Business

5 lessons to learn from failure in Ecommerce Business

5 lessons to learn from failure in Ecommerce Business

Today smart businessmen learn from others failures but here our focus is on Ecommerce Business which has come with new models. Everyone has his own definition of success. Sometimes it is quite simple and sometimes it becomes difficult to explain. Contemporary models of business have made it more difficult to explain success. As investors can now found valid reasons to make decision but still it is hard to evaluate success.

5 lessons to learn from failure in Ecommerce Business

Below I am going to explain some usual causes of failure in ecommerce. The reason of these common failures can be ignorance or easiness and goodness of idea.

  1. Don’t take the meaning of E-commerce as E-customers:

Did this statement really work for you that I become surprised when I see the anonymous nature of online world which blind the business owner of ecommerce. Through this, it is more difficult to reach your target audience at personal level. The care towards conversation and data become more increase and building online relations are more difficult.

  1. Build to make them come:

Don’t think that the only thing is to allocate budget resources and time for production department, but you also have to manage resources for the promotion also.

  1. Differentiation is harder to create:

This point is one step ahead of previous one, here the work is not only to make old product and carry on efforts for marketing, but effort must be made for making a unique positioning regarding your product in the mind of customer, strong differentiation make your goal as various others have made.

5 lessons to learn from failure in Ecommerce Business

  1. Shortage of money:

Many largest online businesses are still facing shortage of money and not profitable and gap of their sales and expenses is being filled by the money of investors. Once it stops, the business will collapse. Entrepreneurs must work to make cost effective strategies to cut down money included to serve customers.

  1. Lack of expertise:

Most of the online business owners are computer programmers and sometimes engineers. It is not bad; there must be someone with business and management expertise, and significant skills in specific product category.

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Business
@iMZahidIqbal @eZahidIqbal

PhD Scholar at University College Dublin, Ireland.

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