Setting up an e-commerce site might seem like a straightforward path to success. Since there are millions of people online shopping every minute of the day, it is a very tempting thing to start. But it’s more than just showcasing products and waiting for customers to pour in.
There are many common mistakes that e-commerce owners make that block their success. There are also several overlooked factors that can determine whether an online store thrives or fails. In this article, we will go over some of the lesser known factors that may be holding back your e-commerce store that you need to fix right away.
1. Choosing The Wrong Platform
The right e-commerce platform is similar to the foundation of a building. You can only have a successful site if you choose the right platform. Otherwise, you will be dealing with slow site speed, a buggy checkout process, and the inability to handle more traffic.
You’ll need to consider a few things to make the right choice for a platform. Some can be more expensive than others so cost is a factor. However, it makes sense to spend money on a fast platform that can handle lots of traffic and keeps your site speed fast. Shopify Plus partner costs are a good example as the platform costs more but also offers more.
SEO is also a consideration since many platforms are designed to give you a suite of on page SEO factors built right in so you don’t have to hire a coder to keep your site in prime positions.
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2. Inefficient Inventory Management
If your site constantly experiences inventory that goes out of stock, especially of popular items, it can leave shoppers frustrated. Imagine going to a store multiple times for a desired product, only to find it unavailable. Over time, you’ll find your customers going to the competition that doesn’t have out-of-stock issues.
Overstocking is also an issue since it means you have capital tied up in products. This ends up resulting in cash flow issues and prevents growth. Money that could be used elsewhere to grow the business or invest in marketing is instead tied up in unsold goods.
It’s also possible that if these products don’t sell over time, they might become obsolete or go out of fashion, leading to losses. Make sure to use the right software to help you forecast sales and manage your inventory accordingly.
3. Market Changes
If you started your store more than a coupe of years ago, think about what the market was like and compare it to now. No doubt you have seen a few differences in that time. Markets change and keeping up with those changes is essential.
Failing to update your product catalog in line with current market trends means that your offerings might no longer appeal to the majority of shoppers. This can result in dwindling sales and diminishing relevance in the market. Adjusting based on data can make a big difference in revenue.