Avoiding the Pitfalls of Ecommerce
According to the U.S. Bureau of Labor Statistics, around 60% of start-ups survive for up to 3 years in the competitive business world. After that, only 35% of businesses make it past 10 years. Unfortunately, the failure rate for ecommerce start-ups is even higher, and some studies have shown that it can be as high as 90%.
Despite these high failure rates, ecommerce is still a booming industry. After topping $200 billion for the first time, online retail sales in the U.S. are forecast to reach $327 billion by 2016, a study from technology and market research firm Forrester says. Ecommerce business owners can use these essential tips in order to succeed in the vast and competitive online world.
What is the difference between ecommerce businesses that succeed and those that fail? Chargeback.com put together this infographic that takes a look at the reasons behind why so many ecommerce start-ups fail: