Why Your Startup Needs an eCommerce Website in 2023

Research indicates that the number of start-ups is increasing each year. Undoubtedly, it is a positive development for any country as it shows innovative culture. Unfortunately, most people do not realize that starting a business is only the beginning. The real challenge is ensuring its success. Around 50% of businesses do not cross the 5-year mark.

Now, if you consider the market conditions, this number can increase further. For example, if you are setting up a business in Pakistan, which has a very precarious financial position, the chances of failure increase. What to do in such a case? Successful business owners and researchers have come up with different factors that improve their chances of success.

One such factor is a website. This factor applies to almost every start-up regardless of the industry. Suppose you are offering eCommerce website development services. In that case, you should set up an eCommerce website. This article will list the top reasons for setting up a website.

Before doing so, let us review why most start-ups fail. Why? It will help you avoid common mistakes and automatically ensure a higher chance of survival.

Reasons for Business Failure

The most common reasons for failure include the following:

1) Competition

Finally, your start-up may fail due to the high competition. Let us recall Nokia, which had the largest mobile phone market share not so long ago. However, Nokia could not keep up with the competition when Samsung and Apple launched their smartphones. Eventually, it exited the smartphone market.

For example, if you are thinking about starting a web design company in Pakistan, you must know that there are already 1000s of such companies. Considering the entire world, the number might touch millions if you count the freelancers. The only way to beat the competition is through continuous innovation.

2) No Market Need

At times, your idea might be brilliant, but there is no market for it. Regardless of how well you develop your product or service, there is no probability of success. It is recommended that before starting any business, owners should conduct comprehensive market research. It will help them assess if there is a market for their product or service.

3) Lack of Capital

Another reason behind business failure is the lack of capital. Unfortunately, owners underestimate the capital required to start and operate the business. When the initial investment dries up, they have no option but to fold. After all, not every start-up can get seed or venture capital funding. Even if they do, they must give up a certain portion of the ownership or other rights.

4) Pricing

You might have a perfect idea, a large market, and enough capital for the start-up. However, if the pricing is not right, your start-up will fail. Unfortunately, there is no one size fits all strategy when it comes to the pricing part. You will have to undertake considerable research to determine the right price.

If you set the price too high or even too low, there are chances of failure. For instance, if you offer eCommerce website development services, the pricing packages must be transparent and competitive. Otherwise, potential clients will not hesitate to buy the services from elsewhere.

Reasons to Have an eCommerce Website in 2023

1) Brand Credibility

The most important reason to have an eCommerce website is brand credibility. If you don’t have a robust online presence, potential customers might think you are a fraud. In that case, even if your product or service is excellent and meets the customer’s needs effectively, they will still hesitate to buy from your brand.

So, ensure you have a professional website. You can hire a professional web design company in Pakistan or elsewhere to get a unique website. We recommend displaying your affiliations on your website, such as with your local business council, professional body, or any other organization. It will further improve your credibility.

2) Increase Conversions

Consumer buying behavior has considerably changed over the years. Nowadays, their journey starts online even if a customer wishes to buy a product from a physical store. They will make comparisons online, explore different options, and go through reviews before committing to the purchase.

Hence, it is essential that you have an eCommerce website that enables them to explore your products. They can buy online, which will further increase their conversions and sales. Even if they are not interested in buying online, you have provided them with enough information to complete the purchase offline.

3) Marketing Analytics

Another reason to have an eCommerce website is for marketing analytics. Unfortunately, despite technological advancements, collecting and analyzing marketing-related data offline is still challenging. That is not the case with an online store. Numerous plugins/extensions/modules can help collect, analyze, and interpret the data.

You can use the information to make improvements to your store. It will help increase your conversions, personalize your customers’ shopping experience, and much more. With the help of the data, you can even set up discounts and personalized campaigns for each customer.

4) Customer Expectation

Customer expectations keep changing. But one thing is clear: they expect every business to have a website nowadays. If you don’t, you are automatically removing yourself from consideration. The customers will not even consider you a choice, let alone think about buying from your brand.

5) 24/7 Availability

Lastly, if you have a physical store, you cannot keep it open 24/7. Why? Due to the costs involved. You must pay for workers to work three shifts, and the utilities will be much higher. There are numerous other challenges. If you have a website, you don’t have to pay much and still keep your business running 24/7.

Customers can buy your product/service online at any time. The order can be processed the next morning or at the same time if you utilize digital technologies such as automation. It is one of the biggest advantages of having a website and gives you enough reason to set up a website immediately.

Conclusion

It concludes our article on why every start-up must have an eCommerce website in 2023. We have listed the common reasons behind start-up failure so that you may avoid the common pitfalls and increase the probability of your start-up’s success. If you have any questions or suggestions, do not hesitate to let us know. Thank You.