According to one study, Ecommerce websites have about an 80% failure rate. Other researchers claim it’s as high as 97%. Why are these numbers so huge, and what can you do to insure your success online?
Many claim one of the reasons the failure rate is so high is because an ecommerce business can be easy to set up and for only a small amount of money. Having created hundreds of ecommerce websites over the past 20 years, I can assure you that setting up an online store is NOT easy – it takes a significant amount of work. Professional photographs of every product from multiple angles, combined with well-written sales copy alone can be both time consuming and expensive, not to mention the technical aspects.
Too much competition is also cited as a reason for the high failure rate. With over 1 billion websites out there, this is in fact a real issue. Why would someone come to your website in the first place, and if they did manage to find there way there, what would make them buy from you?
Almost everything imaginable is now for sale on Amazon at prices that are hard for most people to match, so buying from your little commerce shop is unlikely. Yet, competition alone is the only reason ecommerce websites fail.
It takes more hard work to succeed online than offline because people can’t feel and see what they are buying. You have to be better than your physical competitors, in every aspect of your business. The reason Amazon has been successful is not because they have lower prices than everyone else. Its because they do EVERYTHING better than everyone else, including lower prices. If you want to compete in the online business world, there is something you absolutely MUST do. You must […]