Prominent Leading Startups Who Overcome the Obstacles of Early Stage Business!
Every Business has its own journey; if it is a startup, one can go through several engagements, conversion, and retention challenges. However, various companies have started their businesses as startups and now have become leading startups. If you see their pathway, you may find it much more resilient to accomplish your business goals. Specifically, in the eCommerce industry, every business model whether it is B2C, B2B, C2C, or D2C, faces daily challenges such as winning the trust of customers, stock management, accounting management, etc. These are several aspects of the eCommerce business that can put you in a difficult position.
However, these problems can be resolved with the help of an automated powerful eCommerce management software such as eVanik OWS. It can help you in resolving these fundamental obstacles of your eCommerce business. In this blog, you will learn about several prominent eCommerce ventures that have started their journey as a startup but have beautifully resolved all the obstacles coming their way and made their strong presence in the market. Here you will also get to know the challenges you may face as a startup company.
Major Challenges as an eCommerce Startup
Talking about the stats, there are more than 150 million startups in the world today. If we talk about India, on average, 10 to 15 new startups are emerging every day. However, it is not about the rising numbers, it is about the survival in this industry. So it doesn’t matter how you have started your business and how much you have invested in it; it can only survive when you have the capabilities to overcome the challenges and obstacles efficiently. Let’s quickly check out the challenges that may come your way to success.
Intense Competition
The eCommerce industry is quite fierce and competitive. You are not the only one trying to make your presence here. Some other giants are already there that have a solid customer base and credibility in the market. There are various options for customers already existing in the market; why would they make a purchase from a new business? They will not visit you until or unless you are not offering a promising product to them. So, in such a scenario, along with introducing a new, unique, robust product, you also need to study the strategies of your competitors closely.
The competitive environment of the eCommerce market keeps the startups on their toes, as there is no margin of error available. That is why startups need to play their game strategically. To gain the much-needed recognition, you may have to take the help of the best eCommerce management software such as eVanik OWS. It provides you with backend support that can make your operations effortless and saves your time so that you can focus more on your competitors and mark your own presence in the market.
Financial Management
Financial management is an essential aspect of any business. You must understand the fact that when a business expands, it becomes more critical to manage your finances accurately. If you don’t know the steps of your cash flow, you won’t be able to make enough revenue. Establishing a secure payment system, efficient bookkeeping, and integration with various marketplaces. In order to compete in this industry, you need to be cautious about managing your finances and should take the help of any robust accounting software for eCommerce such as eVanik OWS. It offers seamless accounting integrations with various accounting and financial ERPs such as Tally, Zoho Books, and others
Customer Satisfaction
Whether it is eCommerce or any other business customers mean everything, that is why it is imperative to provide them the best service. Always remember that “customer is the king” winning the trust of your customers is the essential part of any business. Customer satisfaction is the vital challenge that businesses in general and startups, in particular, are facing today.
If you want to make your online business successful, you have to make a robust customer base. Offer them excellent products and a delightful shopping experience. If you compromise on any of these aspects then you must be aware that the customers are smarter than you, and you should be prepared to lose the customer. Ignoring customer satisfaction is definitely a ‘NO’ to mark your recognition.
Some of the Most Astonishing Leading Startups
Myntra
Myntra has become a frequent shopping destination for customers all over India. It’s majorly known as the fashion eCommerce website. It was founded by Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena in 2007. The head office of Myntra is situated in Bengaluru. With a vast customer base, it has become one of the prominent eCommerce websites for sellers to sell their products. Today, who doesn’t know about Myntra, but the success they have achieved doesn’t happen overnight. They have worked hard with an intelligent strategy and with the help of advanced software. Their journey is undoubtedly phenomenal.
But if we talk about their challenges, initially, sellers have faced many challenges in managing their inventory on this platform. Because they were new to this industry, they didn’t know much about stock management. For instance, any new startup can face this situation, but today as a startup, you have the option to use any powerful inventory management software available in the market. It can provide you with all the information regarding your stocks, whether how many products are in your stock and how many you need to refill.
The Body Shop
The compelling Journey of The Body Shop is such an inspiration for every new startup. Today it is one of the leading cosmetic brands in the world. It is a British cosmetics, skincare, and perfume company founded by Anita Roddick in 1976. The Body Shop took time to make its market presence, but it has achieved the customers’ trust and is known for its excellent products.
It is serviceable in approximately three thousand locations all over the world. They have slowly improved their conversion rates by analyzing customers’ behavior on the website. Apart from that, during the establishment period, this company faced significant challenges in creating its market presence among its biggest competitors, such as Loreal, Lush, Weleda, etc. So what they did was start producing chemical-free products and totally different from their competitors.
Chumbak
Chumbak is a prominent home decor and lifestyle brand in India. Vivek Prabhakar and Shubhra Chdda founded it in March 2010 to create fun and colorful Indian souvenirs. It has grown into a lifestyle brand with locations in Bengaluru, Mumbai, and Delhi. It has its flagship store in these locations as well. Customers can place an order from their website as well as from their stores. They always wanted to improve customer engagement as they scaled up their Business. They resolved their product discovery and conversion challenges and successfully increased their conversion by 14%.
But if we talk about their struggle, it has been really tough for them to attract customers towards their products in their initial period. They have launched entirely unique souvenir designs and slowly converted themselves into a lifestyle brand by offering footwear, bags, wallets, and other home decor products. It took time, but slowly they became successful in attracting customers with their designs and the bright colors they use for their products. Today this company sells approximately 38 categories of various products.
Conclusion
So these were some of the prominent leading startups that gradually evolved their Business on digital platforms. You can closely analyze their journey and then find some compelling strategies to apply to your Business. If you want to start your business on a smaller scale, you can mark your presence on several eCommerce websites as a seller and then slowly expand your Business to the next level.
This process requires a lot of focus, solid strategy, hard work, and automated eCommerce software to ease the several initial steps of your Business. If you want to start your journey as a seller, you can take advantage of some powerful eCommerce management tools such as eVanik OWS. It can help you with inventory, accounting, payments, returns, and shipping as well. It easily integrates with your system and automates these processes to minimize the various human errors.
