You’re probably wondering if starting an e-commerce business is something worth trying after a global pandemic. And this is the answer:
Having a business on the web is a great opportunity today. With the development of modern technologies, the difficulty of owning one decreases every year.
Even now, when the pandemic continues to generate mistrust, internet sales continue to boom. People choose to go to e-commerce web pages to buy their products now more than ever, and this is because of the comfort they entail.
But here’s the red flag:
There are a few important risks you should consider before starting your e-commerce business post-pandemic. Take a look:
5 Risks To Consider Before Starting Your E-Commerce Store Post Pandemic
New Technological risks
You can run into many risks when starting your business online in 2021. There’s a risk of failing because you don’t have fundamental knowledge about dropshipping.
Loss of personal information, software or hardware failures, and even sabotage are common risks.
Being able to understand and manage technological risk is crucial for any company. And in times of uncertainty, business continuity and digital transformation initiatives take on special importance.
It is essential to think carefully about the risks your company will face before you start. In this way, you can develop a plan to mitigate them. Here are some examples:
- Technological risk management systems.
- Development of a cybersecurity strategy.
- Two-way or three-way authentication systems.
- Have redundancy mechanisms.
- Action plan in case of emergency.
Remember that proper management of these technology risks will provide a solid foundation for your business in the long run. You can minimize significant impacts – such as reputational, financial and operational impacts, while making sure your business is sustainable and easily scalable.
Taking care of this risk in advance will also help you avoid future problems with your customers -Internet security is crucial for the user when it comes to online shopping, and poor management of technologies can link your brand to fraud.
Stagnation in the marketing of your products
After the pandemic, the number of users buying in e-commerces has increased considerably, which means that your number of competitors is also growing.
So, if you are starting your business, do not limit yourself with the effectiveness of the marketing that you implement and its distribution.
One way to avoid this is to constantly innovate, and another is to change your online marketing channels.
Open source platforms such as WordPress, PrestaShop or Magento, can offer you great customization opportunities.
They have thousands of products and applications, which means that they can support almost any product and any type of customer, which in turn means that you can offer almost any type of product or service. Isn’t it awesome?
Another great opportunity you can have to bring your products to a wider audience are marketplaces, such as Amazon, Ebay or Aliexpress. However, you will have to pay a commission for each sale and possibly a monthly fee.
Lack of Enough Human Resources
You have to keep in mind that a successful e-commerce platform is the result of a significant investment not only in software, but also in human resources.
Starting an e-commerce store requires a significant investment of time and money. It can be very frustrating having to work on multiple tasks at the same time. But the truth is, many of us get too distracted by multitasking at work to be productive.
Delegation is a crucial skill that you can learn. If you are willing to work at it, you can learn to delegate tasks and be more productive.
Many people are unaware that delegating responsibilities to your closest, trusted team (social media, content creation, customer service) will make your business prosper. You can’t take care of everything!
The people behind your brand will ultimately determine what your customers think of you and your products.
It’s important that you invest some time and money building the team you need to get your business going. Take a look at freelance platforms like Upwork if you don’t know where to start.
Poorly Efficient Payment Methods
One of the most important risks you have to evaluate when starting an eCommerce post-pandemic is the choice of inefficient payment method options.
You must know what integration processes the payment solutions have, the available transaction means, the security mechanisms they offer and the after-sales support.
In this way, you will reduce the risk of electronic fraud and you will know what type of technical support you can count on to successfully solve the challenges involved in starting your e-commerce business this 2021.
Don’t choose the option only because of its price or positioning. Analyze the value offer.
Always seek value in what you can, and don’t settle for marketing labels.
Project Your Business Only in the Short Term
Projecting your business in the short term before even having the opportunity to grow will limit its expansion and your ability to scale the business in the medium/long term.
You will have to be able to project the sales flow, all the products and services that you are going to offer and invest in development and positioning for your online business
Organization and knowledge will allow you to grow in an orderly way and make smart investments.
If you are not aware of these aspects, you may have to make new investments in the future to correct the initial planning errors.
It’s a period of uncertainty that we can’t possibly predict, yet the important thing is that it gives us the opportunity to plan and prepare for the future.
The world economy is in a state of complete shock and everybody is trying to figure out how to survive. Nobody is sure how things will end up, especially e-commerce entrepreneurs.
However, the 5 risks mentioned above and the solutions offered can help you build a stable and easy-scalable business in the long run; it doesn’t matter what’s ahead.
So stop worrying.
Being an entrepreneur in the post-pandemic age is definitely challenging, but it does offer tremendous opportunity.