Gabriel Shaoolian, CEO of Digital Silk, outlines the tremendous potential of e-commerce while emphasizing the challenges new online stores often face. With a significant percentage of online stores failing early, he shares vital strategies for success. Key recommendations include starting digital marketing initiatives immediately, maintaining transparency in pricing and policies, and consistently testing marketing strategies. Shaoolian stresses the importance of clear communication regarding fees and returns, which builds trust and reduces cart abandonment rates that currently hover around 70.19% since 2023.
I've watched brands succeed and others fail within a few months, highlighting how unforgiving this space can be.
Most consumers in the U.S. shop online, and waiting until a store is 'stable' to engage in marketing can be fatal.
Prices, delivery estimates, and refunds must be clear and easy to find, such as on product pages or at checkout.
Since 2023, the global online shopping cart abandonment rate has held steady at 70.19%.
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