Everyday, a number of businesses and individual websites are launched and many businesses enter the doorway of their destined markets. All of them are established with great enthusiasm, interest and seeing a shining future ahead. But hardly few of them last longer.
As per my thorough study and recent researches performed in this field, the e-commerce startup sector has witnessed a big boom, but only one out of five companies actually found giving good returns. Whereas, the three simply fold up experiencing no return at all.
It is the time of a .com business that is expected to generate good yields for a business in the marketing and retail sector.
Individuals and businesses have started shifting their focus from a manual business to the retail and e-commerce websites for their as well as their customer’s ease and convenience and to approach their prospects in a fast manner.
Hence, the number of startups are finding it difficult to flourish due to tough competition from the already established concerns.
Some People Excel At E-commerce Startups And Some Don’t – Who among you are?
The excitement around e-commerce is real but the valuations may be a bubble, shared by a retail and marketing expert, adding that more than 80% of the startups die within the initial three years of establishment. This is a serious issue and needs attention, especially when many more startups are in line to explore the market on their own.
Turn Your E-commerce Startups Into A High Performing Machine
No one can deny that the market is full of opportunities for everyone. I am repeating this very common statement that fills up every new joiner of this industry with absolute strength and determination when the things are just in pipeline.
But on the actual playground, the game seems tougher than expected ever. It is not just the battlefield where people or the businesses run with the quest of devastating others for the sake of their good business.
Instead, it is a ground where the businesses are supposed to come with their qualitative effort to show their market capturing abilities. However, they are happening in contrary and so the market participants are suffering.
This made me come forward with some research in this field to answer the most head-aching question of the e-commerce market world that “what kills the startups so early, especially in the e-commerce industry”.
Use The Samurai Way: Don’t Fight!
In the 50% of the cases, the companies having a single founder have failed at the initial levels in comparison to others having more than a single founder. Obviously, when two or more mind will work together towards achieving a shared goal, the things will work much better.
Yes! I said work together and it does not mean that the decision of making a company together further leads to happen fights between the partners. The thoughts should prevail in the right direction and for the benefit of the company.
Also, the efforts should be full of passion and with proper research and plan things. Remember, half-hearted efforts never mean to success.
Sticking to derivative ideas and obstinacy have also proved to be troubling for the newly established ventures. Imitating other successful companies, but not being the best if going in this direction will let you fall so hard.
So, instead of copying someone with a little variation, it is better you come up with your own ideas and ask few questions yourself like:
- Wondering How To Make Your E-commerce Startups Rock?
- What are the customers and what exactly they like and don’t?
- What they think about your E-commerce online store?
- What E-commerce Startups Experts Don’t Want You To Do?
Also, avoid your stick-to-the-vision approach that often works for a well-defined problem. Startup ventures are more like the science, where you are required to follow the trail wherever it leads.
Hence, do not get attached too much to the original plan of your business, as it is probably wrong. Try turning up to the new ideas instead.
Problems also remain with the launching of the e-commerce startups. Slowness in launching reduces the interest of the prospects and market supporters. Whereas, too early launching may lead to perfection in many things from planning to procedures.
Similarly, raising too little money and spending too much or raising too much money can call off your success in the retail market. Also, never stick to the marginal niche if you really want to succeed in the market.
E-commerce Startups: It’s time for perfection!
So, here I end my post with a few suggestions. I hope these will help the newly launching ventures to understand where they could lack and fail to win the market. A bit more in the row – hire good people, have a specific user in your mind, choose the correct platform and location and go with best investor management. Good luck and stay tuned to success!
If I lacked something here or you have something extraordinary to tell, then please share or comment. Your thoughts and words value a lot.