How do you keep up with the high competition levels presented by established and renowned brands as a startup? This is the question that every entrepreneur who has taken the first steps into eCommerce must look deeply into. The truth is that it has become overwhelming and overburdening for a startup business to dominate the eCommerce market. But does this mean that there is no hope for your newly established online store?
Facing the odds
Numbers do not lie, and statistics show that 90% of startups ultimately fail. Worse, only 50% of these startups get to celebrate five years of being in business. These numbers simply show that we are at a time when it takes a higher level of resilience to get beyond the breakout point. Top brands and growing enterprises have become more aggressive and strategic in their ventures and will never back down. This means that you must fight every market share for, and as an eCommerce startup, it means bringing to the scene you’re A-game.
The must-dos as an Ecommerce Startup
1. Make no compromises when it comes to your website performance
It goes without saying that for every online store, the website is the visible face of the business. Ecommerce startups have no option but to ensure they have the best website that supports optimal performance. This means having a site with zero technical issues, amazing graphics, top speeds, mobile-friendly, and easy-to-use features.
2. Smartly invest in your marketing and advertising
The hardest activity you are ever going to engage in as a startup is driving quality traffic to your site and building brand awareness. A simple way to avoid the headache and complications of independently managing your campaigns is to invest in value-driven marketing and advertising. You can easily boost your startup with automated AI advertising that is professionally monitored for better ROI.
3. Continuously monitor your performance
The worst mistake Ecommerce startups make is getting comfortable after a successful launch. This must never be the case as the market is ever-shifting, and a slight fall is likely to be disastrous. As such, right from the start, every aspect of the business must be closely monitored and weak links corrected as fast as possible. The surest way to do this is to know your target market & customers, KPIs, and sales goals that are time-specific.
4. Let your customer service be perfect
The modern consumer is concerned about the shopping experience an online store provides. Therefore, while you cannot beat 8-figure businesses in aggressive marketing and product range, you can outshine them by focusing on your customers. Make your customers feel special by always going the extra mile and delivering on your promises.
5. Keep up with the latest trends
The Ecommerce market is not static, and as a startup, you need to be aware of what tomorrow holds for your business. In doing this, you will be amazed how something as simple as uploading a video of your team performing a viral challenge can drive more people to your website. Still, this must be done cautiously, factoring in your market demographic, niche industry, and geographical location.