While associating with a business, especially with eCommerce, you have to face many ups and downs. You have to take strategic and wise steps to eliminate various failures. This industry will not accept you with your failures, so you have to ensure that you are on the right track. In an online business, the key to attracting your customers is offering them magnificent products that they may desire and want to buy in the first place.
Well, it may sound accessible to you, but the hardcore reality is it’s not that easy. There are so many brands in the market that have experienced severe product failures. Product failures are not only the tale of small brands, but leading brands have also experienced this scenario. According to recent research by Harvard Business school, more than thirty thousand products get launched every year, and 92% of them fail.
But regardless of this harsh reality, you still have the chance to make your product launches successful with the help of listing analysis software. Do not lose hope because this is not the world’s end; various tested strategies can help you launch your product successfully on diversified marketplaces. In this blog, we will not only talk about the reasons for product failure but also mention various tips that can make your product launch successful.
Several Reasons Behind Product Launch Failure
A new product launch is not related to your existence in the eCommerce market. Every time you launch a new product, you must look for its various aspects. A successful product launch requires the right product, timing, and ultimate branding and promotions. In the following steps, we will mention some of the specific reasons that make your product launch fail.
Product is not Usable for Customers
Before launching a product on an eCommerce platform, you need to analyze whether it is helpful for your target customers or not. Remember that any product you launch is for customers, and if it is not helpful for them, they will not buy it, and as a result, your product launch may fail. For example, a famous ketchup brand, “HEINZ,” launched purple ketchup a few years back and experienced severe failure. It’s because customers want their ketchup to be red, not purple.
It is human psychology, and once they make up their mind about a specific product, it can become difficult to change that. Just because others are taking a chance and doing experiments doesn’t mean you also have to do that. A successful product launch requires deep research on customer behavior and preferences. You need to know what they want and provide exactly what they want.
Product Launch Timing is Not Right
Launching a product requires proper timing, though. Suppose you launch a range of festive attire during the non-festive season; why will customers buy that? That is why timing is also essential for a successful product launch. You should launch your product at the right time when customers require it the most. It will be best if you hit the iron when it is hot; basically, launch your products during the peak times when customers will be in the foundation of it, or they may feel the requirement of that specific product. Wrong timing can ruin all your hard work, so be wise and precise while choosing the right time for a product launch.
Not Listing Your Products Appropriately
As an eCommerce brand or a seller must be aware of the fact that while launching your products on eCommerce platforms, you are required to list them appropriately. Product listing is the most crucial aspect of any eCommerce product launch, and you can not take a chance in this manner. A product listing process includes adding precise and informative product descriptions, high-resolution images, videos, and product titles or names. Hence, your product description should be informative as customers must get to know what this product is all about. A high-resolution image will help the customer to analyze the product in a better way. To enhance the listing process, a listing analysis software can help you tremendously. Software like etraKY BS has this remarkable feature to keep you posted whenever a product listing goes wrong, and you can make changes accordingly.
Tips to Make Your Product Launch a Successful Affair
Launch a Value Added Product
A customer will never buy your product if it is not proven to be a problem solver. Thus, a little market research can provide you with enough information about the significant problems of customers. First of all, you have to decide who your target customers are, think about their problems, and try to produce a product that can add value to their life. It is vital to dig deep into what customers exactly want. Once you develop clarity on this, you will be able to make a mindful decision about the nature of your product. This tip can help you immensely while launching a product successfully.
Create a Buzz Before Launch
Let customers know what you will launch; a creative way of promoting can help create a buzz about your product. Promote your products on social media platforms such as Facebook and Instagram and let them know what is coming their way. Promotional content should be attractive and quirky. In this regard, you can also use social media influencers’ help. Influencer marketing is the need of the hour as they have millions of followers, and promoting your products to them can increase the chance of a successful product launch. You can also create a buzz by getting into email marketing.
Keep Your Stocks Up to Date
Usually, when brands or sellers launch a new product, they produce a small amount of product to save their investments. But, if your product hits the customer’s requirements and they want to buy more, you won’t be able to fulfill their requirements if it is not in your stock. If the customer experiences the out-of-stock situation in the initial period of your launch, they might get dissatisfied and may not turn back again. So to skip this situation, you can take the help of stock availability software. It can eliminate the chance of an OOS situation and increase your customers’ satisfaction level.
Hope you have understood better what you require to make your product launch successful. A good timing, product listing ability, creating buzz, and value-added products are the keys to success. These can make your eCommerce business sustainable and profitable in the long run. Remember, you are not the only one in this race; competition is getting more challenging every day. Thus, it requires a thoughtful mind and robust software to tackle such a situation. If we talk about the software, you can take the help of listing analysis software to make the most of this eCommerce business.