Want to help customers find your platform, buy your stuff, and keep coming back?

Many first-timers think that launching an online store gives you the ability to sell products, but it does not mean that you’ll sell products from the start or the very first day of launching your store. If you want potential customers to find your product and purchase it, you’ll have to avoid the very common mistakes that every beginner makes most of the time.

1. Choosing the wrong platform

The very first mistake most of the beginners do is choosing a wrong platform.

Setting up an online store is a double-edged sword. Startups repeatedly get confused in choosing a platform for their e-commerce website, as it all depends on the business requirements and user experience goals. For inexperienced owners, migrating platforms can be a pain, so choose a platform that has the power to grow along with your business.

2. Underestimating the importance of design

As a study in 2016 conducted by the industry’s top SEO companies mentions that “a website ranks higher if their average bounce rate is low.”

Website design directly impacts the customer engagement on how well or poorly the site is built. If the customer doesn’t easily find the products they are looking for, they won’t buy your products or won’t visit your site again. This is why a website design is as vital as what you are selling.

Some of the most important design elements you need to consider while designing the website are navigation, checkout, product search, and customer support and post-purchase.

3. Not optimising the site for mobile

Mobile is the future, and ignoring the mobile audience may prove disastrous for your business. M-commerce is now one of the “in” things because more and more people are buying or searching from their mobile devices.

A survey conducted in 2017 on e-commerce sales done by mobile devices in the U.S was 34.5% which was $157.02 billion, and in 2018 it will increase by 32.7% to reach $208.29 billion.

A responsive design compatible with small screens can be considered as a necessity for every e-commerce site nowadays. You can’t afford to neglect optimisation of your e-commerce site for mobile devices because the feel and look of the mobile sites play a huge role in impacting & converting the visitors to purchasers.

4. Not paying much attention to retargeting

If you think that your visitor would buy on the first visit, then you are wrong. As per Adroll, on average 98% of people who normally visit your website for the first time won’t buy any products. That is one of the reasons which make retargeting really important for shopping cart recovery.

Retargeting campaigns can nudge leads closer to conversions, encourages repeat purchases, increase odds of purchases, helps to upsell to existing customers, and much more. Retailers are already doing this in various ways, which includes personalizing an offer for a specific time period.

Retargeting will also help you to take care of the relationship with your customers and will generate engagement on your website and convert that engagement into sales too.

Also read: 3 lessons I learned balancing a successful e-commerce business with a full-time day job

5. Not maximising social media

Leveraging social media to target buyers is the thing right now for e-commerce business, and if you are not doing this, then you are making one of the biggest business mistakes. Promoting a business or products on social media is a serious task in order to get more visitors to your online business.

Social Media platforms like Instagram and Pinterest can work as a catalog of your products, where people can share their favorite products with their followers. On the other hand, Facebook and Twitter work as a valuable promoting platform to spread a word about you and your business. One more thing is that don’t forget to keep a social sharing button on all your product pages.

6. Not targeting the right audience

It can turn out dangerous for your business if you don’t have a clear idea of who your target audience should be. It is the first step to getting noticed online. If you can identify and understand yours and your customers perspectives, it will become really easy to create a message according to their needs.

By having a clear knowledge of your target audience, you’ll be able to reach out and market your products correctly. You can also (with time) get to know their interests, their needs, and what motivates them so that you can plan your future marketing strategies accordingly.

7. Not having a proper marketing plan

Not having a proper marketing plan can be fatal for your business. A marketing plan can chart and guide you for the perfect promotions of your business. If you don’t want to face low customer volume, budget problems, and closure of the business, then having a proper marketing plan is necessary.

Even after having the right product and audience, your online store could still fail if you do not have a proper marketing strategy in place. Even after a perfect product in hand, if you are unable to tell people about it, you might end up being lonely.

The marketing plan here that we are talking about includes a flawless promotion strategy, effective tracking mechanism in place for all your promotional activities & a marketing budget,.

8. Neglecting Speed Optimisation

You visit a website, the page takes a hell lot of time to load even at 4G speeds. Would you visit that site again? NO, right? Shoppers browse multiple pages at a time, they are impatient, they keep their eyes on 2-3 different websites at the same time. DO NOT keep them waiting because of page load speed, it might be a problem for your e-commerce site.

Statistics say, “Every one second delay in site load time can decrease your conversion rate by 7%”. By having a slow site speed, it not only affects user experience but also affects rankings in search engines, and bounce rate too.

According to the survey conducted in February 2018, the average page load time should not be more than 3-4 seconds.

9. Lack of Payment Options

Many e-commerce sites provide payment by only MasterCard and Visa or paying through their PayPal accounts. I might only have the AmEx or Discover, or maybe I don’t wish to pay using my PayPal account, what do I do now?

Always, always, provide a range of options for your buyers to choose from. Why repel customers from the payment page & let them go because of a small little mistake from our side? Keep options open, provide COD also as a payment option, and don’t give them any reason to go.

10. Not Providing Shipping Options (or Free Shipping)

It’s a fact that people love freebies and you can’t deny that fact. If you want to gain more sales conversion from your e-commerce site than providing a free shipping option could be beneficial (of course on a minimum order, we do understand your side too!).

If you don’t wish to have free shipping as an option, keep the charges minimal or negligible for a buyer. Don’t let the shipping charges be unexpected that leads to an abandonment of the shopping carts. The average shipping rates are considered between $5-$7.

According to a survey, about 73% of the buyers considered free shipping as a crucial factor in purchasing a product. So having this option can improve your sales significantly.

Conclusion

Running a successful e-commerce business is not an easy task, you’ll be making mistakes in your journey, but by considering the basic mistakes we mentioned and working over them will definitely make your way easier for a profitable business enterprise.

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This article was first published on e27 on August 28, 2018.

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All GoGetters are verified and trained before being a part-time dispatcher, personal shopper or promoter for an event

GoGet, a community platform for part-time help that connects people to verified part-timers called GoGetters, has won the UNCDF B40 Challenge at MyFinTechWeek 2019, which was held in Kuala Lumpur.

The UNCDF B40 Challenge, organised by Financial Innovation Lab Malaysia and funded by the Metlife Foundation, was aimed at finding solutions that could drive usage of financial services by lower and middle-income groups in Malaysia (or the B40 population) beyond access to bank accounts.

Financial Innovation Lab in Malaysia is in collaboration with UN Capital development Fund (UNCDF), Bank Negara Malaysia and Malaysia Digital Economy Corporation (MDEC).

GoGet plans to pilot auto-savings and on-demand insurance for gig workers with UNCDF.

The local startup saw the opportunity in the market to serve their workers beyond providing job opportunities but also by helping them utilise their earnings to improve financial well-being.

Also Read: GOJEK, Astra launch all-in vehicle maintenance service GOFLEET

The firm claims to have impacted more than 10,000 GoGetters to earn with a smartphone. GoGet is in major cities outside Klang Valley, namely Penang and Johor Bahru. All GoGetters are verified and trained before they can start claiming jobs such as being a part-time dispatcher, personal shoppers or even as their part-time promoter for an event.

About 75 per cent of Malaysians find it hard to get RM1,000 cash for emergencies​. As part of a pilot project, GoGet partnered with Pod, a goal-based savings app, to allow GoGetters to save their earnings that they received from GoGet with a click of a button. With the solution, GoGetters were able to save any amount anytime, track their progress, receive cash bonuses and cash out instantly if they need. By utilising the GoGet platform, gig workers were able to surpass the savings statistics of the average Malaysian. Full time GoGetters were capable of saving RM1,000 in just 2 months!

“​Today, many people who belong to the B40 segment earn on a job by job basis. However, traditional banking and financial products recognise only those with fixed monthly payslips. There is a large portion of Malaysians that don’t have monthly payslips and these people need to be included in our financial economy,” ​said Francesca Chia, Co-founder of GoGet.

“Malaysia is rapidly proving to be a fertile testbed for fintech solutions and products. MDEC is primed and working with key players to refine Malaysia’s unique proposition as a dynamic ideal hub from which Fintech companies will be able to launch and serve different markets. It is wonderful to see the innovative spirit behind these solutions, added  Surina Shukri, CEO of MDEC.

 

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In addition to MDI Ventures, we also have updates from OYO, WeWork, and SoftBank

MDI Ventures launches an office in Singapore – DailySocial

Indonesian venture capital firm MDI Ventures, which is backed by state-owned telco Telkom Group, has begun operation of its Singapore office, DailySocial reported.

The Singapore office was founded in April and has secured operational permit from Monetary Authority of Singapore (MAS).

It will be led by Shannon Lee, former Lead of C31 Ventures, a corporate venture arm of Singapore-based property giant Capitaland.

MDI Ventures has invested in startups from 10 countries.

Ahead of IPO, WeWork CEO reportedly cashes out over US$700M – The Wall Street Journal

WeWork CEO and Co-Founder Adam Neumann has cashed out more than US$700 million from the company ahead of its IPO, The Wall Street Journal reported.

The report named the size and timing of the payouts as “unusual” as founders “typically” wait until after an IPO to liquidate their holdings.

It is made through a mix of stock sales and loans secured by his equity in the company.

The report also stated that the CEO has already set up a family office to invest the proceeds, and has begun hiring financial professionals to run it.

Also Read: Indonesian digital payment startup Kredivo secures financing from Telkomsel’s VC arm, MDI Ventures

SoftBank’s Seoul unit raises US$270M for early-stage investments – Reuters

SoftBank Group Corp announced that its Seoul-based venture capital unit –that focusses on early stage investments– has raised a KRW317 billion (US$270 million) fund, Reuters wrote.

Expected to be closed within the next six months, the fund included South Korea’s National Pension Service as an investor.

OYO Founder to invest US$2B to triple stake – Bloomberg

Oyo Hotels and Homes Founder Ritesh Agarwal is set to invest US$2 billion to triple his stake in the startup, according to a Bloomberg report.

The company stated that Agarwal will buy shares from existing investors Lightspeed Venture Partners and Sequoia India, which will remain backers of the startup.

Another source who asked not to be identified said that the deal will value Oyo at about US$10 billion and raise Agarwal’s slice of the company from 10 per cent to 30 per cent.

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Image Credit: Bna Ignacio on Unsplash

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The tech hub will focus on enhancing its AI, Machine Learning capabilities, and accelerating its product development and micro service capabilities

CXA Group, a Singapore-based AI platform for health, wealth, and wellness choices, announced today it will set up the CXA Tech Hub in Ho Chi Minh City, Vietnam.

The initiative is a part of CXA’s expansion of its technical capabilities to support its products and health ecosystem.

The company said that the tech hub will focus on enhancing its AI, Machine Learning capabilities, and accelerating its product development and micro service capabilities. The firm claims its services are serving more than 400,000 employees, Fortune 500 companies, and partners across 20 markets.

Also Read: GOJEK, Astra launch all-in vehicle maintenance service GOFLEET

Rosaline Chow Koo, Founder, and CEO of CXA Group said: “Setting up a tech hub in Vietnam provides us access to a large talent pool so we can focus on building the technology.”

CXA offers a self-service platform that allows employers to give their employees access to a wide range of health, wealth, and wellness offerings, personalised based on the individual’s health and life-stage data. This allows employees to draw down on duplicate insurance policies provided by their employers or spouse’s employers and use funds that are then released into the platform’s e-wallet to increase the balance in their e-wallets, and to purchase these offerings with cashless transactions.

As part of its health ecosystem, CXA has integrated directly with clinics, giving clients and partners a savings of up to 25 per cent on outpatient costs.

To lead the tech expansion, CXA brings Thorsten Maus as Head of Information Technology. Maus has track records in building tech teams and platforms for e-commerce, payment, and financial companies and will oversee CXA’s Tech and Development teams both in Singapore and China, as well as the various CXA tech hubs across the region.

In the past, CXA Group was known to raise funding from Eduardo Saverin of Facebook in 2017 and EDBI in 2017, and the recent one in March 2019.

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In the latest edition of our agritech startups series, we take a look into what startups are doing in the kingdom

After Singapore, Indonesia, and the Philippines, we are looking at agritech startups in Thailand.

Like in many other Southeast Asian countries, the agriculture sector plays a crucial role in the country’s economy. A Bangkok Post report stated that the value of rice traded in 2017 was THB174.5 billion (US$5.6 billion), which is around 12.89 per cent of all farming product.

The report stressed that with this figure, farmers in Thailand should have been wealthy as a consequence, but many issues arise instead, including the farmers being entangled by debts.

To save these farmers, many startups in the country are looking at ways to improve their farming practices and –eventually– the farmers’ livelihood.

The following is a list of agritech startups in Thailand as taken from the e27 startup database.

Also Read: Indonesian agritech startup TaniGroup raises US$10M in Series A funding round

ChikChic

CHIKCHIC aims to improve the livelihood of chicken farmers in developing countries by using IoT and ERP platform.

In addition to smart farming features such as malfunction alert and conditional setting, CHIKCHIC also provides financial management features such as profit forecast and productivity tracking.

CW2GREEN Co.Ltd.

CW2GREEN builds a smart farming platform called BANDIBURRI, which monitors temperature, humidity, CO2, and other sensor data in a greenhouse through remote mobile devices.

The startup also provides smart radio and sprayer drone for agricultural operations.

FolkRice

Founded in 2015, FolkRice is an open brand that connects small-scale farmers to potential customers, enabling them to sell their products at the best price. The products that are available on the platform ranges from rice to fresh vegetables.

Also Read: Meet the 10 agritech, foodtech startups pitching for Future Food Asia’s US$100K grand prize

Happy Farmers

Happy Farmers aim to solve the problem of lack of market access for local farmers by launching an online marketplace to help farmers reach out to customers. The platform focusses only on organic and natural products and produces; it is part of its effort to promote sustainable agriculture in Thailand while answering a growing market demand.

Founded in December 2015, Happy Farmers has worked with more than 250 farmers and producers nationwide. As of May 2016, 50 of them are supplying more than 400 SKUs via Happy Farmers.

It also has a scheme that allows local farmers to hold shares in the company.

Talad

The Talad App enables farmers and farmworkers to connect to each other, eliminating the need for a middleman in the search process for contractors.

The startup also created an e-commerce platform for the agriculture sector, where they connect businesses to end-users to purchase goods and services for their fields and farms.

Trade Connex Limited

Trade Connex Limited builds an online SPOT market system for farmers to sell their crops online in real-time. It offers live auction, negotiation, and auto-matching trading modes for users, with special focus on products such as rice and rubber sheets.

The startup is working with the Thai National Bank for settlement services.

Also Read: Bruneian agritech startup secures pre-Series A funding from Cerana Capital

Verifik8

Verifik8 is a compliance service which monitors and verifies the environmental and social performance of smallholder farmers and aquaculture operators in Southeast Asia. It aims to engage stakeholders in agriculture and seafood supply chain to increase transparency and accountability.

Some of the major companies that are working with the startup include PEPSICO and Nestle.

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e27 calls upon Southeast Asian startups to update their profiles on our startup database.

Image Credit: Lisheng Chang on Unsplash

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