There’s plenty of highs and lows when it comes to an Ecommerce business and with the current circumstances, COVID-19 has completely changed how businesses currently operate. Even waiting until the pandemic is over, the globe is going to be experiencing a knock-on effect where unemployment rises, and avoiding the following when starting up your idea is key for thriving.
Cheap Products
Unless your business’s plan is to be a more affordable alternative, cheap products are a very difficult market to get into. Bigger companies manage it as part of the main business model, but if you’re new, and your product is low quality, you’re not likely to get return purchases and word of mouth and online reviews won’t help to promote your product. Building a website or app is a good investment to show your customers your professional store front, finding the right web or app developers is key to giving your customers confidence.
Poor Customer Service
It’s pretty easy for small businesses to ignore any customer related issues when you’re more focused on getting money in. but if you’re facing difficulties with the product or delivery you’ll soon find that sales will slow down as you’ll lose out on repeat business.
Inconsistency on Social Media
Social media is the easiest and cheapest way to market your brand but at times small businesses can treat it as more of a chore rather than the lucrative channel that it is. Consistent, engaging content will help followers to familiarise themselves with your brand which naturally leads to orders.
Overspending
While the feeling of having an office, workspace, or storage for your new product might make you feel like a business owner, it’s not the smartest play. Simply put, adding unnecessary overheads onto the business just adds to the risk. If you’re able to start it up from home then that’s for the best, at least until you establish yourself in the market and have a steady income.
This also goes for bulk buying, while it may seem like purchasing a big quality of your product is better financially, it’s not always the case. Working out how consistent your sales are and managing effectively can save you money on the above-mentioned space (if you deem it necessary to have).
Employees
Another expense that isn’t required in the early days. While it’s exciting to think you’ll be running the show and not doing the grunt work, you might need to roll up your sleeves in the beginning. With employees, comes salaries, contracts, holidays and sick days, you might find it’s more hassle than what it’s worth starting off.
There’s plenty of highs and lows when it comes to an Ecommerce business and with the current circumstances, COVID-19 has completely changed how businesses currently operate. Even waiting until the pandemic is over, the globe is going to be experiencing a knock-on effect where unemployment rises, and avoiding the following when starting up your idea is key for thriving.
