As more and more people are relying on technology because of its convenience and simplicity, everything from cars to books is available online now. Numerous entrepreneurs are trying to take advantage of the situation, because if done properly, e-commerce sites could be providing a definite competitive edge, providing digital businesses a golden opportunity to walk hand in hand with the conventional brick and mortar tycoons. E-commerce is gradually becoming the hot favourite way to purchase things. Indeed, around 70% of the buyers surveyed have admitted that they have a preference for buying stuff from their favourite e-store. Here are some of the common mistakes to avoid while launching your own dream business.

Mistake No. 1: Giving Importance To Attributes Over Strategy

It is quite possible to be impressed and happy with your own website. However, developing the most sophisticated, slickest, and coolest e-commerce site is certainly not just a strategy. You must leave the smaller details to your competent product team and concentrate on the bigger picture. You may develop a 3-month goal mindset. You must identify the goals and aims at the start of the quarter and plan to be accountable by fulfilling those goals by the end. If seven days elapse and you are devoting excessive time updating insignificant features or petty design elements, you are in for trouble. You must concentrate on crucial initiatives that would bring e-commerce success. You must not allow your business debts to become overwhelming. Manage your business debts well by browsing through national debt relief sites.

Mistake No.2: Erroneously Measuring Success

You must evaluate and keep comparing year-over-year achievements and not quarter-over-quarter because e-commerce is supposed to be highly seasonal. There is no point comparing the June site traffic to precisely the May site traffic as summer months are bound to be slower than the rest. You must measure success accurately by a thorough comparison of June to June or May to May the same way as conventional retailers do.

Mistake No.3: Not Coming Up with an Effective Promotions Strategy at the Very Beginning

You must give a proper thought to all your promotions. You must chalk out a proper promotions strategy upfront. You must find out right at the outset if you wish to be a premium brand which would never discount or a discount brand which always offers discounts or do you wish to be somewhere in between?

Mistake No.4: Not Being Firm While Negotiating Contracts

You must be firm while negotiating contracts. You could understand how relevant a contract is when things are in a mess. It is quite an easy affair to sign a contract and then assuming that there would be no further issues. There are chances that you would not come across any issues in most cases but when you do encounter any issue, it could leave a drastic impact. You must read thoroughly, negotiate firmly and hold on to your point firmly while entering a contract. Think long-term, not in terms of simply months.

Conclusion

You cannot expect success to come your way simply by launching an e-commerce site. You must avoid all the common mistakes related to e-commerce start-ups. You must focus more on the bigger picture as compared to simply the inventory management. There could be too many products but that does not necessarily mean more sales. It would be resulting in a challenging shopping experience. 

Author Bio

Marina Thomas is a marketing and communication expert. She also serves as a content developer with many years of experience. She helps clients with long term wealth plans. She has previously covered an extensive range of topics in her posts, including business debt consolidation and start-ups.

Published by Zac Ferry