Startups are still hampering their chances of success by ignoring the basics. Here's an overview of obstacles that e-commerce businesses need to overcome, and how you can avoid making the same mistakes.
It’s tempting to think that an awesome product, buckets of self-belief and dawn-to-dusk toil are enough to set your virtual cash registers on fire.
But you’d be surprised how many entrepreneurs struggle to get past the startup stage. Here are six of the most common obstacles that can inhibit growth in the world of e-commerce.
1. Not doing the groundwork
You’ve come up with a great product that’s going to enrich the lives of millions. Before you run the mega-bucks ad campaign, the least you can do is make sure your idea wasn’t invented years ago 1.
It’s unique? That’s good, but now you have to do more in-depth research about your likely customers 2: who and where they are, what they’d be prepared to pay for your product, what they currently use instead, how they’re likely to perceive your brand and message, how you’ll cope with unexpectedly high demand ….
You may have a gut feeling your product is right. Your partner thinks so too. But jumping right in on the basis of a feeling is about the biggest mistake an online entrepreneur can make and a major reason why up to 80% of new businesses fail within the first 18 months 3.