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Online shopping has matured significantly. Whatever you want, whenever you want, wherever you want - we're ready to serve even the most discerning e-commerce company. They can even predict the next item on the customer's wish list. Others, despite having a similar product line, have been unable to impress potential customers.
So, what causes e-commerce websites to go downhill? Let's take a look:
1. No clear value proposition: Imagine you're a first-time visitor to your website. They like the way your website looks and admire its design, but they're not sure what your powerful brand proposition is all about. Perhaps the homepage lacks a strong brand message or the logo is incorrectly placed. Because the site only has a few seconds to make an impression, every element on the homepage is crucial.
2. Ineffective navigation: Buying habits are the same whether in a store or on the internet. For example, I'd like to know where to go in a store to find the right color and size of my favorite brand of jeans. An e-commerce site would be the same. I'm not likely to return if I have to scroll up and down or can't find my way around easily. Bounce rates are known to be high when there is a poor navigation structure.
3. No prominent "Search" button: In a physical store, a visible, easy-to-miss "Search" box is the equivalent of a friendly, expert salesperson offering to help you. Without this tool, you might end up feeling lost and confused. Or, if you're short on time, you might decide to skip the shopping altogether due to the apparent lack of such a feature.
4. Lack of contact number/email display: If a new ecommerce website's location, address, and contact details aren't visible, many online visitors may be suspicious of its legitimacy. Online businesses with contact information or email addresses prominently displayed on their homepage gain a lot of credibility.
5. Not enough promotion of new or hot-selling items: Let's say a company sells costume jewelry and one of its designs is particularly popular. To keep up with demand, production is being increased. Now, if the website fails to prominently promote this item on the homepage under its "hot-selling" or "most popular" category, it will miss out on capitalizing on the buyer's instinct to imitate popular behavior.
6. Difficult or time-consuming payment options: Different businesses use different payment methods, and product categories have their own set of restrictions. However, failing to state these clearly, causing a buyer to waste time, or forcing them to choose a different payment method due to a shortcoming on your part are all sure-fire ways to harm your ecommerce business.
7. There is no "Trustmark": Trust is the foundation of any business transaction, and nowhere is this more apparent than in an online system. Because of increased consumer awareness (which is a good thing! ), any customer shopping on the Internet will only feel secure if they can see a Trustmark, i.e. a safety guarantee from 3rd parties such as VeriSign, McAfee, and so on. The exclusion of such a seal on an e-commerce website would almost certainly lead to its demise.
They may be concerned about malware, identity theft, and the dissemination of their personal information. When visiting a site that explicitly asks for personal information, 77 percent of people are concerned about someone stealing their information online, and they are hyper-aware of this concern.
.Technical Factors – The current state of the telecommunications infrastructure.
Political Factors – The number and type of government initiatives aimed at promoting the use and advancement of modern technology.
Social Factors – People's literacy levels and PC penetration rates.
.1. Competitive Pricing.
2. Product Quality.
3. Shipping Time & Cost.
4. Online Reviews.
5. Easy Return Policy.
6. Loyalty Rewards.
7. Easy Navigation.
8. Word of Mouth Recommendations.
We didn't have the right strategy, or it wasn't defined clearly enough. Internally, we were not communicating strategies, plans, or goals. Our senior management team was disengaged from the project.
.E-commerce businesses fail at a rate of 80 percent to 90 percent of the time. When starting an e-commerce business, many mistakes are made, but as an entrepreneur, you must recognise that it is those same mistakes that you must learn from in order to stay in business or watch the entire e-commerce business fail.
.The failure of a website's product is one of the most common reasons for its failure. If you're selling a product that no one wants, you're already in a difficult situation. When it comes to starting an online store, this is the most important decision to make.
.There are five ways to avoid eCommerce failure.
The average eCommerce store's success rate is 10%.
.Ecommerce purchases are expected to increase from 14.1 percent to 22 percent by 2023, according to estimates. These projections are extremely optimistic, indicating that ecommerce as a business has yet to realise its full potential. Mobile ecommerce sales are expected to increase as well, reaching nearly 2.91 trillion by 2020.
.E-commerce will finally become customer-centric by 2025. It will be tailored to the current consumer's lifestyle and habits, but will not be dominated by them.
.Between 2021 and 2025, the ecommerce market is expected to grow by nearly $11 trillion. The global trend toward digitization accelerated at breakneck speed as businesses went online during the COVID-19 pandemic. Even as some regions reopen, ecommerce sales continue to rise.
.B2C (Business-to-Consumer), B2B (Business-to-Business), C2B (Consumer-to-Business), and C2C (Consumer-to-Consumer) are the four traditional types of ecommerce (Consumer-to-Consumer). B2G (Business-to-Government) is another term that is frequently used interchangeably with B2B.
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