Nowadays everyone who is involved in commerce has an online shop or should have if they haven’t already. But having an eshop alone does not bring success. The success in an online business is a variable of many parameters.
Next, we will mention the 5, in our opinion, most important factors that determine the success of an online shop of a small and medium-sized business:
- The entrepreneur’s relationship with the products of the business
- The partner/s that will be selected for creating and promoting of the online shop
- The dynamics of the products offered by the company in relation to the competition
- The external factors that determine the market conditions
- The consumer’s desire to purchase such products
We will next analyze each of these factors to develop our reasoning and give a better picture.
The businessman’s relationship with….
Many online shops are created without the business owner to have a real interest in the products he/she sells. They are created as a quick money opportunity. An online shop existing for such a reason only will lead it to failure especially at times when the competition is very high. A very good knowledge of the subject as well as enthusiasm is required for the entrepreneur to offer an added value to the online shop and make it stand out from other ones by winning in areas such as uniqueness, impression, service, variety, price, renewal, innovation, etc. Depending on the market in which a business operates, the most important areas of focus may differ. However, there must be something which will make a online shop differentiate from its competition and impress its prospective customers.
A reliable partner
A reliable partner in the field of building an ecommerce website and promoting it does not have the same profile for all businesses. A valuable partner is the one who will understand the entrepreneur, the project’s needs, capabilities, products, the budget allocated for the investment and will offer solutions for the growth of the business based on this reality.
In such a case, many times the cheapest online shop remains just another online shop among the many that exist… But even the most impressive and expensive one is not always suitable for a business that cannot afford its maintenance costs.
An average business is somewhere in the middle. Its partner should be able to offer a good solution with a target that will assist the business grow at the pace that it can do so. We are not always able to achieve this. But certainly we can always try to achieve it within the framework that the budget we have allowss and always taking into account all the business conditions.
Competition and dynamics
Even when there is the entrepreneur’s love and interest for what he/she sells, a new online shop should meet the framework that the market requires. Especially when the products are not unique and there are other merchants who have exactly the same products in their online shops (especially if these products are also branded). The consumer in such cases after arriving at what they want to buy, will usually do another run of research to see if they can find it at a better price from a source/online shop they consider equally reliable. So, it is very important to study the competition very well.
We have all seen how much external factors can influence the market and its preferences. The covid, the war in Ukraine, the increased energy prices, etc.. circumstances like these always play a role in buyers behaviour. Sometimes it is a matter of circumstances whether the launch of a new online sshop will be crowned with success. What is certain is that life is constantly changing. Being constantly afraid to make a move is not the solution, but also denying reality is also an issue. We must learn to tune in to external conditions.
The extent to which consumers are ready to purchase a product depends on whether they have recognized that they have a corresponding need to be met. When a product or product category is very new to a market it takes time to get the potential buyer up to speed. It may turn out that even after being informed about it, they simply do not recognize it as their own need. Many times this happens with products that have been successful in some countries but not in others and vice versa. Furthermore, there may already be a suppliers that meet this need with a slightly different product, whom consumers have already chosen.
At Tryseo, our experience has led us to the conclusion that there is not just one recipe for success and there is no perfect recipe either. The success of an online shop is based on the good cooperation of all those who will participate in its success team. All of them will be inclined to bring their best self within the framework of the cooperation. Because success will depend on this. So good luck with forming this team!
If you wish to choose Tryseo as your partner in the part of developing the ecommerce website and promoting it, contact us.