Starting an ecommerce business requires more than just a great idea. You need to have the right tools, resources, and knowledge to make it successful. There are currently anywhere between 12 and 24 million ecommerce websites worldwide, and the difference between success and failure can be the small details.
The ecommerce market is only expected to increase in the coming years, so having the essentials in place to get up and running from day one is vital. This post has 4 things you need to help you succeed in your venture.
A secure payment processor
The first thing you need is a secure payment processor. Many ecommerce businesses make the mistake of going with their “preferred” payment processor because it is recommended by their hosting provider or friend who works for the company. These payment processors may be affordable but also make your business vulnerable. A secure payment processor will protect you from chargebacks, fraudulent transactions, and other issues. An important thing to look for in a payment processor is a low rate of chargebacks. The higher the rate of chargebacks, the higher your fees will be and the less profit your business will make. A secure payment processor will also offer fraud protection and be PCI compliant. When choosing a payment processor, don’t just go with the first one that gives you the best rate. Do your research and compare rates and services to ensure you choose the right one for your business.
A reliable logistics company
The next thing you need is a reliable logistics company. For your business to have a lasting impact and keep customers coming back, you must ensure that your orders are processed and delivered quickly. A slow shipping time will hurt not only your sales but also your overall brand image. Customers expect their orders to be delivered promptly, and a slow shipping time can cause them to shop elsewhere. The average ecommerce business loses 10% of its customers due to delayed or undelivered orders. This can happen for several reasons, including poor logistics, bad weather, and more. You can avoid these problems by partnering with a reliable logistics company with years of experience in ecommerce shipping.
Effective supplier relationships
The next thing you need is effective supplier relationships. To scale your business successfully, you need to be able to purchase your products at a lower cost. You can do this by working with reliable suppliers who can produce the products your customers want at an affordable price. Finding suppliers for your business can be a difficult task. You can do a few things to find suitable suppliers for your business. First, ensure that the suppliers you choose can produce the products you want at an affordable price. Next, ensure they have a proven record in meeting the fulfillment requirements of customers.
An easy-to-navigate website
The next thing you need is an easy-to-navigate website. A website is your online storefront and is often the first place customers visit when looking for a product or service, so you must create a website with online payment functions. Your website must also be easy to navigate so that customers can quickly find the products they are looking for – 95% of consumers will leave if your website is slow to load and hard to navigate. You can do a few things to make your website easy to navigate. First, make sure the website has a good design. You want your website to be aesthetically pleasing, but you also want it to be functional. Second, make sure that all of your products are easy to find. You don’t want customers to have to click around and try to find a specific product. You want them to be able to find it immediately.
By paying attention to these four aspects of ecommerce, you can solidify the foundations of a successful business and give your customers a great experience from your first day of trading.