The status is not as worse as doubted in the title. Some of those who are doing good, are doing good. They must have identified and solved their mites.
But why are many of them failing? I’ll start with some background of my own. More than figures, I’ll be talking about practices in this article. Please go through.
Back in 2015 since 2013, I steer-ed FataFatt and almost for 1.5 years, we had the best public impression. We engaged the best Digital Content and Campaigns. Yet we halted because just ruling on the top charts didn’t much matter. The massive #NepalEarthquake of 2015 made us think and realize a change in Business Model. However, following a series of sequences, I dropped off from the company. But this was not the first one I steer-ed.
Post that, I’m into continuous research as I’m working in another project – an outbound eCommerce of Made in Nepal products. We are all set to release, now testing our apps in a closed circle in market.
I often visit the neighboring India where eCommerce Marketplaces seem to be booming. I have a friend in a good position in Myntra who gives me some shots of insights and answers my dreads. My personal analysis is that in Nepal, our practices are preliminary and limited. Despite population and gateway channel crisis, it is not such that a few eCommerce businesses cannot dig into the Nepali soil.
To the fact again – yes several eCommerce businesses have shut down and more are struggling their way to grave. We can find more than 100 reasons for the problem if we list. In my opinion, here are the most significant ones:
Top 4 reasons for eCommerce Businesses not fostering in Nepal.
- Professionalism – that work attitude!
It Lacks! when it should have come in the first place. Until and unless we’re not doing this for a strong desire, we are not doing it at it’s best. Users tend to shift only when they are ‘more than impressed.’
- Short Sightedness – Instant Money that’s not there.
We lack a long term sight. eCommerce in the first place are very easy to create but they are most expensive to operate. Strong Investors are the key. Then come consistency, breaking benchmarks and topping milestones.
- Innovation Gap – the Limited Thoughts.
As we observe the Nepali market, every single week eCommerce websites are popping out as mushroom heads. It is certain that if they’ve come without a vision to innovate, 100% of them will die within the first 2 years.
- Knowledge & Exposure – Lack of Research
Most of us, the eCommerce Entrepreneurs live as Hippies, unaware of whats going on and is being talked about in the world. While the world is integrating AI, VR, Apps & Voice, we’re struggling and stuck with Facebook boosts and irritating Websites. This makes us outdated.
Just talking about problems don’t solve them. Neither talking about solutions do it alone. However, here are some possible fixes those could work for the beginning.
Simple Solutions those Work:
- Research or Hire
If you are into eCommerce, one of the core things you do must be research. Consumer psychology is the secrete key to Digital marketing and Engagements are the secrete to Consumer Psychology. So, the process goes such as:
ENGAGE > FEEDBACK > ENGAGE > FEEDBACK > ENGAGE … and so on.
In Digital Marketing, A used technique is an expired technique, Invest into Mentors or Technology Accelerators those can bring you the latest, out of box. If you’re into savings, put half of your overall efforts into research.
- Follow Funnels, Seal the Leaks
eCommerce (and every business) has funnels. Not just that you intended to run an eCommerce and you ran. Your marketing campaign needs to be monitored in every bit to bring you feedback. Putting back feedback to system makes it better on the next round. For example, If most of your users are turning back from the payment confirmation page, may be they are not sure about their investment. If you cannot change the products, Greed them – send them a 10% coupon right away and tell them that’ll work only for the day.
- Gamify, Exploit the Trends
Trends are are extracts from Marketing & Consumer Psychology Theories. Just that they do not hold the traditional terms. You might have heard of Loyalty Systems, cash backs etc. to bind customers. These in the industry are called Gamifiers. You must follow the trends whatever they be. For now go live on Facebook, Grab Cookies or put back cash to customer’s account as loyalty, exploit whatever comes next.
- Solve Something for Real
We assume to cross sell before we tend to solve an specific problem. That’s a bad rush. eCommerce seems to be booming in India, but it is not just because of fancy ads. It is because people are getting real busy and are in sort of time. What is the situation in Nepal? Aren’t we still winning the CNN Heroes and XYZ Stuffs? We have enough time, It means that, we need other things to sell!
Cache a Niche – For Example, Just sell Mineral Water Jars all over Kathmandu, as a value add free delivery. This can bring you more returns than any of the leading eCommerce here, if ran well.
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