Why your online business may be failing and what you can do about it
Starting an online business is an excellent and scary feeling at the same time. However, then, this is how it feels to start any business, right?
Many people resort to open a digital store to escape the pressure of their day job. On the one hand, you know this is your dream come true, while on the other hand, you are also unable to make it thrive. Risks aside, ecommerce is an exciting field where you can reach to the top by trial and error.
After all, you could not have picked a better time to launch an online store. The world is becoming increasingly connected, with more chances of reaching a global audience. Many successful ecommerce stores started from scratch just like you and found the way to profit.
So, if your online business is in hot waters, you just need to sit back and reflect on what is wrong. Analyze the pain points and turn over a new leaf. This article is going to help you on the way.
You can’t market your business:
It is okay if you don’t know how to get the word out about your amazing new ecommerce venture. However, if your business is not getting more views and this habit is putting the store in trouble, you have to act up.
You can’t market the business yourself, but you can hire someone to do it for you. Do not put it off just because of the cost. Once you set up marketing, you have more chances of getting customers. It is a worthwhile investment.
No cash flow:
Cash flow is when money moves in and out of business. It keeps the operations running. New ecommerce business often finds trouble managing operations because they do not have enough cash to get going. For example, the entrepreneur invested all his or her money in inventory and now has zero money to manage further costs like shipping and handling.
To avoid cash flow issues, make sure you have spread out the expenses. If your money is arriving at a specific time every month, make sure your dues are not lined up before or after that time. Pay for inventory on terms of 30, 60 or 90 days. Marketing is great, but don’t invest so much that you run out of cash to spend on actual business dealings. For beginners, invest or spend according to actual sales, not a projected amount.
The Internet is the land of equal opportunity for all businesses. It is a treasure trove of opportunities for those who know how to maneuver. However, no business likes the savage line of competition. Competition makes it hard to thrive and get your point across to customers who are already buying from someone else.
New ecommerce stores often make the mistake of selling the same thing larger retailers are selling. For example, if someone is selling an iPhone on his or her website, they won’t much luck compared to the actual seller which is Apple Inc. Same goes for beauty products or clothes. So it is extremely important to find your niche and plan to penetrate it and get some customers.
Ecommerce stores have to run on a smooth and seamless website experience. Even the best business model cant runs on a poor website. Modern ecommerce websites must be optimized for mobile, loading faster and providing simple checkout. Anything less than this is purely unacceptable.
Many ecommerce service providers can help you run a smooth website. Many of these require little to no expertise so you can even do this job yourself. From the first visit, people should know what you sell. To imply this command, you need the help of both graphic design and text.
Pay some attention to this tip if the home page of your site does not have product lists or categories. A customer does not know what to do on the site. You have to guide the customer through prominent calls to action.
In the example given above, the store owner has made it so difficult for a new user to navigate. There is plenty of information and no guidance for the user. Moreover, you do not put your face and ‘About Me’ section on the home page. The homepage should be beautified by product photos, slideshows of product categories and any pop-up promos that can lure a first-time user into buying.
Moreover, the site in the photo above only shows packages, and not how the product looks on the inside. To become a savvy online seller, you have to dissect every aspect of the product for your customer. The website is your best medium for this communication.
Without any shoppers, you are not an ecommerce business. You need people to check out your website and buy your products while they’re at it. In the ecommerce world website traffic is most important. Many companies invest in pay per click ads that show up on a specific keyword. Those links take you to a specific landing page on the website. For example, WeBuyCarsToday has set up PPC in a way that if you write Free Car Valuation on the search engine, you go to this page:
The most important way to get people to your website is through amazing content. Content is the king of your website. It works slowly but works like magic. Good content can make you stand out even in the most competitive environments.
Ecommerce businesses take time to grow and bloom. You have to be patient with processes like PPC, SEO and link building. If someone offers you quick results on a fat price tag, never talk to them again. It is a tricky thing to manage, but once you get the hang of it, the bounties are endless.
Don’t be surprised if it takes several months to turn profits. If your business has run into any of the problems mentioned above, we would be happy to help you out. Help a member of our community by telling us your success story in the comments section below.
About Michelle Joe: Michelle Joe is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences, and express herself through her blogs. You can find her on twitter: @michellejoe524