Why is eCommerce the most challenging business?
E-commerce is one of the leading and tremendous industries in the global market. But no fast-growing and profitable business is guaranteed to fail. Challenges are inevitable! The eCommerce market shows about 80% failure rate as per studies. Challenges occur in all industries, and eCommerce is no exception. E-commerce sales are expected that grow to $5.5 trillion by 2022. Therefore, managing the market becomes increasingly complex and the impact of challenges is inevitable. Top 3 eCommerce industry challenges that can cause business failure.
Data protection and cyber security
Maintaining state-of-the-art technological security is the foremost and most crucial requirement for all business owners when starting an eCommerce business. Security is one of the main reasons for customer concern. Maintaining website security is about protection from cyber-attacks and payments, excluding customer data leakage. The main desire of eCommerce customers is a better shopping experience. Frauds kill businesses, leading to failure! Software updates, frequent data backups, powerful payment system integration, and a great hosting provider are the main points to protect customer data as much as possible and provide a better website experience.
Customer Digital Experience
A website visitor only needs 10 seconds to rate the experience on the website. No dogma! We all have just 10 seconds to grab a visitor’s attention. The first thing a visitor notices is the speed of the site. So it’s not wise to lose potential customers because of a slow website speed, don’t you agree? Second, the visitor should feel comfortable on the website, so the functional layout of the website is also one of the reasons to change the customers’ digital experience. And lastly, to not restrict visitors and allow them to operate. Integrate several payment systems on the website, giving customers a wide choice. Maybe it’s a small thing, but it’s momentous!
One of the perennial challenges of the e-commerce industry is changing the conversion rate on a website. The hard part of website development is converting visitors into customers. It requires using a specially designed marketing strategy, calculating risks, and launching marketing campaigns to convert as many customers as possible.
Changes in the conversion rate are mainly affected by website loading speed, SEO, website design, and CTAs used on the website. So, having a sensible marketing strategy is essential in this part!
Managing an eCommerce business can be a difficult task. Facing challenges is also difficult. But you should receive them as new opportunities, thanks to which you can raise the business to a new level. So act now!