Recent research shows that about 80-90% of e-commerce businesses fail, meaning the online business success rate is less than twenty percent, according to data on Failory. These statistics can be discouraging if you're starting an e-commerce business, but you shouldn't be frustrated. Moreover, taking pointers from those who are already running a successful online business may be the best way to learn foolproof practices. After all, there are many things to consider when starting a business online, from creating a website, to marketing and boosting your conversion rates. Fortunately, you don't have to figure it all out by yourself. Check out these lessons from successful entrepreneurs on building a thriving e-commerce business.
Don't Rush The Website Launch
Rushing or forcing the launch of a business website is one of the common mistakes entrepreneurs commit. Remember, you only have one chance to launch a successful e-commerce site, and you can't mess it up. Therefore, don't reveal your website until you've dealt with some groundwork, like content marketing, SEO, social media, and paid advertising. Also, take time researching startup tips from successful entrepreneurs and implement the best practices for optimizing your listings. Doing so is key to thriving in the e-commerce industry. For example, it took Blumenthal and his partners several years to transform their business idea into reality. But they managed to launch their Warby Parker website amidst many challenges and made their first-year sales goal in three weeks.
Leverage Existing Services
If you're not in the tech industry, there's no need to recreate existing services. For instance, let's say you want to sell products. Instead of building a website from scratch, use Shopify, unless you must create it. Similarly, consider leveraging existing merchant service providers to process payments rather than develop new payment processing tools. However, you need to choose an integrated merchant service to enjoy numerous benefits. Advantages of using integrated merchant services include improved workflow, fewer human errors, and reduced operational costs. Ideally, your payment gateway, accounting software, project management solutions, and CRM are always connected when using an integrated merchant service.
Nurture A Core Niche Audience
Finding and growing a niche audience is vital to the success of your e-commerce venture, but most entrepreneurs overlook this step. In most cases, startups aim to compete with big brands like Walmart and Amazon on search engines using conventional techniques. To stand out from the crowd, you may want to adapt Bonobos' approach. Consider developing unique products and growing an audience that loves them while maintaining good customer service and experience.
Starting an online business isn't as easy as it may seem, but it's not impossible. You can succeed in e-commerce by following simple steps shared by successful entrepreneurs. This includes not rushing the website launching stage, growing a niche audience, and investing in existing services.