Why only 2% E-commerce Startups are successful??

Choose the right platform for your e-commerce business: • How to choose the righ...
E-commerce Healthometer: mindamend.net/tools/ecommerce...
98% of e-commerce startups fail in the initial 02 years of business, and only 2% survive
Do you know why the success ratio is so low?
Why is e-commerce so tough?
Apparently, e-commerce is perceived as one of the easiest businesses to start.
For those who feel it's just about identifying & getting products from some wholesale market, launching the website, or registering on the marketplace and starting with your Facebook, insta, tik tok pages to promote the products & there you are...
Frankly, this is not even the beginning.
This is too short-term.
E-commerce is a full-fledged business and needs to be run like one!
10 simple questions to ask yourself before starting an e-commerce business:
Which countries/states or cities have the maximum demand for your products/ services?
What is your niche over your competition?
Who are your competitors?
How many visitors does your competitor have on their website?
Which are the top visited pages on their website?
Which are the Top keywords driving traffic to their website (is it driven by social media, google, or do they have direct traffic )
Which countries are these Visitors coming from?
How is their Overall traffic trend i.e. is it increasing or decreasing, or is it steady?
What is their bounce rate, domain authority, backlinks generated, etc
How have they priced their products?
What are their return policies, exchange policies, and refund policies? & so on…
Are you thinking, Is it possible to get these answers?? Of course Yes.
And this is called “Business Model Validation & Market Research”
And today I am going to reveal the secret of where you can get this data from!
IMPORTANCE OF MARKET RESEARCH BEFORE STARTING AN E-COMMERCE BUSINESS
98% of people fail to do “Business Model Validation & Market Research”
Let's understand the step-wise process of how to validate your business model and start with your market research:
Step 1:
List down all the keywords that you think your target audience will search online while searching for your products/ services
Now use keyword research tools that will help you analyze,
How many people are searching for your products or services?
What are the related or complementing keywords which people generally search for?
So which are the tools which can help you with this data?
Free ones are:
Google Ads
Google Trends
And paid tools like
SemRush
Ubersuggest
We personally prefer SemRush, as it helps in extracting a lot of insightful data about the market within a feature called "Market Explorer"
It gives an overview of the overall market competitors' difficulty level, market traffic trend, channels driving traffic and demographics of the target audience, countries with the highest demand
Sounds difficult or cumbersome?
Do not worry, as we are just a call away, you can write to YRC consultants for your e-commerce business validation & market research and we can surely help you with the same.
E-commerce is all about learning from data and building it up from there.
As this data is nothing, but indirectly the voice of your Target Audience and they are our best teachers!
Thus to win the E-commerce space and ensure you fall in 2% of Successful businesses, the following 3 factors are critical:
1. Data-driven decisions, which means you have won half the battle.
2. Add creativity to build your UVP or factors which appeal to your target audience, for which they will come back to you.
3. Offer products or services that are solving a real problem or fill up a market gap where there is demand
The next big challenge is “How to choose the right platform for your e-commerce business?”
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__MUSIC USED__
Alec Koff - @KZbinMusicLibrary
Thank You!
Time
0:00 - Intro
0:33 - Ask these questions
1:56 - Validate your Business Model
3:15 - Critical 3 Factors
3:48 - TAT