6 Essential Steps in Making an E-Commerce Business Venture Successful

Nov 25, 2015

Running an e-commerce business is becoming more and more attractive. However, for those planning to launch a business, this undertaking should not be approached casually. Whether you plan on running the business part-time or full-time, a lot of work goes into creating a successful e-commerce website.

As attractive as an e-commerce business is, it will not work if you plan to simply list your products online, sit back and wait for the customers to come to you. Your website must present itself as a trustworthy place for customers to make their purchases. In addition, the promotion of your products must take place via social media. Customer service must also be considered. Don’t be afraid to take your time, and cover all your bases. Consider the following steps to help you create a business strategy:

Step 1: Make sure you are selling the right products

Before you even begin to build a business plan and strategy, ask yourself if what you are offering will earn a profit. Is there a gap in the market that no one else has successfully filled? Can you do a better job of it? You must consider how much of a demand there is for the products you are considering selling. Is the demand part of a current trend, or will it increase in the coming months or years?

Step 2: Consider the presentation of your website

Selling products online can prove to be a challenge, since customers cannot see or touch your products in person. It is harder for customers to judge the trustworthiness because they cannot do so offline. It is incredibly important to your business’ success that you present a website that looks trustworthy. Using a professional design and displaying an SSL certificate can help tremendously.

Step 3: Provide an easy purchase process

If buying something from your site is too complicated or takes too long, people will lose interest and patience. Allowing customers to make purchases without creating an account or allowing them to use social media to log in can provide a more satisfactory experience.

Step 4: Build a desirable brand

Create something unique. You must find a way to set your business apart from all the other businesses online. You must create a brand. Consider your business’ values, the image you want to present and your target audience to achieve this.

Step 5: Promote your site socially

Promoting your site by integrating social media channels is essential in today’s online business world. Create social media profiles and pages to promote your products/services. Add “share” buttons to your products pages, and Facebook “like” or “follow” buttons to your site.

Step 6: Consider going mobile

Consumer spending via tablets and smartphones continues to increase. According to eMarketer Inc., a New York City-based market-research firm, smartphones will reach $27.7 billion in retail mobile commerce this year. In order to offer consumers the best options, many merchants have turned to e-commerce merchant accounts from payment processors like eMerchantBroker.com (EMB).

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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