You have a perfect product or service in mind that will help others, and you want to make money. Therefore, you decide to create your own business. Since we live in a world where everything is digital, you focus on the online world. And there is nothing wrong with that because 2.14 billion people shopped online in 2021, according to Statista.    

However, you, as a new player in eCommerce, will face many challenges. Entering the market as a new player is hard and making a profit is also complicated. New eCommerce brands struggle to make an impact, and these are the most common mistakes emerging businesses commit.   

1- Not knowing your audience 

If you do not know the public you want to reach, that creates a mess in your marketing and sales strategy. You will aim for many groups and at the same time no one because you do not know a specific target. For that reason, you must know the public your product or service is targeting. You can create specific strategies for that segment and connect with them if you have that information. You can make products to solve their needs because you know what they want and what they do not have. Also, anytime you launch a new campaign, they feel included because they relate to your brand.   

2- Only listen to your team

You cannot rely only on what your team tells you. Most of the time, your group will only tell you what you would like to hear about your products and not what you should listen to, even though it can be bad news. All of that is because they want to be diplomatic. Remember that you are offering a product/service to the public, so you must take into consideration what they tell you about your product. You have to ask your audience about your product and tell them to be sincere, even though it may hurt what they say.

3- Not using dynamic pricing 

Dynamic pricing is a pricing strategy where companies modify their products’ prices according to demand, supply, and other market factors. Dynamic pricing benefits sellers because they can take advantage of market opportunities (increase their prices) and also benefit customers because they can obtain products for low prices.   

PriceTweakers also offers your company the dynamic pricing module. With this tool, you create pricing strategies that help you increase your profit margin and sales volume. You will never lose money because you can apply the minimum margin to your products, blocking the opportunity to sell below your purchase price.     

4- Not keeping an eye on the analytics 

Just because you are a new player in eCommerce, that does not mean you do not keep track of your analytics. Every piece of data you receive will help you grow and help you create pricing strategies that will expand your company. PriceTweakers automatically monitors your competitors, and you will receive real-time insights.   

5- Not listening to your team 

eCommerce companies have groups that will help your company grow. So, when we say not listening to your team, we refer to not taking into consideration any ideas they have. You created and looked for a team to perform tasks you cannot do because they offer unique skills for your company that will grow your business. Listening to their ideas and suggestions is essential because they have a different perspective from you. They can be more objective than you on some topics, so you must listen to your team.

6- Not monitoring your competitors 

As a new fish in the pond, you must know what your competitors are doing. If you do not monitor them, you will lose sight of them regarding pricing and market trends. If you put a price on a product and do not know the competitors’ price, you will price your item wrong, making you lose money. You will always be behind your competitors if you do not know the new market trends.   

Conclusion 

Avoid these mistakes and take the advice we’re giving you to prevent the pitfalls emerging brands commonly fall into when they decide to run an online store. PriceTweakers helps you prevent these problems because our program monitors your competitors, and you can create pricing strategies to increase your sales and profits.    

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