5 Most Common Challenges Faced By eCommerce Businesses Today

Published on: 19 November 2017 Last Updated on: 17 June 2021

Over the years, a lot has changed in eCommerce due to the continuous development of technology. Competition is tough between online-based businesses and eCommerce sites that’s why they really have to fight a hard battle to gain customers.

E-commerce giants including Amazon and eBay make it even more difficult for start-ups to flourish. But this is not always the case, even small online-based businesses can become successful online. It all begins with understanding the difficulties they may face along the run.

5 Most Common Challenges Faced By eCommerce Businesses Today

If you are considering an online business, check out these five common challenges the eCommerce business faces today.

1. Right Products are not being prioritized

Setting up an eCommerce site is fast and easy and you can run your business in a matter of days. But of course, you have to take into consideration your inventory of products and also your consumer’s needs.

To do this, you can go beyond product personalization. Learn and study purchasing trends and provide your customers better options. You can even offer a wide selection of complementary products along with personalized messages. Entice your buyers with upcoming sales or coupons that will make them interested in buying more products from your store.

2. Digital Sales Platforms are disregarded

Most e-commerce sites focus on driving traffic sales through their main websites and not tapping into other platforms. When discussing digital platforms, this means using mobile phones, tablets, and apps. Not taking advantage of other digital platforms could affect their sales and visibility.

Using digital platforms contribute to more than 70% of eCommerce total sales.Explore other digital platforms to generate more sales. If you are already utilizing these platforms, opt for more enhancements like personalized mobile apps or faster loading speed.

3. Quality Check is not always being done

E-commerce websites unite different vendors offering assorted products to consumers worldwide. Buyers purchases products online and the website deals with all the issues.

Quality checks end up noticeably essential for non-branded products like those which are custom- made. To ensure quality products, make sure to check different manufacturing stages and also it’s better to work with reputable sellers.

4. There is not enough Payment Options

It doesn’t make a difference whether an eCommerce site works locally or all around the globe.Each eCommerce site should offer various payment options. Incorporating different e-wallets to the site is important.

It helps the business gain more additional income. Nowadays, most consumers choose the COD (Cash on Delivery) method as a mode of payment. This option could be impractical but providing wide selections of payment methods can increase cash flow.

5. Poor Customer Sales Support

When the buyer receives their purchased products, the selling process doesn’t end there. Truth is, it begins right when a customer signs onto an eCommerce site. Then it continues even after the purchaser gets the item they have obtained.

Almost 50% of online consumers need access to customer support before, during and after buying a product. Personalized support may not be possible to offer in all instances however a good way to deal with queries is providing detailed FAQs and good customer support channels.

Conclusion

Numerous e-commerce businesses invest a lot of time building up a perfect catalog which leaves them insufficient time to confront previously mentioned challenges. To perform well in your online eCommerce business, you have to have access to some punchout solutions that can make your job easier and smoother. You have to take professional services from industry experts to make sure all the technical aspects of your website done properly.

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How To Choose The Best Legal Structure For Your Business

Starting a business can be exciting, scary, and - let’s be honest - confusing! You don’t need an MBA or any other business degree to start a successful business. But, there are other important things that you need to make right from the beginning. While there are many things that need to be done correctly from the start of the business, there is one thing where you cannot make a mistake Choosing The right business structure. Your business structure is important in many ways. It decides how your business will showcase in front of others, what power you will have over your business, and most importantly, what type of taxation it will fall under. Seeing how the current entrepreneurs are so hung up on sole proprietorship that they do not see the benefits of other business structures. Today, we have come to take you on a journey and make you see the different business structures and what each offers to a business. What Is A Legal Structure Of A Business? Every new business requires the formation of a business entity that can be considered its identity in the market. This is where the concept of a legal structure comes in. A legal structure, also known as a business ownership structure, determines the flow of power within the business, the type of income tax you need to file, and highlights the risk to which your business is exposed. The most common legal business structures are as follows: Sole Proprietorships. Partnership. Corporation. Cooperative. Limited Liability Company (LLC). Related Resource: 5 Financial Risks of Starting a Small Business and How to Avoid Them Types Of Business Structure While there are many legal business structures, we have picked the most used currency in the world. This Legal Structure covers almost every aspect of legal business structure. 1. Sole Proprietorships This is the simplest form of legal business structure. In this type of business structure, one individual is solely responsible for the business profits, debts, and liabilities. This business structure works great for small to medium-scale businesses. This entity does not offer separation or protection of any personal and professional assets. While this is great for small businesses, it might be difficult to scale up. 2. Partnership As the name suggests, this type of business structure is owned by two or more individuals. The legal partnership structure can be further divided into two entities: General Partnership and Limited Partnership. A general partnership is where all the shares are equally divided among all the partners. In a limited partnership, one individual has control over all the business operations. While others are just contributors and shareholders for the profit. 3. Corporation When a business is considered a corporation, it becomes a separate entity from its owner by law. It is considered a separate entity that enjoys legal rights just like any other person. For instance: It can sue others. It can be used. Buy and sell a property. It even has the right to sell the right of its ownership. 4. Limited Liability Company (LLC) A Limited Liability is a hybrid structure that allows owners, partners, and shareholders to limit their liability while enjoying the tax and flexibility of a partnership business model. Under the umbrella of the LLC, members of the business are shielded from any personal liability related to the business as long as they have a written LLC Operating agreement contract. However, to do that, the business needs to have the best business bank accounts with all the necessary features. 5. Cooperative A cooperative business legal structure follows the concept of serving the same people who are working for the business. All the members are responsible for making business decisions, and whatever the profit business samples, it is shared among the members. A cooperative business structure offers the following advantages. Low taxes. Increased funding. Better discounts and services. Factors To Weigh Before Choosing A legal Business Structure While an individual can choose any business structure they like, there are a few considerations you need to look into. 1. Complex Procedure Businesses with fewer people don’t need complex procedures to rule their business operations. Instead, they can just follow a simple business format. However, if your business has many employees and offers different types of services, you must select a business structure that can support all your business requirements. The best way to understand what kind of legal business structure you need is essential that you understand the goals and a business structure that help you achieve the least complexity. 2. Continuity Of Existence You are not starting a business with a lifespan of only a decade. That means, while you are planning for your business, you must plan for its continuity. Hence, it is important that you see how a business is concluding. If you are thinking of securing your business for future financial security, you must also look into the right business structure to support your needs. 3. Control Business is all about control. If you cannot control how your business is operated, you will never be able to calculate the ROI at the end of the day. Hence, it is essential to decide how much control each individual requires to operate the business. For instance, if someone wants to have more control over their business, sole proprietorship might be a more suitable business structure. 4. Liability When running a business, you need to ensure that your personal liabilities are not tied down with your business. In that case, what will happen is that your personal liabilities will be used to cope with business losses. Hence, to separate your business from your personal liabilities, choose a legal business structure that protects your personal assets. Conclusion Choosing a business structure is dependent on what you want to achieve from your business. Depending on what you want from your business, you can go with any legal business structure. While you are free to decide for yourself which business structure you want to go with, it is a good idea that you take help from a business lawyer. A business lawyer can help you understand the differences and benefits more detailedly. They will even help you with all the paperwork needed to establish your business as a legal entity. Read Also: 6 Steps to Starting a Business in Michigan Why Do Businesses Need Lawyer’s Advice? 7 Ways to Plan a Smooth Business Succession Having Business in Foreigner Country, Advantages and Disadvantages

How to Master Social Media for Businesses & Entrepreneurs

The general approach to social media marketing has been a broad topic, and different experts have made their contribution towards this issue. Entrepreneurs are among those who have been immersed in social media marketing with good levels of success, and many upcoming businesses would like to learn how to capitalize on social media for business. To benefit from social media, you have to master how it runs and the benefits it could have for your business. Here are some ideas on how to master social media for entrepreneurs and businesses. Be Committed to Social Media: To understand how social media operates and some of the opportunities that entrepreneurs could exploit, it’s essential to commit to social media. Like different forms of marketing, social media could pose a challenge because it’s not easy to grow the audience and increase engagement. Too often, brands give up their social media to companies to manage their social media daily postings, and this has revealed that the lack of expertise in social media management should not prevent you from excelling because you can find experts to work within social media management. Listen to Customers: Some businesses focus only on promotion instead of addressing the concerns that are raised by customers. A perfect social media strategy should focus on listening to what customers are saying, not always promoting to them. Social media should be a way to get social and engage with your audience to create a bond that would lead to conversions in the future. Marketing right away could interfere with the process and make it challenging to get people to trust your business. Focus on Select Networks: Not every social media platform out there is going to give you results while building an audience for your business. Just choose two or three that are likely to provide the best results and put all effort into promoting the business on those. Experiment with Video Marketing: Content is the cornerstone of marketing, and with this, you have to be creative. There are many ways you can reach your target audience including through sharing images and with written text. However, the video is quickly gaining traction as a way to address audiences. Come up with good video content and distribute it across different social media platforms. Check the pages of your competitors to see the videos they are making to find ideas you could replicate. Boost Content at a Targeted Audience: You don’t need to be an expert to be successful in social media marketing. There are many tools available that you could use that will help you to reach the right people. Boost content using the paid advertising solutions available to reach your targeted audience. It will help you achieve your goal faster than when doing it manually. Every business is on social media, and as an entrepreneur, you should try also to make a step to get your business more visible. With more than 3 billion people using different social media platforms today, it’s easy to market your business and reach the right audience. What you need is to master social media to know how to target your ads and content. Read More: How to Start Business Like Swiggy? Using Social Media to Promote Start-Up Businesses. 5 Steps on How to Market Your Business Using Social Media.

How To Get Your Team To Stop Reinventing The Wheel

You and your team only have so much time. It’s a limited resource, so you need to make the most of what you’ve got. Paradoxically, many teams burn away their precious hours in an attempt to save minutes here and there. This can happen when teams are trying to create methods of working or task pipelines from scratch. Instead, it’s perfectly reasonable to simply outsource certain work or adopt practices that have already proven their efficacy. With this in mind, here are a few ways your team can stop reinventing the wheel and start moving forward. 1. Outsource Content Development Every business needs good content to attract prospects and improve the experience of existing customers. And yes, that includes yours. You may think content development is limited to social media posts, but it’s not. To compete in the market, you need to produce content assets like webpages, newsletters, case studies, product descriptions, and much more. However, creating content is a full-time endeavor that can be difficult to master. Now, you or a team member could devote the time and energy it takes to make great content for your business. Or you could hire someone to do it for you instead. There are numerous professionals in your market that specialize in producing the kind of content you need. Whether you require social media management or technical writing services, a trained pro will save you precious time and money in the long run. Hiring these individuals will give you more time to focus on what you’re in business to do: deliver your product or service. 2. Adopt Project Management Tools Developing efficient workflows is another major time sink for many teams. Working through the best ways to tackle your projects can eat away the hours. Then more hours disappear in holding meetings and writing emails to assign action items and keep track of deadlines. Rather than watch the sands of time slip through your fingers, adopt a project management tool instead. Project management tools facilitate seamless collaboration and information sharing. They allow teams to divvy up tasks, automate handoffs, and keep everyone apprised of project milestones. In so doing, they serve as a centralized platform that provides visual representations of your projects for every step from start to finish. Most project management tools also provide detailed historical data so you can analyze current and past projects for improvement opportunities. You’ll be able to understand at a glance where your work engine is humming and what parts need help. 3. Synchronize on a Digital Calendar If you’re looking for more ways to increase efficiency by centralizing information, start making full use of a digital calendar. By doing so, your team will be able to circumvent troublesome scheduling conflicts. Also, most digital calendars can sync with other work tools to foster collaboration. For example, calendar invites can include links to meeting agendas where participants can add agenda items and ask — or answer — questions beforehand. In addition to saving time and increasing efficiency, digital calendars also help otherwise disparate teams function more compatibly. With the sharp increase in remote work, many teams struggle to balance schedules across multiple time zones. Digital calendars virtually eliminate this problem, as you’ll easily be able to see overlapping work hours. You’ll never have to wonder when someone is free to participate, so you can schedule meetings with confidence. 4. Learn From Other Leaders This one’s for you, the team leader. Because even if your project may be the first of its kind, the best ways to lead your team through it probably aren’t. And they don’t have to be. Rather than trying to revolutionize your leadership style, seek the wisdom of those who have walked before you. History is punctuated by leaders both great and terrible, so take inspiration from its lessons. In addition, reach out to leadership pioneers within and without your field for advice. You’d be surprised how willing thought leaders can be to participate in an informational interview with curious aspirants. Of course, you could also take classes and attend seminars and workshops to refine your leadership style. You’ll save your team time and grief by investing your efforts in bettering your leadership today. 5. Enable Professional Development Just as it’s important to invest in your growth, you also need to invest in your team’s growth. Again, no matter what industry you work in, there are many who’ve come this way before you. Rather than developing training courses from scratch, sometimes it’s best to take what works and adapt it to your situation. Online learning courses are a popular and relatively inexpensive way to enable your team members to gain new capabilities. Whether it’s learning a new programming language, honing their writing skills, or attaining an industry certification, an online course can likely meet the need. Or leverage the learning your senior employees have already done by matching them with a mentee who can benefit from their experience. It’s Not Rocket Science Your team doesn’t need to reinvent the wheel to get ahead of the competition. Sometimes standing out from the crowd is about taking better advantage of existing methods and technologies to do the best work. Your team can do this by outsourcing non-core activities, adopting efficient technologies, and prioritizing personal and professional self-development. Read Also: Streamlining Video Content For Global Audiences With Professional Subtitling Services 12 Practical Ways to Boost Brand Recognition with Social Media Trends That Shaped The Content Marketing Industry In 2022

5 Most Common Challenges Faced By eCommerce Businesses Today

5 Most Common Challenges Faced By eCommerce Businesses Today

1. Right Products are not being prioritized

2. Digital Sales Platforms are disregarded

3. Quality Check is not always being done

4. There is not enough Payment Options

5. Poor Customer Sales Support

Conclusion

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5 Ways To Reduce The Packaging Cost In Your Business

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Related

How To Choose The Best Legal Structure For Your Business

How to Master Social Media for Businesses & Entrepreneurs

How To Get Your Team To Stop Reinventing The Wheel

5 Most Common Challenges Faced By eCommerce Businesses Today

5 Most Common Challenges Faced By eCommerce Businesses Today

1. Right Products are not being prioritized

2. Digital Sales Platforms are disregarded

3. Quality Check is not always being done

4. There is not enough Payment Options

5. Poor Customer Sales Support

Conclusion

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Best Office Design Trends for 2018

5 Ways To Reduce The Packaging Cost In Your Business

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related