If you’re an aspiring online entrepreneur, this scenario may be familiar: you toss and turn in bed, your heart racing, thinking a product idea. You take a few weeks to do your research, find partners to develop the product, and finally, your brainchild has come to fruition. All seems well until the day you started your product campaign and no people were swarming over your product, maybe just a bunch of “virtual flies.”
You sit back and think to yourself, where could you have gone wrong? Is your product doomed forever? Before sulking in the corner and giving up on your entrepreneurial dreams, read further to find out possible reasons why your product is not selling online.
Reason 1: Your product lacks the right promotion
Let’s say you have launched an impressive robotic cleaning assistant that can do almost all of the household chores. It can sweep floors, do your lawn mowing, and even prepare your breakfast. You believed in the product so much that you just decided to do a promotional campaign among your family and friends. What’s wrong with this scenario?
You may have an exceptional product, but without the right promotional tactics, its sales may be dismal. Think of it this way: Nobody will buy something unless they know it exists! When you purchase household goods, what’s the first thing that comes to your mind? Tide for detergent, Kleenex for tissue and Colgate for toothpaste? These companies have already mastered the art of promoting their products. However, promotion never stops even when something becomes a household name.
Take your promotion tactics seriously. Know your target market and advertise to the right crowd.
Reason 2: There is no demand for your product
Another product blunder that will bring your e-commerce dreams down the drain is the lack of product demand. Before thinking of a product, you have to understand first if there is a demand for your idea. The core principle of business lies in the law of supply and demand: when there is a high demand for a product or service that you can supply, your company will be profitable.
That is where the risk in your business lies. You can either increase the awareness of the demand for your product or supply a market that already exists. Who would want to buy a glamorized typewriter that comes in different colors? Maybe collectors, but probably nobody else. Before trying to build a product, research for its need first. Who knows? By doing proper research, you might come across a brilliant product idea that will sell like hotcakes.
Reason 3: Your product is faulty
There are many factors why people choose one product over another. In most circumstances, people buy products because:
• It can make their lives easier,
• It helps to improve a part of themselves,
• Or it brings them joy.
Your stone must hit at least one of these birds. If your product fails to meet any of these requirements, there is a problem. With so many innovations trying to steal the spotlight in the marketplace, yours should be able to stand out. Faulty things like machine errors, bugs, and overall inefficient design might cost your sales to go down.
Reason 4: There’s too much competition
Even if there is a high demand, if supplies are overflowing too, then your product may be outshone by other longtime competitors. You can see it in many everyday goods. A lot of house brands tend to eat up the competition just because they arrived first. To avoid this, you can offer the same kind of product but deliver it uniquely:
• Something that’s personalized
• A product that’s eco-friendly and promotes sustainability
• A healthier option
Look out for trends and see what choices people make. Do they prefer meatless meat over actual meat? Do they want some edible cups? Whatever it is, pick a quality that can make it stand out from the rest.
Reason 5: You don’t believe in your product
How can people believe in your products if you don’t use them yourself? As an entrepreneur, you must be the first testimony of how useful your products are. By setting an example, you can eventually gain the curiosity of people. This interest engages, builds trust, and reaps results. When you find people, who have tested your products and have enjoyed them, take advantage by asking for a testimonial. You can use these testimonials as a part of your online promotional campaign as well.
Whether you agree or not, a lot of these factors are real when it comes to selling online. It takes a lot of hard work, dedication, ample research and the persistence of a real entrepreneur to succeed. You are one step to being a renowned e-commerce mogul if you learn to avoid these major mistakes.