With the value of the Philippine e-commerce industry now at USD 16 billion and expected to hit USD 25.96 billion by 2027, there is no shortage of startups and SMEs (small- and medium-sized enterprises) that want to dive into uncharted waters to take a piece of this massive growth. Unfortunately, developing and running a successful e-commerce site is much harder than it sounds.
Thankfully, we can learn from the experiences of other SMEs and startups to not only avoid the same mistakes they made but also to further build upon their formulas for success. Let’s explore ten common mistakes e-commerce businesses make, as well as some actionable solutions to overcome them.
1) Choosing the Wrong Payment Platform
E-commerce businesses should periodically reevaluate their chosen online payment platforms. Selecting the wrong online payment processing service or technology framework can lead to lost sales, security issues, and dissatisfied customers, ultimately hampering your business’s ability to grow.
To overcome this, choose an online payment processing company that offers the technologies and support that you need for your intended market. The solution you pick should allow customers to pay with locally relevant methods, including popular e-wallets, virtual payment cards, and QR codes.
Over the years, Maya has earned a dedicated following among Philippine-based SMEs and startups, thanks to its cleverly localized selection of internet payment solutions. Business solutions like Maya Checkout and Maya Plugins for WooCommerce and Shopify have brought a new level of security, convenience, and reliability to e-commerce businesses targeting the Philippine market, allowing them to have any type of online payment processed and giving them the cash flow they need to grow sustainably.
2) Not Protecting Your Customer's Data
Many startups and SMEs fail to take online security seriously, causing them to fall victim to cybercriminals. Unfortunately, once your e-commerce business has been successfully breached by online attackers, your reputation may become irreparably damaged. One study even shows that 60% of small businesses that experience a data breach close down within six months.
To avoid potential data breaches, always choose technology providers that offer good security. Robust security measures such as SSL encryption, two-factor authentication, and regular security audits need to be implemented on your e-commerce sites.
In particular, make sure your online payment solutions are secure, as the data needed to facilitate payments can cause serious damage in the wrong hands. Thanks to their up-to-date security features, Maya Business solutions have developed a reputation as the best online payment processing services for startups and SMEs, making them a must-have for anyone that wants a piece of a rapidly expanding Philippine market.
3) Not Providing Social Proof
Social proof plays an especially crucial role in younger e-commerce markets like the Philippines. E-commerce sites that lack visible reviews, have minimal social media engagement, and have few testimonials tend to have a much harder time proving their credibility, resulting in poor customer trust and lower sales.
To help your site off the ground, encourage satisfied customers to leave reviews and share their experiences. Make sure these are shared on your website, social media channels, and other places where your potential customers are likely to be. Learn how to respond effectively to both positive and negative feedback to further build your credibility and fully demonstrate your commitment to customer satisfaction.
4) Using Low-Quality Images
With site hosting and internet speeds better than ever before, there’s little excuse for using low-quality product images. Grainy or poorly-shot images can make your e-commerce store appear unprofessional and may deter potential buyers, especially since scrutinizing photos is basically the e-commerce analog to examining products in person. When appropriate, offer high-definition images with zoom-in functionality to help customers with their purchasing decisions. To avoid slowing down your site, be sure to use widely supported file types like JPG and WebP for your images and apply data compression as needed.
5) Limited Product Information
Insufficient product information can leave customers with unanswered questions and doubts, frustrating them and potentially leading them to abandon their shopping carts. To avoid this, aim to provide comprehensive benefits as well as accurate product descriptions, specifications, sizing charts, and any other relevant details. Additionally, try to anticipate common customer inquiries and address them proactively. Doing all these should not only create a better experience but also help potential customers find your site through search engines.
6) Overly Complicated Checkout Process
A complicated checkout process will frustrate customers and result in cart abandonments. To ensure that more of your visitors are converted to customers, streamline the checkout process by simplifying navigation, reducing the number of steps, and offering multiple payment options on your online payments gateway. To encourage customers to stay in your site’s sales pipeline, implement progress indicators to keep them informed about where they are in the checkout process.
7) Forcing Visitors to Create an Account to Purchase
Forcing a customer to create an account just to complete a purchase can actually discourage them from making that purchase. For many e-commerce sites, the best solution would be to either offer a guest checkout option or do away with the account requirement entirely. To encourage customers to create an account, be sure to provide compelling benefits like exclusive offers, more convenient ordering, or faster order tracking.
8) Content That's Indistinguishable from Your Competitors'
With the Philippine e-commerce market expected to grow even more in the coming years, it’s becoming even more important to build a brand that is easily set apart from those of your competitors. Online, the most straightforward way to do this is to create unique and compelling content.
While not all SMEs and startups might have the resources to pursue a consistent content strategy, there’s plenty of room to be creative in product descriptions and other marketing materials. So long as your content is honest and shows what is special about your products and services, you should have no problems standing out, even in an increasingly crowded market.
9) No Mobile Optimization
With most Filipino shoppers using mobile devices to complete online purchases, neglecting mobile optimization on your e-commerce site can be a serious blunder. Fortunately, there are now plenty of ready-to-use solutions that will help improve user experience across various devices. Once you’ve optimized your site, be sure to periodically test it on different mobile devices to identify and fix any issues that may arise.
Create a Market-Winning E-Commerce Experience with Maya Checkout
Having Maya Checkout on your e-commerce site smoothens the customer journey and affords your website the credibility, security, and convenience it needs to grow your business and your online following. Create a Maya Business Manager account today to integrate Maya Checkout into your site.
After signing up for Maya Business, sign up for the Maya 1-2-3 Grow bundle to pump up your cash flow. Joining this promo lets you save on QR Ph payment processing with a 1% MDR (merchant discount rate) for 3 months from promo onboarding. Using a Maya Deposit account as your payment settlement account will also give you an extra month of 1% MDR. Joining Maya 1-2-3 Grow also qualifies you for a Flexi Loan offer of up to PHP 2 million in only 3 months with no collateral. Build solid online sales channels and lead your niche with Maya Business.
