Starting an e-commerce store is not something new; however, the digital marketplace is so dynamic and fast-changing that previous years’ trends won’t always work in the next. This holds true especially in a post-pandemic world.
Customers this year have shown a drastic change in their shopping patterns and behaviors. In fact, retailers have even noticed random and sudden changes in their interests, hobbies, and purchasing trends.
Ever since lockdown restrictions and work-from-home models have been imposed, consumers are exploring their talents and hobbies. For example, while some started cooking, others shifted to painting or making handmade crafts. Many others have become fitness enthusiasts during the lockdown and even beyond.
These major alterations in one’s lifestyle affect online businesses significantly, leaving newbies with even more factors to consider when starting an online store. On top of that, having a range of choices and opportunities, it’s easy for entrepreneurs to get carried away or diverted from their goals at the initial stages.
After you get hold of the required capital and business tools, it’s quite exciting to get started right away. However, it’s easy for beginners to make certain mistakes, which can be quite costly. Try avoiding the following mistakes before they gobble up all your business finances.
Unable to Identify the Right Audience
This is a common mistake that many startup owners make. If you cannot identify the correct target audience, you’ll already be behind on digital marketing strategies. Knowing your customers well is vital to set your short- and long-term goals, without which you cannot have a business plan.
Narrow down your audience to the most relevant group based on certain parameters like geographic location, age, gender, common interests, etc.
Defining your target audience will enable you to focus more on marketing since you’ll know where and to whom you’ll provide service!
Starting a Business Solely to Make Money
Your goal most likely involves growth and to earn a good living from your business. However, if your primary purpose is to make money, it won’t work long. Choose a business idea that you’re passionate about.
Do you love to do a specific thing? Fashion designing, making jewelry, web designing, and photography can all be good business ideas. But if you don’t have that passion, you cannot grow your business.
Without that passion, you cannot give your full attention and dedication towards your company, nor will you be able to see a clear goal. There may be a lot of competition around you, but if you follow your passion and stick to your goals, you can thrive!
Being passionate means having that innate urge to learn something new and to be innovative. You will find yourself putting in much more effort than a person who is operating a business that they are not passionate about.
Besides, if you love your business, you will naturally work harder on improving your customer satisfaction rates. You will genuinely wish to enhance your services and products out of enthusiasm.
Handling the Business Alone
Yes, you might think you can manage all aspects of running a business because you are passionate and enthusiastic. And that’s a good sign! However, if you try to manage everything yourself, you might be missing out on many aspects, no matter how minor they might seem.
Most importantly, while it’s essential to do your business with dedication, it’s also important that you get good rest to come back with fresher vibes and energy! This is extremely vital for every hard-working entrepreneur, because you don’t want to be under a huge pile of work, which would ultimately ruin your personal life.
Just because it’s an online business doesn’t mean it’s going to be easy to manage all of the tasks single-handedly. For example, can you be a web developer, sales representative, social media manager, customer care executive, accountant, and delivery man at the same time? Seems like quite a task, right?
Employ the right person or team of people and allocate each of these tasks to professionals who know how to handle them well. It will not only help your business grow faster, but also save your time to handle other core business areas. Leave for yourself the tasks that suit your strengths and passions.
Poor Customer Support
Each of your customers is valuable and you need to cater to their unique needs to boost user experiences. Offer something special, such as customized services/products, and give your consumers a reason to pay for your products.
Never ignore customer reviews or feedback, especially if they are bad. Try to improve your services and do something your buyers will love you for! Reply to negative comments or reviews and address their issues right away.
Mistakes happen in every business. But if you don’t rectify them or compensate for the losses incurred to the customers, you may lose them forever. So build positive relationships with your clients and boost your brand loyalty. You will be more than happy and satisfied to see happy customers, and it will motivate you to put in more efforts to boost consumer engagement.
What’s more, happy customers have the hidden power to promote your brand and your products through recommendations and posting positive reviews! Do you know, 91% of consumers would read online reviews regularly or occasionally? And 84% of them would trust online reviews posted on social platforms as much as personal recommendations.
Expecting a Rapid Growth in Little Time
Businesses take time to grow and yield results – be they online businesses or brick-and-mortar stores. There may be a bunch of articles or books telling all of the ways to become rich in less time. However, businesses don’t always produce fruitful results or become extremely popular in the first year itself – it takes time!
Keep sowing the seeds patiently and put in your efforts steadfastly. Never try any shortcuts to make money faster. Instead, take the time to focus on what your business needs and how you can improve your services to increase traffic.
It’s not going to be a smooth journey. But being persistent and doing thorough planning at every step will help you go a long way!