With the start of a new year, it’s a good time to review your business strategy and see where you can improve. According to a Clutch poll of 355 small-business owners in the United States, 29 percent of brick-and-mortar small companies still don’t have an ecommerce website. And online buying shows no signs of slowing down any time soon. According to NRF data, online and non-store Christmas sales were $138.4 billion in 2017, up 11.5 percent from 2016. The benefits of expanding your online business are far too significant to be overlooked: creating a new sales channel and building genuine relationships with your clients will help you generate additional revenue. (ecommerce platforms)
Before you launch an online store, you should be aware of the difficulties you can face right away. Making a strategy to overcome these issues will help you succeed when you ultimately open your virtual doors.
When it comes to selling online, there are five important factors to consider:(ecommerce platforms)
1. Identifying the appropriate service providers (ecommerce platforms)
Finding the proper service providers, from website builders to payment processors and everything in between, is one of the most important decisions you’ll make when building your website. Make sure you know what features you’ll need, how different services are priced, and whether you’re receiving a solution that will expand with your company. If you’re not sure what you need or where to seek for it, ask other local business owners for recommendations.
Many service providers also have resources that can be of use. According to recent BigCommerce study, 64% of buyers are more likely to make a purchase on a website that is easy to use, demonstrating that aesthetics matter. The correct service provider can assist you in creating a professional, secure consumer experience while also assisting you in comprehending why.
2. Making it as simple as possible for them to pay you
Customers want options, therefore be willing to let them pay in their preferred method. It’s a wonderful approach to boost client happiness while also boosting sales. According to the latest PYMNTS.com Checkout Conversion Index, 40% of online shoppers abandon their carts between browsing a company’s website and completing a transaction. When you accept these payment options, it will be easier for customers to shop and buy — especially on their mobile devices — if they already have their payment information saved with a service like Apple Pay, Amazon Pay, or PayPal.
3. Bringing online and physical payments into line
It can be difficult to reconcile online and in-store purchases. Cloud-based applications can help you save time and money in this situation. Accounting software that connects effectively with common payment providers, for example, can help you keep track of all of your bills in one place. So, whether you get paid online or in person, these solutions will quickly and efficiently reconcile your payments, saving you time from manually combing through spreadsheets and overdue invoices. They can also be quite beneficial during tax season.
4. Developing new marketplaces for your consumer base
One of the numerous advantages of selling online is that it allows you to reach customers in new marketplaces all around the world. However, when selling internationally, it’s critical to customise your online buying experience for international customers. Website translation, localised, secure payment options, pricing that allows you to compete with local merchants, and clarity surrounding currency exchanges and taxes are all important considerations when selling outside your boundaries.
5. Bridging the gap between in-store and online buying
Customers are demanding a more consistent and seamless multichannel buying experience. It’s critical to treat your online and offline properties as extensions of one another. Offer options like “purchase online, pick up in store” and “buy online, return in store” to give customers unique and interesting shopping experiences that will help them spend more. In a way that online-only platforms can’t, this method allows you to make the most of your physical presence.
Making the transition to the internet is an exciting proposition for any company. Do your investigation in the areas listed above to assist you in developing a smart business plan that will lead to increased sales in both your online and offline channels.
6. Online Businesses’ Cybersecurity
Every e-commerce site requires appropriate cybersecurity strategies and technologies. Small eCommerce enterprises must have a strong cybersecurity framework for the company because they cannot afford downtime in the event of a cyberattack. These hacks have the potential to have a significant impact on the growth of internet businesses.
In this current era of internet business, keeping data safe and secure, as well as creating rules and the appropriate technology to resist cyberattacks, is a major challenge. In the event of a cyberattack, an instant reaction strategy must be in place to deal with the challenges. Online security breaches have the potential to destroy your entire company.
7. Policies on Returns and Refunds
Today’s internet shoppers examine a retailer’s return and refund policies before making a purchase choice. They also have a habit of abandoning their shopping carts since they are dissatisfied with the delivery dates. The majority of online shoppers do not want to wait more than 5 days for their order to arrive. Many internet buyers return things they don’t need, and some of these returns come from repeat customers.
All of these issues with online buying can be a huge roadblock in the success of an online business. Providing strong return and refund policies while retaining your business’s profitability is a real issue for any online retailer.