Common mistakes most e-commerce firms make!
- Know your costs
Most businesses expand too fast too soon and keep accumulating debt without worrying about the bottom line. The fundamental rule of every business is to start small and avoid accumulating debt.
- Update pricing on a regular basis
For any business to grow in the long term, it is important for them to update their pricing on a demand and supply basis. Also known as ‘Dynamic Pricing’.
- Focus on Minimum Order Value
Most businesses fail to understand that their maximum revenue is from. It important to a variety of products to increase footfalls. Focus on products which have good margins and try to increase the sales of others products with fewer margins.
- Know your competition
All businesses should know their competition and learn from them what they are doing better. This will give businesses the edge to stay ahead of the competition.
- Customer Service is vital
In today day and age, where consumers are becoming more demanding. For any business to become successful, customer service is essential.
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