The Complete Magazine on Open Source

Common mistakes online entrepreneurs make while launching internet shopping malls

, / 3313 1

online shopping malls

At the first glance, it may seem that web marketplace owners can earn huge profits and create strong business brands in a short period as internet malls are very notable e-commerce projects. Nevertheless, launching their own online multiple marketplaces, even experienced merchants can damage their business reputations and lose all to the last cent. Therefore, in my overview below, I am outlining the main mistakes that prevent online entrepreneurs from organising successful and profitable internet shopping malls.

During all the history, the human race aspires to create constitutional states, build beautiful cities, draw wonderful pictures, improve working procedures and satisfy its needs and preferences, what makes people explore new lands, change political systems, get new knowledge, invent various useful things and write books. However, scientists, doctors, builders, artists and other white-collar and blue-collar workers will not be able to accomplish their labour activities without the assistance of business companies.

This is rather clear as businesspeople and merchants establish trade connections within countries and provide consumers with all possible products and services. Performing their business transactions and serving different client segments, vendors may get high revenues and impressive popularity in short terms. Unfortunately, plenty of people only see these benefits and forget about problems entrepreneurs can face with. For instance, vendors have to hire professional personnel, face with financial risks, solve complicated business issues and pay rent what requires much time and money from business company owners. Very often, as not all newbie vendors possess enough skills and funds. So they have to forget about their business careers and stop their business activities for a long period. In such a case, those merchants, who want to save their budgets and reach their business goals, decide to launch their own online stores as web merchants don’t have to spend their money on paying taxes to governments and salaries to their managers. But in practice, online shop owners also have to fight for customers and develop their e-commerce projects, if they want to occupy leading business positions.

As a rule, trying to find lucrative client audiences and get high profits, online entrepreneurs don’t notice that they are entering a competitive business environment where thousands of online store owners aspire to outdo each other to grab customers’ attention. To attract and retain buyers, web merchants must create high-speed and continuous functioning e-commerce stores what may cost them significant financial resources. When online businesspeople find that they don’t have money to continue implementing their business operations, they start thinking about efficiency in their e-commerce business projects from collapse. In this situation, e-commerce shop owners decide to join multiple online marketplaces where they have to pay fees only for using their individual web store departments. This technique is quite popular among those online vendors who want to get first business experience and avoid possible financial problems. However, when online entrepreneurs possess high funds and substantial experience, they get strong confidence that they are ready to launch their own internet shopping malls, which will be able to outdo well-known business companies like Amazon and eBay.

Unmotivated online marketplace vendors

We all know that business companies and corporations are established by entrepreneurs, who get stable incomes and possess solid experience in management and marketing fields. Then why is only a small number of merchants able to make their business dreams come true, while others fail or get tiny revenues? The answer is simple – most modern businessmen rely just on financial assets and think that they will be able to solve all their problems with their assistance. You can believe me that money will not help you work out an effective business plan and create persuasive advertisements. In the other words, an entrepreneur should possess strong business aspirations and convictions if he wants to succeed in certain business fields.

Launching, managing and developing online shops can’t be called pleasant processes, as they require not only high skills but also much patience from web merchants. Frequently, plenty of web stores become abandoned and disappear from the e-commerce marketplace with time, as their owners can’t wait and quickly lose all desire to continue participating in competitive races. Talking about online shopping mall owners, they must possess a strong intention to control their large business projects, interact with hundreds of independent vendors and cooperate with influential online entrepreneurs. Otherwise, web marketplace owners will never reach their business goals. Moreover, inviting vendors to join your multiple online marketplaces, you are taking a risk in finding unmotivated sellers who will aspire to get one-time profits to correct their financial situations and leave your internet shopping mall in short terms, what will negatively influence on your business plans.

Poor web shopping platforms

Organising their online shops, all web entrepreneurs hope to increase their revenues and create large bases of return customers. However, web store owners should understand that they must have something more than mere dreams if they want to strengthen their business positions within the e-commerce marketplace. When online merchants start accomplishing their business activities and trade operations, they have to create reliable and accessible online shopping places, which will be able to provide their clients with excellent customer experience. In reality, plenty of online entrepreneurs can’t find a common language with their customers as their e-commerce projects possess poor performance, slow speed, low functionality, unmanaged navigation systems and unstable working client services and applications.

To avoid unsuccessful business practices and build strong relationships with their prospects, online entrepreneurs must pay much of their attention to their web store shopping carts. This is a critical aspect, as most web shop owners always hurry to make a fortune and don’t want to spend their time and money on choosing e-commerce software. The same concerns to virtual shopping mall owners, who also have to find and equip their large online stores with powerful e-commerce platforms, as multiple online marketplaces are visited by wide ranges of customers from all over the world, what may lead to high website loads and long website downtimes. Such unpleasant situations can both push online clients away and cost web marketplace owners thousands of dollars. Moreover, equipping your internet mall with high-speed and performance web selling software, you will be able to speed up your buyers’ shopping procedures drastically.

Uninterested customers

Currently, more and more vendors prefer to offer their products and services to clients via internet, as such an approach allows them to avoid unexpected costs, get high popularity and serve local and foreign customer segments, as well as find new business partners. But it doesn’t mean that buyers will rush to order your production right after launching your online store. To gain customers’ attention, web shop owners have to resort and use various business techniques and methods. In this case, as I have mentioned above, some online merchants decide to improve speed and performance of their web stores to let their clients enjoy fast and smooth shopping procedures. Trying to attract shoppers and touch their hearts, web vendors may customise their website design styles on their own or hire third-party web designers, who can create beautiful design themes for their e-commerce projects.

Of course, all such business strategies can help you solve a large number of business issues, but even they don’t guarantee that customers will return to your online shop to make more orders. When buyers go shopping online, they want not only to find and buy desired things but also get unforgettable impressions and pleasant memories. So, if you are an internet shopping mall owner and you think that you can ignore such important aspects, then you are wrong. In short, you will never be able to create a large base of return customers, as your clients will think that you simply sell products to them and don’t value their interests. For example, to make friends with shoppers, I advise you to provide them with different bonuses and discounts, such as free samples of your products, membership rewards and some unexpected valuable prizes.

High competition

The business environment always attracts talented people, as it consists of grand financial opportunities and challenges. Nevertheless, establishing their business startups, entrepreneurs must be ready to compete against thousands of business companies and ventures, if they want to become well-known vendors and achieve certain business heights. Usually, plenty of businessmen have to file for bankruptcy and stop their business activities, as they are unable to stand in cruel of high competition. To avoid these unsatisfactory business results, entrepreneurs must have enough money, knowledge and skills and experience in management and marketing fields. As for online entrepreneurs, they also have to be in funds and creative to interest customers in visiting their web shops and stand out of the crowd of competitors.

Online vendors spend much of their time on creating and searching sophisticated business and marketing strategies, which will help them outdo their competitors, as they are afraid that their e-commerce stores will vanish among other web business brands. Talking about virtual shopping mall owners, they think that they will never face with such problems as they possess notable e-commerce business projects. So, if you plan to launch your multiple web marketplaces, you should remember that you will become one of the thousands of internet mall owners, who compete against each other. To create an attractive and profitable online marketplace, you should equip your e-commerce website with a bundle of useful customer services and applications, create persuasive advertisements and write a truthful business story for your e-commerce business company.

Lack of customer-vendor communication

Being a web entrepreneur, you must not only sell you products and grow your e-commerce website but also understand your clients’ needs and solve their problems. As plenty of online store owners understand that they will not be able to accept all clients’ complaints with the an assistance of help desk ticket systems, online chats and simple email forms, so they decide to use social media accounts to interact with their customers. Using Facebook and Twitter, web entrepreneurs can analyse customers’ behaviour, research e-commerce news and track latest marketing trends, as well as find out strong and weak sides of their own production. As a rule, most web marketplace owners don’t create feedback channels for interacting with their client audiences, as they think that they can simply forget about unsatisfied buyers because of constantly growing customer flows. Of course, web marketplace owners can ignore this aspect, but only if they already possess high popularity and strong business reputations.

  • Curtis Haug

    Creative piece ! I learned a lot from the insight ! Does someone know where I might get ahold of a template a form form to use ?