Ok, it is time for us to be honest. Even though all the tech gurus are saying “Open an online store” and they point to the many successful e-commerce stores. Just to sweeten the story they tout that e-commerce is emerging in the Caribbean and the time to start is now. But one aspect of e-commerce that is never highlighted is the fact that running an online store is HARD !!!
Now all the points mentioned by the gurus are correct, “facts is facts”. However, only part of the story is given we think that we will open a new online store, expose ourselves to a worldwide market and within a few months while passively running an online store. We will be driving BMWs and Benzs as the store becomes widely successful.
90% of online businesses fail within the first four months of operation
However, this is a false pretence as studies have shown that 90% of online businesses fail within the first four months of operation. While there can be many reasons why this can happen, one key reason is no one knows that you exist.
I compare you opening an online store to arriving at a large fete (party for those who may not know the slang) with no cellphone and wanting to find your friends or vice versa. Even if you made a plan with them before they may not remember where to find you. So both you and your friends spend hours walking up and down the fete to eventually come to the conclusion that “I just can’t find this person” because you and your team have no awareness of each other location. That is exactly what the internet is right now, many people in a vast area exhibiting similar behaviours that you have. So that “signature skcyant” you do within the fete, yea someone else is doing that also and more often than not doing it better than you.
Online shopping is growing rapidly with a predicted global online shopping market size of about 4 trillion this year 2020
Ok so that’s scary, so am I saying not open an online store because there is a lot of competition? No, I am not saying that at all because again “facts is facts”. Online shopping is growing rapidly with a predicted global online shopping market size of about 4 trillion this year 2020. And in the US alone there is an expectation that their will be 300 million online shoppers by 2023. That’s 91% of the entire country’s population. You need to open an online store to tap into that market.
However, you need to go to that fete with a plan of how you are going to meet up with your friends (customers). So here are some tips to help you create your plan. Walk with your cellphone to ensure your friends know you are there and where to find you (build awareness via social media). When you encounter mutual friends (Google) give them information on how to find you (Search Engine Optimization). Don’t be afraid to go to the DJ (Social Media Influencer) and request him/her to make an announcement for your friends to meet you by the stage.
But there is another solution, you can come to the fete with a big flag crew all dressed in the same colours so that it is unmistakable where you are located. The great thing about Flag Crews is that everything mentioned previously can be done to the nth degree for you as more popular individuals can spread the word as to where you are located. In that way, everyone (customers) can find you and your team and enjoy the vibes that you bring (products).
This is the benefit Callaloo Drive brings to the e-commerce space within the Caribbean. A community where similar-minded persons can work together to display their creativity to the world. With all your community members posting, sharing and advertising the space it eases the amount of effort an individual has to put out in order to be found in the fete called the internet. And that is only one of several ways we can help new vendors when they are starting their e-commerce journey.
Want to find out more??? Click any of the buttons below and we will gladly assist you, step by step to set up your online store. Sign up to be a Vendor on Callaloo Drive