Every entrepreneur wonders, what is the correct time to start their online business or to enter the online/e-commerce marketplace. They keep on waiting for a certain goal to be achieved or a particular benchmark to be met or any other factor that they think is required and needed before they launch their online business. But is there a correct or right time to start an online business?
No matter what you sell, what services you offer, it may be the case that one is only thinking about launching their online business, while other organizations have already become successful in that same space. For instance, if you are into selling
or some specialized ayurvedic medicine in the market and you have very few competitors, you may wonder that it is not so much of a necessity to go and launch your business online as you are already earning a good amount of profits, but meanwhile, a small business who is dealing in similar products such as yours has started its online application to deliver the medicines at customer’s doorstep the very same day they are placing the order. Your products may have superior quality, or your employees may be more humble and excel and selling, but just the mare convenience of getting products at their homes with a single click will attract a large chunk of customers.
Most business owners think and plan about starting their online business but they refrain from doing so because of the fear of failing. As per records and statistics, almost 80% of E-commerce businesses fail. But this failure rate due to come mistakes and huge errors that are committed by certain business owners. These mistakes can be not focusing on correct mobile UX or website development, not having a well-thought marketing strategy, no SEO Optimization, misleading customer trust, poor website navigation, not having proper return policies and customer service, and many more.
Common mistakes that new e-commerce makes or company that is shifting towards online business are as follows-
Unreliable and Nonresponsive design of the website or application
Poor website navigation
SEO errors or NO SEO Optimization
Complex shopping carts
Empty sections in the website
Uninteresting product photos and descriptions
Krenai ensures its customers from committing the above mistakes and refraining from the failure of their business because of a faulty website or application.
If an entrepreneur takes care to avoid all these mistakes and tread carefully towards their plan of starting their online business, they can become more successful and have a profitable business.
Peep Laja, Founder of ConversionXL said that -
“Remember, every ‘mistake’ your customer makes, it’s not because they’re stupid. It’s because your website sucks”
Pendamic effects over businesses -
During the past 10 months, many businesses lost their profits and even stopped functioning altogether. Pandemic which led to shutting down of markets and all types of business organizations for the prescribed amount of time had very difficulty to reopen and start selling their products at the same rate as they were selling earlier. A lot of business owners couldn’t even restart their business even after the lockdown was uplifted. On the other hand, many entrepreneurs thought strategically and utilized this particular time to plan for their launching of online business. So when things settle down, they instantly launched their online business to attract more and more customers to buy their products and services while they were just staying at home.
Many companies started their online business amid lockdown, and lot number of e-commerce startups also emerged during the same time.
Their business has emerged immensely with time, as people are now more comfortable ordering and buying products and services while they are sitting at home or are working from home. These entrepreneurs were very smart to utilize the opportunity that situations presented and that’s why they excelled in a very short time.
But what if they had waited 10 months for their online business? They would have surely lost the opportunity to be where they are today and would have certainly lost some business. Time has changed tremendously. In today’s internet dominated business world it has become a necessity to create one’s online presence. Starting an online business is not some extra effort, rather an investment that bears sweet returns as well.
After working full time from home rather than from the office, many companies have even seen an increase in productivity and profitability. This also leads to creating a more online presence which increased sales of their products.
How online business can render you more profits?
There are many more aspects that in turn lead to an increase in profits if you launch your business online. It does potentially increase sales as the customers can even shop the products 24*7 as virtual shops are always open.
So if you are wondering what if you wait another 10 months for starting your online business? then you will lose all the advantages and benefits that other businesses are already rendering by entering into this space. Internet is here to stay and more and more business will now prefer operating virtual and online markets, so if you wait more, you will not only lose a part of your business in the market but there may come a time when you become obsolete and there is no more opportunity to continue running the business, and you may have to shut down.
It is always seen that people who adapt to the changing world, prosper and get successful, while the others lag. The business world is changing at a fast pace for the past 20 years now, and it will keep changing in the coming time. E-commerce has become more of a necessity for business rather than just an aspect of it.
As rightly said by the Jean-Paul Agon, Chairman and CEO of the international cosmetic brand, L'Oréal that -
“Ecommerce isn’t the cherry on the cake, it’s the new cake”
So if you wait any longer, you may miss out on the coming opportunities and may not be able to tap into those to gain the benefits of online commerce. You will then regret later that you missed the time when it was much in demand and your product was not something that was being delivered to customers online. Waiting longer can result in not utilizing the full potential of the online business as already all your competitors and other small businesses would have been into that space for a longer time. So you too enter but at a later stage may be so much beneficial.
If you have a business idea, or you are already in business for the last few years but want to enter the virtual marketplace, start planning sooner and don't wait too long to take action. Don't let your fears hold you back anymore.
Looking to launch your online business? Click on the website link of Krenai at https://www.krenai.com which provides you with all the solutions you need to develop e-commerce business. You can create an online store with just a click with the help of Krenai. From website development to launching mobile applications, Krenai also assists in marketing strategies for your business.