3 reasons why E-commerce business die way too quickly
*Hint: It’s not because of the overwhelming competition spiking up in the Middle East*
While E-commerce is becoming a popular platform to do business on, the fact of the matter is that there is a large percentage of those businesses that end up becoming a cautionary tale for future online entrepreneurs. What is that so? We have underlined 3 of the most common reasons why this takes place.
1. Lack of dedication
The rumors of setting up an E-commerce business in less than 24 hours are true. While this fact serves up as an immediate inspiration for physical business owners and aspiring future online entrepreneurs, setting up an E-commerce business in less than 24 hours also shows how much dedication went through your blood in order to set up the business. The minute amount of effort that went in opening the business is equivalent to the amount of future dedication that you are going to put in to the business.
2. Running out of operating funds much sooner than expected
Businesses going bankrupt is an omnipresent fact. Thousands of business owners go through the same tragedy for a number of reasons. Most of the times, they are not directly responsible. However, when you run out of funds due to mistakes that you could have avoided before (such as choosing a highly expensive payment gateway and all the features that you will absolutely not take advantage of), then it is directly your mistake. Before starting an E-commerce business, calculate the total cost that it will take you to successfully open and operate one. After calculating the figure, multiply that amount by five, because that is amount you will be required to have if you want your E-commerce business to thrive.
3. Not using services that will simplify the purchasing process
When opening and running an E-commerce business, you are just not doing it because you have to profit from this venture. You are doing it because you want to provide your customers with a convenient alternative than heading down the physical shops to make a purchase. There are several ways how business owners can choose to simplify the purchasing experience for customers but still choose not to. One of them is not integrating a suitable eCommerce payment gateway service to the shopping cart of the website. Having a payment gateway integrated to the website will allow customers to make transactions securely and swiftly, all the while, transferring those funds to your merchant account will be a breeze. Most business owners overlook this extremely useful feature and as a result, become responsible (albeit indirectly) for nailing the final coffin in their E-commerce business.
E-commerce businesses might provide the fairy tale that business owners long to hear, but they can also end up becoming the nightmare that they always want to avoid. There is always a first step for everything, and the same goes for running an E-commerce website. Dedication, a chest full of funds, and useful services go a long way in securing your business’s future.