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Ecommerce Mistakes | 5 Things I Wish I Knew BEFORE Starting My Online Store

Published on: December 9 2022 by MyWifeQuitHerJob Ecommerce Channel

Starting an ecommerce business can be exciting, but it's important to know what mistakes to avoid. Here are five things I wish I knew before starting my online store:

1. Don't rush into launching your website

- Take the time to plan and design your website properly

- Make sure your website is user-friendly and easy to navigate

- Test your website thoroughly before launching

2. Don't underestimate the importance of product descriptions

- Write clear and concise descriptions that accurately describe your products

- Include high-quality images and videos to showcase your products

3. Don't neglect customer service

- Respond promptly to customer inquiries and complaints

- Offer a clear return policy and make it easy for customers to contact you

4. Don't ignore marketing

- Develop a marketing plan to promote your website and products

- Use social media, email marketing, and other tactics to reach your target audience

5. Don't forget about analytics

- Use analytics tools to track website traffic, sales, and customer behavior

- Use this data to make informed decisions and improve your website and marketing strategies

Starting an ecommerce business can be a rewarding experience, but it's important to avoid these common mistakes. Take the time to plan and design your website properly, write clear and concise product descriptions, provide excellent customer service, develop a marketing plan, and track your analytics. By avoiding these mistakes and focusing on these key areas, you can increase your chances of success in the competitive world of ecommerce.

Ecommerce Mistakes | 5 Things I Wish I Knew BEFORE Starting My Online Store

In this video, the speaker discusses the common mistakes that people make when starting their first online store. These mistakes can be detrimental to the success of the business and can cause delays in growth. The speaker shares their own experiences and provides tips on how to avoid these mistakes.

Mistake #1: Going with the cheapest vendors and pinching pennies

- Going with the cheapest vendors can lead to low-quality products and poor customer service.

- The service was horrible and the products had a high defect rate.

- Devoting extra time and manpower to sort through shipments and separate the sellable goods from the junk is a waste of time and money.

- The lesson learned is to ignore vendors with the cheapest prices and invest in a quality control checklist specifying the quality of products expected.

Mistake #2: Misjudging true product costs

- The speaker and their wife did not do enough competitive analysis and didn't figure out the true landing cost of their products.

- Certain items were priced too low, while other items were priced too high.

- Overhead costs were not calculated correctly.

- To avoid this mistake, consider all costs, including import and custom duties, the cost of shipping, customs duties, hiring a customs broker, and the cost of delivering goods to the warehouse.

Mistake #3: Waiting too long to hire help

- The speaker and their wife wanted to maximize profits and did not hire anyone to help early on.

- By doing everything themselves, even the most menial tasks, they wasted time on work that only they could do.

- The lesson learned is that time is valuable, and hiring someone to help out with easy but tedious tasks can free up time to focus on building the business and thinking of new ideas.

Mistake #4: Not investing in infrastructure

- The speaker and their wife did not invest enough time or money on the proper infrastructure.

- They did not establish an efficient flow to pack or deliver goods to the end customer.

- They also did not purchase necessary equipment and software that could have saved time when prepping products for sale.

- The lesson learned is to invest in a shipping service, a laser or thermal printer, and software to keep track of all receipts and have a nice packing station set up.

Mistake #5: Grossly misjudging demand

- The speaker and their wife did not recognize the seasonality of their products or the times of the year with the highest demand.

- As a result, they often ran out of stock during peak selling seasons, resulting in buying a lot of product when sales were brisk, which didn't get delivered until sales were slow, causing excess inventory.

- The lesson learned is to research the peak seasons for the category of products, set aside inventory just for B2B customers, and stok way more than you think you can sell, especially during the holidays.

In conclusion, the speaker shares their embarrassing small business mistakes that stunted their growth and provides valuable tips on how to avoid these mistakes. The best business advice is to put your best foot forward, plan for contingencies, and let things ride. Avoid going with the cheapest vendors, misjudging true product costs, waiting too long to hire help, not investing in infrastructure, and grossly misjudging demand. By following these tips, your e-commerce business will quickly grow to seven figures and beyond.

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