It’s incredibly easy to setup an online store – within a day, a store owner can have a Shopify or Etsy store up with a few products ready to take orders. But there’s more to having a successful e-commerce storefront than that. How will customers find you? How will you fulfill orders? Can your business model survive the percentages that some platforms take per transaction and still be profitable?
A whopping 90% of online stores fail within the first 4 months. That pales in comparison to regular brick and mortar stores where almost 80% will make it the first year. The most common reasons for failure are poor online marketing, lack of search engine visibility, little market for products and services, low cash flow, and price/cost issues. However, knowing these issues beforehand, arming yourself with information, and building a strategy around sales of your products online will put your company on better footing to be one of those success stories!