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Sabin K.C
Sabin K.C
CMO at Hyberlab | Aspire Leader '24 | AIESECer | Co-Founder & Host of 'Be-Nerd' Podcast 🎙️
Published Oct 20, 2023
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E-commerce has become a dominant force in the retail industry, offering convenience and accessibility to consumers around the world. However, it's not all smooth sailing in the e-commerce landscape. Startling statistics reveal that up to 90% of e-commerce businesses fail. In this article, we'll explore the top five reasons behind this high failure rate, providing insight into the pitfalls that entrepreneurs should be aware of to increase their chances of success.
Here's a somewhat surprising but insightful tidbit: recent studies indicate that approximately 90% of startups meet their demise. E-commerce businesses share a similar fate, with roughly 80%-90% of them faltering, resulting in a success rate of less than 20%. If you're either embarking on your own online business journey or managing one, these statistics might send a shiver down your spine.
But don't let fear get the best of you. While there's plenty to learn from successful ventures, there's often even more wisdom to glean from the missteps and failures of others. After some research, I've compiled a list of the top 5 reasons e-commerce businesses often meet their demise. This way, you can avoid these pitfalls and position your business within that fortunate 10% that thrives.
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In conclusion, having a good website that is easy to navigate, checkout with less friction, and can be accessed without any problem from any device is a really important factor for successful e-commerce. Proper marketing with SEO and social media is also vital for one's growth. If you want to learn more about e-commerce business and build your success on it visit Hyperce. There are many platforms offering e-commerce services but one should use more personalized services so that you can create your ideas and make them a reality.
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Kalpana R.
SAP FICO S4HANA CERTIFIED CONSULTANT
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Hi Sir, Can you pls suggest me a best website creation platform
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