3 reasons why so many eCommerce businesses fail

Monday 22 October 2018 News Platinum Business Partners

When you first hear about the eCommerce opportunity, it’s easy to think it all sounds so easy and a fast track to the world of riches.Although many Platinum Business Partners have had some great successes, across eCommerce in general, things are not so straightforward. You only need to spend time in many of the eCommerce support groups on platforms like Facebook to see plenty of people struggling. In general, it’s easy to underestimate the amount of time, effort and commitment that is needed to set up and run a successful eCommerce business. In this week’s blog I explain some of the reasons why eCommerce businesses fail and how to prevent this from happening to yours.

Attitude: People think setting up an Ecommerce business is a get rich quick scheme
One of the reasons is that sometimes people don’t take their eCommerce business seriously enough. I often see people trying to sell cheap, poor quality products at high prices, and just expecting people to buy them without a wider brand or any USP. A successful eCommerce business isn’t about selling terrible products at high prices and hoping to get away with it. Make sure that when you start your eCommerce brand that you have high quality products and create a brand that offers true value and a real USP.

Product choice: People choose the wrong products to sell
Everyone in eCommerce is looking for the perfect product to sell. But finding products that are in demand but with not too much competition is crucial. And it’s even harder to hit upon the perfect trending product at the exact right moment.This is where we can help you at Platinum. We have put together an eight step formula which you can assess against every product you consider. It allows you to understand what makes a good product from a demand and competition point of view. We look at a pricing strategy, product reviews and social proof. We have a step by step formula to help you pick the best products to build a brand online.

Learning: People don’t keep up with the latest changes
Ecommerce is a fast moving environment that is always changing. So it is important to keep on top of all the latest changes and trends and find different ways to promote products and brands.One of the benefits of being part of the Platinum Business Partners community is that we work with people for the long term to help them build, grow and scale a sustainable eCommerce business AND to help them keep on top of all the changes within Amazon.

If you are interested in building an eCommerce business or just want to find out more  then get in touch on our email info@platinumbusinesspartners.co.uk. You can also connect with us via Facebook, LinkedIn and Twitter.