Starting an online business can be challenging; however, if you do it right, an eCommerce website can be a great source of revenue and can dramatically boost your bottom line. Online businesses have smaller start-up costs when compared to traditional brick-and-mortars and you can reach thousands of people on the internet when compared to a physical store. There are numerous benefits to owning an online business; however, a successful online business comes with its own set of problems and conditions. In this article, we’ll be going over a few challenges that online businesses face and what online business owners can do about it.
Finding the Right Online Niche
The first thing to consider when starting an online business is the product you want to promote. There are a number of internet giants already on the scene, so you need to think carefully about what product/niche your company is going to push. The internet might just be the most competitive place on earth; as such, the only companies that enjoy long-term profitability are ones that have found their niche.
What products are customers comfortable buying online when only presented with online descriptions and images? If done right, the answer is: “everything”. Part of securing your piece of internet real estate is presenting your website in an attractive and presentable manner. Which leads us to our next point…
Ineffective marketing is one of the most common challenges that online businesses face. How your website is perceived may be one of the most important parts of your online marketing efforts; thousands of email blasts, social media promotions, backlinks, and advertising dollars will be put to waste if your website is slow-to-load, aesthetically displeasing, and hard-to-navigate. Invest in your website! This includes SSL security, great website copy, a fast loading page, and easy website navigation. Great blog posts and content on your website can also boost your online ranking and attract more visitors to your site.
With online conversion rates hovering around 1% to 3%, a large amount of successful and smart marketing is needed to turn your marketing dollars into actual purchases. Building a strong online presence that consists of effective social media marketing and helpful email blasts that keep your subscribers engaged is a crucial part of any online marketing strategy.
Customer loyalty is a key component to any business that survives its first five years. It can cost almost 4-5 times more to acquire a new customer when compared to keeping an existing one, which is why maintaining existing customers is vital to the health of your business.
Many online businesses fail to provide adequate customer service and support: shine in this area to create positive experiences that will keep your clients coming back for more. There are a couple of ways that you can go about doing this:
- Have a clean and informative site. Display your contact information, phone number, any relevant addresses, and pricing information in a clear and attractive way. Make the site easy for customers to navigate and find on the web.
- If your product is technical, make sure to have dedicated customer service (either over the phone or via online chat). Customers will appreciate this in the event that any issues arise with the product.
- Keep your blog updated. Keeping a regular blog helps inform your customers, adds a human element to your website, and provides a wealth of information. Studies also suggest that the longer someone spends on your site, the more likely they are to make an online purchase. The blog can also be a great way for people to sign up for relevant email blasts that include fresh content and coupons for your product or service.
Accept Credit Cards for Your Online Businesses
Many online businesses struggle with their online payment processor; this is especially true for companies that deal in “high-risk” industries, such as the firearms, CBD, vape, jewelry, and startup sectors. Businesses are deemed high-risk if the industry is prone to numerous returns, chargebacks, and political/social controversy. The worst thing a business can do in 2019 is to have a difficult and complicated checkout procedure. If it’s too much of a hassle to buy something online from your website, you’ll be guaranteed to lose business.
When looking for a reliable online payment processor that accepts credit cards and card-not-present transactions, there are a few key things to look for:
- Secure and fast online checkout. This includes a secure and easy-to-use shopping cart with a high degree of online security. Every successful online business has a streamlined shopping, checkout, and payment process.
- Online account management and support. Being able to contact someone from the payment processing company you hire shouldn’t be considered a luxury; rather, constant contact and online management should be a given when dealing with something as important as your business.
- Chargeback protection. There are many ways to save money in the merchant processing world; finding a merchant processing company that can help protect you from unnecessary financial bleeds doesn’t have to be difficult.
There are many challenges that online businesses face, but finding the right payment processor doesn’t have to be one of them. Contact Pinpoint Payments today. We are one of the fastest growing merchant processing companies in North America. With thousands of happy clients, we are confident that we can help grow your online business through multiple avenues of revenue protection. If you are ready to take charge of your business, contact Pinpoint Payments today! Click here to apply today.