Of course, not. After all we humans are likely to stick to the things that we find easy, reliable and useful. This is the same rule that applies to online business operations. Many online businesses make the same mistake of spending too much time on marketing, development, and designing while avoiding user experience.
No matter how strong is your mobile app or website and how attractive it looks, if it is not easy to use or doesn’t make browsing and purchasing or registration easy, your target audiences are likely to jump to the competitors as no one would want to waste time. This doesn’t mean you should blow vast sums of cash on honing your UI to technical perfection. You should think carefully and create an uncluttered interface that works well. Your platform must be minimal and 100% working.
Over-relying on social media
Social media is a great platform to connect with friends, colleagues, family, and even potential customers. Throughout the years, global businesses have been using social media platforms like Facebook, Twitter, Instagram, Pinterest, etc. to connect and communicate with their potential customers and achieved great success. However, you can’t just create an account on social media and keep posting anything you want. You must have the support of an expert at handling the social media accounts for your business. Ask yourself a question, “Are you ready to invest time and effort in developing them?” You must be sure that the posts you are doing on social media are relevant to your business and engage the users.
Take some time and think about your social media strategy. Your strategy and content over social media can be the best or worst decision you’ll ever take. This is why it is important to take an integrated approach, time, and money when managing your social media accounts requires an integrated approach.
Competing in the online business world is tough and can be challenging sometimes. A systematic and custom approach with mindful thinking and planning is the key to success and failure. It is suggested to always make the right decision that is backed by complete analysis and expertise.
Make things easier and effortless for the users to keep them engaged on your platform for longer.