With relatively low overhead costs and amplified access to marketing tools and web design, eCommerce businesses are easier to scale than the typical brick and mortar counterpart. The eCommerce marketplace in the US has grown to the second largest globally, and internationally, the eCommerce industry is predicted to be worth $4.5 trillion by 2021.
If you have found that you are ready to scale your eCommerce business, here are some points of advice.
1. Get the right payment processor for electronic and credit card payments
The potential to scale is highly dependent on the eCommerce platform chosen to run the shop. Some platforms like Shopify, BigCommerce, or Magento offer merchant accounts for businesses to accept credit card payments. However, certain businesses like those with continuity billing or recurring billing models are considered high risk industries, so their go-to payment processors like PayPal, Stripe, or Swipe tend to freeze high risk merchant accounts.
When you are researching high risk payment processors, ask yourself:
- Do they provide effortless payment processing for me personally along with the customer?
- Do they support subscriptions and recurring billing?
- Do they facilitate an simple, modern checkout?
- Do they allow me to scale internationally, while maintaining compliance?
If you’re looking for a quality high risk payment processing provider, you have come to the right place. Go here to apply for a free quote on your high risk eCommerce merchant account.
2. Personalize the customer experience
64% of consumers want a personalized buying experience and expect that you are able to anticipate their next move and adapt to them. How can you begin providing these one on one interactions?
Localization is an excellent first tactic and a big element in fulfilling this expectation, particularly if you are selling internationally. It’s important you know where your customers are and adapt the comprehensive experience—product description, prices and offerings—to their specific location.
Currently according to Q1 industry findings for eCommerce, at checkout approximately 75% of users abandon their carts. As an online seller, you have to prioritize this key moment during checkout in order to secure a completed order. If the checkout processes is too complicated or cumbersome, you’re most likely going to lose more customers that should have converted.
3. Offer a modern shopping experience
UX/UI is key. Your product catalog needs to be updated constantly and easy to navigate. Don’t forget to optimize for mobile customers as well since global mobile eCommerce sales are expected to almost triple to $2.6 trillion between 2017 and 2021. Optimizing your site for mobile customers can help improve your SEO marketing efforts too, since recent Google algorithm updates have focused on the mobile browsing and shopping experience.
4. Handling international payments
The payment choices these days are infinite. With cryptocurrency, contactless payments, and of course, good ole credit cards, shoppers are accustomed to a variety of payment systems, and retailers providing them with multiple payment options. Some of these electronic methods work for converting international currency, but you will still need to seek to open an international merchant account to accept foreign currencies.
5. Impact on administrative operations
The administrative operations of a growing company will grow more complex, and proper management of payments, taxes, and compliance will impact everything. Consider these aspects carefully:
Tax management and compliance: Global tax control and compliance can be challenging. They differ widely nationwide and especially globally, so it can be tough and time-consuming to manage these requirements and also be compliant. Ensuring now the resources and approaches you have set up are up to the task will probably save a lot of time and mistakes made down the line.
Customer connections: You need more than only a dynamic, personalized storefront to supply a great customer experience. Availability and attention in times of dissatisfaction round out the experience and are a must for constructing long-term achievement.
Reporting: Data plays a big role in the decision-making process for inventory expansions or reductions and provides insight on which goods are selling or not. You will need to ensure that your solution can monitor purchases, run rates, and quantify account and financial information in a way that offers clear insight and projections for future business cycles.
Following these pieces of advice will allow you to jump-start your online business in a scalable and rewarding manner, and make certain you have the tools and the avenues to take to achieve the growth that you want to see from 2021.