6 mistakes small enterprises tend to make online and how to solve them

It’s understandable that small enterprises have found themselves online out of necessity as e-commerce adoption accelerated by three to five years as a result of the Covid-19 pandemic, and online retail in South Africa in 2020 grew by 66%.

To help entrepreneurs who want to iron out the creases in their online presence, Peach Payments’ head of SME growth and marketing, Joshua Shimkin, highlights six mistakes SMEs tend to make online, and how to solve them.

1. Social media profiles, but no website

Social media is an easy way for many SMEs to get in touch with their customers, and sell to them. Most social media platforms – including Facebook, Instagram, TikTok and Pinterest – also offer some way of accepting payments.

“But if there is no website that customers can refer to when they’re looking for your business, they’re just as likely to buy from your competitor’s Instagram profile, which has an accompanying website to support their online presence, where they can see shipping policies and refund/return policies. Customers are still more used to finding those key signals of trust on websites,” Shimkin warns.

Instead, spend time putting together a basic website on Wix, WordPress or Shopify, and then link to it from all your company’s social media profiles.

2. All the socials – and all outdated

“Don’t think it’s essential to be on every single social media platform out there,” Shimkin says. He believes it is much more important to have one or two active and fun social media profiles than to have outdated and boring content associated with your business spread across ten different social media platforms.

“Choose the social media platforms you focus on based on what you know about each platform’s users,” he advises.

For instance, if you have gorgeous pics of the homemade food you deliver, Instagram and Pinterest are likely to be more useful for your business than a more staid LinkedIn post. Add a quick video and you also have content for TikTok and Instagram. Remember to include links to your profiles on your website, and deactivate all old profiles on social media platforms you decide don’t work for your business.

“That way people won’t see old content, and wonder if you’re still in business,” Shimkin says.

3. An outdated and clunky website

Once your website is up, it’s important to keep it updated with new blog posts, new products, and updated payments technology. This is what will make people come back, looking for your products and services.

Use the free templates in popular website builders like Wix, WordPress or Shopify to ensure your website is mobile-friendly because it’s non-negotiable in 2022. And it is particularly important in Africa, where mobile is the most popular way for people to access e-commerce.

“You don’t necessarily need to spend money on developing an app, but you do need to make sure your website is easy to read on a mobile screen,” Shimkin advises.

Also make sure you have an easy, reassuring checkout process with multiple payment options (credit and debit cards, QR codes and instant EFTs) so that customers have a number of ways to pay securely.

4. Ignoring local SEO

You may not be interested in landing on the first page of global search engines, but you should make sure that your business website hits the first page on any “near me” searches on Google,” Shimkin says.

This local search engine optimisation (SEO) can make or break your brick-and-mortar business, particularly if your business is the type that only services your local neighbourhood or city, and not the whole country – like a local restaurant that offers online ordering. It is also important if you’re an online business that isn’t yet ready to start shipping internationally.

Two of the easiest ways to improve your local SEO results are to embed a Google Map in your Contact Us page and to verify your Google My Business page. Also include these details on all your social media profiles as well, so your website becomes the hub for all your marketing activities, such as newsletters and special offers.

5. Not remarketing to your online customers

Take time to learn about and use the remarketing tools that come with all e-commerce website builders to your advantage. They will help you to better understand who your online customers are, where they’re based and how many people come to your website but don’t buy anything. It will also give you insight into how long they spend on your site, where they are getting stuck on your site, and which type of device (mobile or desktop) they are using – all useful to help you tailor your offering.

Google Analytics is a free and powerful tool to help you understand who your clients are – and not just who you dream or hope they are. That will help you serve their needs better. Shopify, Wix and WordPress all have easy integrations that incorporate Google Analytics seamlessly.

6. Be meticulous about checking your online pricing

Online mistakes can cost you – but none more than making a blunder like uploading a new product and leaving its pricing at R0 or R10 ,00, when it should be R100. This is something that happens surprisingly often and can be prevented with a quick double-check before making any product live.

“It may seem daunting, but it is pretty easy to fix minor mistakes that you may have made while rushing to get online. The difference it will make to your online business is likely to show very quickly,” Shimkin concludes.

Wrapping up

We at ShopShipShake have been working with businesses like yours with fulfilling experiences. We offer one-stop services, including an efficient supply chain, over 10 thousand of China’s suppliers, and more. With a successful track record of over 20,000 clients, we are sure to deliver your orders requirements. Let’s get in touch to build, sustain, and grow your businesses.

If you would like to know more details about us, please contact with us:  www.shopshipshake.co.za

If you are interested in cooperating with us. Please register on: https://bit.ly/3ks0m1M

See the original article: https://www.bizcommunity.com/Article/196/837/231442.html

The Future Shopper Report 2022

Study shows more than 85% of surveyed South African shoppers say retailers need to get better at giving them the products, service and experience they want.

South Africans surveyed form part of a study of over 30,000 global online consumers from 18 countries.

The research, commissioned by Wunderman Thompson South Africa as part of Wunderman Thompson Commerce’s Future Shopper Report 2022, reinforces how online shopping sites, shopping apps, marketplaces and social media are driving e-commerce.

The survey explores what motivates local South African online shoppers, where they get their ideas from, how they research before they shop, and what factors ultimately drive their appetite for purchasing online. 78% of SA respondents indicate they will be increasing their use of digital shopping channels in the future, albeit 74% of this group say they prefer to shop with a brand that has both a physical and an online store.

Over and above examining common denominators across sectors, the study unpacks detail about different products, from groceries, home furnishings, pharmaceuticals, toys/games and electronics to clothing, accessories and financial products.

For brands and retailers selling their products and services online or through apps, the results offer a departure point for winning over customers and driving online revenues. The insights will help businesses understand the demand, highlight how the pandemic has a fast-tracked appetite for online purchase and usage, and point to critical SA consumer expectations about service, pricing, payment methods, delivery, tracking and returns.

Parusha Partab, Group strategy director at Wunderman Thompson South Africa, says: “Where they buy from, what they’re buying online and how much they are spending is one thing, but understanding how South African consumers react to a range of factors is going to be crucial for retailers going forward. It has implications for business models, marketing strategies, technology investments, the supply chain – a whole range of business dimensions that need to adapt to our new reality.”

The research also asks respondents about the information presented to them on e-commerce platforms. 89% from South Africa indicate a preference for imagery and videos, while more than 90% claim product reviews and discounts are important.

Wunderman Thompson South Africa Group consulting director Kayembe Ilunga adds: “There’s a wealth of valuable insight. Our study also delves into how frequently South Africans buy certain products from different platforms and brands, their propensity to abandon a purchase while it’s in progress, and their likelihood to return products purchased online. Combining these indicators with solid historical data gathered through digital platforms will shape business projections going forward and points to the growing need to accept how the worlds of marketing, technology, data and sales have converged. We believe brands need to revisit their operating models and structures. There’s no longer one department solely responsible for delivering online experiences”.

Driving change

There are distinct differences between the results from South Africa and the rest of the world, so one of the key benefits of the local research is that it helps identify what the local emerging trends are and to what extent brands should be ‘localising’ their response to the growing popularity of online shopping. Social networks have, globally, been one of the key winners, with Facebook and Instagram featuring as leading platforms of choice for South African respondents.

Another key trend that has emerged is the propensity to research online, but still conduct the actual purchase in-store – 80% claim they do this, and there are marked preferences for shopping directly from a brand versus what is called an aggregator platform, depending on the nature of the product. “This insight will help inform business decisions about online product offerings and portfolio expansion going forward,” says Partab, adding that the intention is for Wunderman Thompson South Africa to host a Future Shopper 2022 Online Event in due course to unpack the South African shopper results in more detail.

Wrapping up

We at ShopShipShake have been working with businesses like yours with fulfilling experiences. We offer one-stop services, including an efficient supply chain, over 10 thousand of China’s suppliers, and more. With a successful track record of over 20,000 clients, we are sure to deliver your orders requirements. Let’s get in touch to build, sustain, and grow your businesses.

If you would like to know more details about us, please contact with us:  www.shopshipshake.co.za

If you are interested in cooperating with us. Please register on: https://bit.ly/3ks0m1M

Original: https://www.bizcommunity.com/Article/196/19/229159.html

Make your business bloom: 5 simple strategies for small-sized enterprises to attract more business in spring

Historically, spring is a busy time for small businesses, who have an unmatched opportunity to capitalise on the energy and positivity of the warmer months. This spring will be particularly unique – it will be the first warm season in over two years that South Africans can enjoy without needing to adhere to Covid-19 restrictions.

These five strategies will help you make sure that your small business is well-positioned for success, ahead of the busy season.

Weave the spring narrative into your marketing collateral

The season spring is associated with renewal and rejuvenation – a period of new beginnings. You can use these associations to encourage new sales by incorporating the spring narrative into your marketing efforts on social media, emails and website and blog content.

Encourage your customers to ’embrace the new, put a spring back in their step, spread the good vibes’ or ‘spring into the season’ by purchasing your product or service – perhaps at a once-off discounted rate or with an added incentive to drive repeat buying.

Use spring as a launchpad for a new product or service

The new season is the perfect time to launch a new product or service offering. Spring provides a way to get your marketing message across strongly and to begin pushing sales on new items so that these products and services are well established in the market before the festive period.
Remember that spring is a highly competitive time of year, particularly in the retail industry. So when launching a new offering, refine your value proposition to focus on one or more of these key differentiating factors: price, value and service.

Leverage outdoor markets and events

Increased sunshine and longer daylight hours are associated with positive emotions, which makes spring the best time of year to return to the outdoors. This year in particular, the relaxation of Covid-19 restrictions may encourage more customers to attend outdoor functions and networking events.

Bear in mind that at an outdoor event, your display or promotional area will need to stand out in a crowd of other vendors. Conduct extensive market research to ascertain whether an investment into aspects such as signage, equipment and mobile fittings will produce a worthy positive return.

Due to the availability of a larger space, outdoor markets and events also lend themselves to product demonstrations, sample giveaways and experiential elements that will give your audience a taste of what you are offering. Leverage the ‘buzz’ and activity of these types of events to engage with customers face to face, spark conversation and add an element of tangibility to your product or service offering.

Build a content community

With more people venturing into the outdoors during spring and sharing their experiences on social media, you can use this time of year to engage with your audience online and build a community around your product or service.

You could do this by hosting competitions, posting positive reviews, profiling your customers, and using micro-influencers to promote your offering. Heading into the last quarter of the year, the rise of ‘social commerce’ will provide small and medium enterprises (SMEs) with an opportunity to use the power of social endorsement to drive sales and get people talking about what you do.

Collaborate with seasonal small-sized enterprises

A number of small-sized enterprises rely on specific seasons to generate sales and drive profitability. During spring for example, small businesses supplying items such as artisanal ice-cream, swimwear, outdoor gear, exercising equipment and clothing and travel accessories are in high demand.

You can take advantage of this spike in demand by partnering with other small businesses that can complement your offering. Collaborating in this way will allow you to combine forces and tap into another small-sized enterprise’s established audience, while adding value and promoting the element of fun and whimsy with which the season is associated.

Wrapping up

We at ShopShipShake have been working with businesses like yours with fulfilling experiences. We offer one-stop services, including an efficient supply chain, over 10 thousand of China’s suppliers, and more. With a successful track record of over 20,000 clients, we are sure to deliveryour orders requirements. Let’s get in touch to build, sustain, and grow yourbusinesses.

If you would like to know more details about us, please contact with us:  www.shopshipshake.co.za

If you are interested in cooperating with us. Please register on: https://bit.ly/3ks0m1M

See the original article on: https://www.bizcommunity.com/Article/196/841/231266.html

Planning guide for retailers ahead of the 2022 holiday shopping season

Economic uncertainty and changing consumer behaviours are exposing a complicated reality. For retailers, it’s never been more important to deliver excellent customer experiences alongside competitive prices on in-stock products.

But even in a best-case scenario, a major shift in consumer sentiment is likely. What does that mean for retailers as they prepare for the 2022 holiday shopping season?

As companies try to drive profitable growth by optimising their promotional calendars, they are asking one question: How can we attract new shoppers and keep existing ones coming back for more? This year, retailers will focus on developing data acquisition strategies, bridging the physical-digital divide, and building stronger partnerships.

On a bigger scale, though, they will need to invest as heavily in the post-purchase experience as in the path-to-purchase, combining test-and-learn tactics with proven revenue drivers such as flash sales and special promotions.

Here, we provide the insights and methods you’ll need to prepare for your peak-demand activities, including the holiday shopping season and door-busting special events.

Customer data is the fuel that ignites loyalty – and growth

The rapid rise of e-commerce in 2020 and 2021 may not be repeated in 2022. Tightening margins, however, make it more crucial than ever for retailers to embrace digital to accelerate their customer acquisition strategy. Today, operating a website alone is insufficient; data and personalisation are what convert new clients into devoted shoppers.

Exclusive experiences drive loyalty

In order to gather first-party data before Google and other digital platforms stop supporting cookies in 2023, retailers are relying on loyalty programmes. But retailers need to make the data-for-rewards trade valuable if they want to increase loyalty membership in a year when customers are probably going to purchase less and at fewer stores.

To achieve this, they must adapt their programmes to speak to the rational and emotional demands of consumers. How? By putting member experiences ahead of transactional arrangements. This is crucial to remember as shops battle for the money of younger generations. Millennials and Gen Zers place a greater value on exclusive access to limited products and experiences than Gen X and Baby Boomers do.

This looks like:

  • Early access: Giving members the chance to shop Black Friday deals before Black Friday, ensures they have access to products that are likely to sell out (while avoiding crowds, too)
  • Free expedited shipping: Nothing says stress like realising you’ve forgotten a gift when the holiday is two days away. Help members be holiday heroes with complimentary overnight shipping so they save time and money.
  • Exclusive events and products: Keep it festive online and in-store with a members-only holiday shopping party that includes limited edition products, or one-night-only deals. Consider online waiting rooms for blowout digital events.
  • Gamification: Stay top-of-mind (and keep them coming back) by rewarding members for taking actions beyond transactions. That could be earning badges for downloading an app or leaving a product review.
  • A net zero focus: 78% of customers say environmental practices influence their decision to buy from a company, so they look for retailers to reward loyalty members when they engage in environmentally friendly behaviours.

Connect customer data

The average retailer engages customers across digital and physical touchpoints with 44 different systems. Put yourself in the position of a time-crunched holiday shopper who has repeated her question to three different customer care representatives. Shoppers notice the disconnection resulting from internal data silos: In reality, 54% of customers believe that information is not shared between sales, service and marketing.

The pressure is on retailers to deliver the personal and consistent experiences you want your brand to represent. Companies that do this well unify customer profile data across channels, from social media to stores, enabling efficiency. Employees from any department can view data in real-time on one screen. Communications stay up-to-date and accurate, avoiding repetition, no matter how a customer chooses to interact.

Operational data intelligence

While 66% of customers expect companies to understand their unique needs and expectations, only 32% of retail executives say they have the full ability to turn data into personalised prices, offers, and products in real time across channels and touchpoints.

For retailers, using their data to connect the dots between social media, website, and app experiences is getting more complicated. However, investing in the information infrastructure to pull it off is worth it: Data-driven organisations are 23 times more likely to add new customers and 6.5 times more likely to retain them.

Here’s why: Retailers that do this well are able to anticipate their customers’ needs and preferences – removing friction during a busy time of year. Using data to personalise shopping journeys makes it easier for customers to find the products they want and check out with the payment options they prefer.

This looks like:

  • Customised site search and product sort: Embed AI into search dictionaries to surface the most relevant term and customize the order in which they appear based on behavioral and customer data. That makes it faster for your customers to find the products they want – like seeing a landing page of headset images after only tapping “he” in the search bar.
  • Related product displays: Engage your customers with relevant recommendations and watch conversion rates increase. If a shopper is searching for a new gaming controller, for example, it makes sense to display related products, like batteries, alongside. That also gives shoppers the chance to create their own gift bundles and takes an otherwise time-consuming merchandising effort down to a few clicks.
  • Intelligent product bundling: Customers who buy wrapping paper might also need tape, ribbon, and gift tags. By analysing past purchase behaviour, you can pre-configure product bundles that increase units per transaction.
  • Relevant post-product messaging: Personalised emails are a great way to cater to busy holiday shoppers – for example, when that out-of-stock gaming console becomes available just in time for holiday delivery.
  • Staying top of mind: Deepen customer relationships by going beyond the buy button. Show you care about their satisfaction by inviting them to rate their purchase or their experience with customer service.

Wrapping up

We at ShopShipShake have been working with businesses like yours with fulfilling experiences. We offer one-stop services, including an efficient supply chain, over 10 thousand of China’s suppliers, and more. With a successful track record of over 20,000 clients, we are sure to deliver your orders requirements. Let’s get in touch to build, sustain, and grow your businesses.

If you would like to know more details about us, please contact with us:  www.shopshipshake.co.za

If you are interested in cooperating with us. Please register on: https://bit.ly/3ks0m1M

See original article here: https://www.bizcommunity.com/Article/196/160/231223.html

What’s Driving Online Shopping Among Sa’s Low-income Consumers?

When retailers were creating an online presence, they initially excluded low-income consumers on the basis of a number of assumptions. First, these consumers were assumed to have limited access to resources; and second, retailers also assumed that delivering items to low-income consumers was difficult, given where they lived.

Source:

Historically, low-income consumers were content to purchase their products in a physical (‘brick-and-mortar’) store. However, as they became more accustomed to using the internet, their expectations changed (Gao and Su, 2017). During the Covid-19 pandemic, consumers had restricted access to traditional brick-and-mortar stores (Kibucha, 2021) and online shopping increased. The low-income segment is now growing rapidly and has become an important market for retailers to understand better.

A recent research report by the W&R Seta Leadership Chair: Gauteng revealed several important insights into low-income consumers’ online shopping behaviour and needs, which are highlighted below.

Travel costs

Travel costs are a major consideration for low-income consumers. These customers often have to travel long distances in order to purchase the items they want/need and, as they typically don’t have their own transport, they sometimes use Ubers to take them home when they have made a substantial purchase.

Travel costs can also be a major frustration, such as when these consumers travel to a retailer, only to discover that the retailer does not have sufficient available stock.

As the cost of transportation increases further, online shopping is regarded as an appropriate alternative to visiting physical stores; and so, this is a driving factor to engage in online shopping. According to the research, quite a few participants specifically stated that online shopping was more cost-effective in respect of travel (referring to taking an Uber vs paying for delivery).

Convenience drives online shopping

Consumers often prefer online shopping because of the convenience associated with it, but convenience is especially highly valued among low-income consumers.

They have limited time, they are sometimes unable to go to the stores, they work long hours, the travel time to stores is often long (because the stores are far away), they want to avoid queues and overcrowded areas, they don’t want to go to a mall, they might have a baby, or weather conditions might not be ideal. These are some of the factors that make online shopping an attractive option. A focus on communicating the convenience of online shopping can therefore be an efficient way to motivate more online shopping among this segment.

Product type

These consumers still prefer to buy certain product types in-store. These include perishable items such food that doesn’t stay fresh for very long (veggies, fruits, meats), cosmetics, and over-the-counter medication.

Most respondents said that they were not willing to buy these products online. One commented that s/he would purchase medication online if the returns policy were simple and easy to use; while in relation to cosmetics (such as make-up), participants wanted to feel and see the textures and to test the colours of products on themselves.

Regarding fresh food such as vegetables and meats, respondents feared that the goods might go off or rot during transportation, or that they might be damaged because of a delayed delivery, or that the delivery process itself would damage them. They also expressed the need to see and select the fresh items they wanted or needed in person, and not trust a store attendant to select the correct or best fresh options on their behalf.

Brick-and-mortar and online

Some consumers prefer to inspect, touch, and feel products before purchase. Others consider the selling price, the product’s quality, and the retailer’s return policy. When comparing brick-and-mortar stores with online shopping, the low-income consumers sampled in the research preferred to receive their information in the brick-and-mortar store first, and only then to order the product online.

An element of showrooming therefore takes place with this segment. Specifically, their familiarity with brick-and-mortar stores seems to drive their confidence to shop online. The physical store therefore plays an important role in supporting the move to online.

Wrapping up

We at ShopShipShake have been working with businesses like yours with fulfilling experiences. We offer one-stop services, including an efficient supply chain, 10000+ China’s suppliers, and more. With a successful track record of over 20,000 clients, we are sure to deliver your orders requirements. Let’s get in touch to build, sustain, and grow your businesses.

If you would like to know more details about us, please contact us:  www.shopshipshake.co.za

If you are interested in cooperating with us. Please register on: https://bit.ly/3ks0m1M

See original article : https://www.bizcommunity.com/Article/196/394/231267.html

TOP STARTUP MISTAKES YOU SHOULD AVOID

Many new startups fail during the first two years of operation, while those already established do not make it past the fifth year. This is because there are several common mistakes that almost all entrepreneurs make. If you plan on launching a startup, this article will take you through the top startup mistakes to avoid.

Failing to Prepare Before Launching Your Startup

Preparation is essential if you want to succeed in anything you do. It is important to ensure that you have the necessary skills and knowledge about the startup activities you want to undertake. Put everything organized and in place. Apart from working hard and being diligent, good health is also crucial for your startup’s success. You will need to take lots of rest and ensure you are in the right state of mind before embarking on your business journey.

When preparing to launch a startup, it is essential to conduct proper research on the associated risks, government policies, and costs of running the business and be prepared to meet all challenges head on. It is evident that the founders of Efritin (a Nigerian classified ads platform) did not do a good job on this. The startup was founded in 2015 and closed operations in 2017 due to the high costs of doing business in Nigeria and mismanagement of funds.

Skipping to Prepare a Business Plan and Business Model

When you are set out on a journey to an unknown destination, you will need a road map. Similarly, starting a business is like venturing into the unknown, and a business plan should act as your road map. Many entrepreneurs ignore business plans, not knowing that they are essential components of successful businesses. A business plan will outline your goals, how you intend to reach them, how much capital you need, and how you intend to raise it. It also lays out the competition and when to expect profits. On the other hand, business models will outline how you intend to make profits.  Failure to prepare a business plan and business model is preparing to fail.

Wabona was a South African video-on-demand startup founded in 2012 by Simbarashe Mabasha and Simukayi Mukuna. The startup was shut down in 2015 because it failed to find a sustainable business model.

Skipping Essential Legal Procedures for Business Registration

It is crucial to follow all legal procedures concerning business registration. Different business types may require different types of licenses and business permits to operate. Skipping this part may result in heavy fines by authorities, which could be a major setback for your business. Apart from costing you heavily on finances, you might need to use a lot of time to correct this mistake in the future.

Failing to Identify and Understand Your Target Market

Every business targets a specific market or audience. Identifying your target market and understanding their needs is one of the most crucial steps of starting a business. This will help you know what they need and how best you can solve their problem. You can have a great product or service, but if you have no one to sell to, then the business becomes pointless. It is also important to identify and focus on a market that you can build a big business in.

Outbox was a mail delivery startup based in San Francisco that closed down its operations because there wasn’t enough customer demand to support the model’s cost.

Wasting Money

Most new startups usually have limited access to capital. In this case, handling money irresponsibly is one sure way to fail. A well-detailed business plan should outline how you use your startup capital. Purchase the things you really need, and when you are just starting, it is best to have a small number of employees. Hiring many employees means you will use a lot of money that you would have otherwise used to grow your business to pay them.

Wala was a South African crypto startup founded in 2017 and closed its operations in 2019. Wala’s founders blamed its failure on Africa’s poor infrastructure and unreliable internet. However, other sources disclosed that the startup failure because its founders spent funds lavishly, therefore wasting most of its resources.

Thinking You Have No Direct Competition

Unless you are introducing a new product on the market, the competition will always be there. Most entrepreneurs are often caught up in the excitement of starting a new business that they begin to think that there is no direct competition. It is best to conduct research about your competition and develop a strategy to stand out in this competition. Failure to do so will lead to frustration in business.

DealDey was a Nigerian daily deals eCommerce platform founded in 2011. It was set to be one of the leading startups in Africa, but it shut down its operations towards the end of 2018. This is because it faced stiff competition from the online marketplace Jumia.

Failure to Create a Marketing Plan

Business marketing is important in driving sales. You need to develop an excellent marketing strategy that will help you get initial users, convert the first users into paying customers, and make these customers bring others along. Although you might have the best products, you will still need to invest heavily in marketing to get the word around about your business. Failing to create a marketing plan means that no customer will know about your business, and you won’t make any sales. Marketing also helps you stand out in the competition.

Everpix was a photo startup founded in 2011 but closed its operations in 2013. Its founders spent too much time on growth and development but began marketing too late. Failure to market their product put it at a disadvantage, and they could not compete effectively with their competitors.

Undervaluing Your Products or Services

The main reason entrepreneurs start businesses is to make profits. However, your price margins should be reasonable and fair. Pricing your products or services too high will make your customers flee. Again, when most businesses start, entrepreneurs tend to lower their prices to gain market share. This is good, but you need to be careful not to overdo it. If your products and services are of good quality, price them accordingly. You shouldn’t incur losses just to retain customers. There are many marketing strategies you can employ to keep customers coming.

Partnering with the Wrong/Unreliable Investors

Your choice of investors will make or break your business. Therefore, it is essential to partner with the right investors from the beginning.

OyaPay was a Nigerian fintech startup founded in 2017. This startup shut down its operations in 2019 due to a family investment that went wrong. Abdulhamid Hassan, the CEO, had taken a seed round from a family member. However, when the need for investors kicked in, the family member backed out.

Expanding Too Quickly

You might start seeing success during the initial stages of business and decide to expand. Do not do that. Give yourself time to see if the period of growth is temporary or permanent. If you expand too quickly and come to realize that the growth was temporary, you might not be able to pay the extra employees you hired, and you might also not be able to clear the new stock you bought. Therefore, if you are to expand your business, it is important to take little but steady steps.

Underestimating Capital Requirements

Your business plan should outline your capital requirements clearly. Many entrepreneurs lack the capital to finance their activities because they did not factor in unknowns, challenges, and setbacks to be expected along the way. Having a positive attitude towards success is important, but it is also entrepreneur-like to plan for the worst-case scenario.

Afrostream, a Cameroonian subscription video-on-demand startup founded in 2014 by Tonje Bakang, ceased its operations in 2017 when they failed to raise funds to finance the content acquisition.

Final Thoughts

You can start up and run a successful business if you follow the right process. You do not have to know it all to succeed. With the help of business mentors and the right attitude, you are sure to build your dream business. Most importantly, do not fear to fail. Failure is a learning point for anyone thirsting for success.

Wrapping up

We at ShopShipShake have been working with businesses like yours with fulfilling experiences. We offer one-stop services, including an efficient supply chain, over 10 thousand of China’s suppliers, and more. With a successful track record of over 20,000 clients, we are sure to deliver your orders requirements. Let’s get in touch to build, sustain, and grow your businesses.

If you would like to know more details about us, please contact with us:  www.shopshipshake.co.za

If you are interested in cooperating with us. Please register on: https://bit.ly/3ks0m1M

original: https://businessideas4africa.com/startup-mistakes