Achieving Success in the Retail Industry: Key Factors for Female Digital Entrepreneurs

Abstract

This paper explores into the dynamic scope of female entrepreneurship in the digital retail market, aiming to uncover the key factors that contribute to their success. Through a comprehensive analysis of the Colombian retail market, we challenge conventional notions and shed light on the effective strategies employed by these female entrepreneurs. We identified Key Success Factors (KSFs) for the Digital Retailer Entrepreneurship (DRE) statistics framework of 5 factors and 17 variables related to business Model success to study the interactions between the variables. Contrary to expectations, our research reveals that education, motivation, and market knowledge surpass prior experience in terms of driving their achievements. Moreover, we explore the factors that keep these entrepreneurs competitive, highlighting their skilled utilization of digital tools, ingenious marketing strategies, and the value they place on adaptability and collaboration. By unearthing these hidden triumphs, this study not only provides valuable insights for aspiring female entrepreneurs but also contributes to a deeper understanding of the evolving landscape of digital retail in Colombia. This research opens the door to further exploration of this field, offering opportunities for future research and practical implications in supporting the success of female digital entrepreneurs.