Starting an e-commerce business has never been easier. But there are key things to keep in mind to keep your business afloat. Many online portals have shut shop due to their inability to keep pace with changing times and needs. You must avoid the mistakes they have made and play along the dynamics of the online marketplace. Seize the day to stay ahead and keep clear of these common mistakes.
Being caught unprepared
You might think offering huge discounts during promotional sales are a sure shot way to attract buyers. But before you jump on the bandwagon, plan, plan, and then plan some more! Make sure you have adequate stocks and are prepared to handle the multi-fold spike in traffic. Any slip up will not only shake customers’ confidence but also give your competitors an opportunity to steal your thunder.
Many e-commerce companies work with discount coupon websites to acquire new buyers for a fee. If you are considering this, think again. You will be better off giving out discounts directly. This saves your regular customers the hassle of hunting for coupons elsewhere. Also, doing so will keep your customers away from the temptation of other deals featured on such websites.
Spreading yourself thin
Make sure you secure your current market before you venture into new spaces. Many e-tailers have been left with a bitter experience while trying to bite off more than they could chew. Scaling up business is important, but even more important is to equip yourself with proper infrastructure and capabilities. Pace yourself accordingly as your business grows.
Not smart with smartphones
Speaking of mistakes, a common one is underplaying the importance of making sure your website is mobile-friendly. Many online portals have lost the plot, unable to cash in on this trend. The number of smartphone owners in India is poised to reach a staggering 10 crore by year-end. Leading players have also moved on to the app, what with more than half of the online transactions happening on mobile devices! Do we need to say more?
Customers come first
With everything just a click away and choices limitless, customers today are an impatient lot. In our socially-connected online world, both successes and failures get amplified. Making sure that your products are genuine, well-packaged, delivered on time and giving away freebies and extra warranty will keep your customers coming back for more.