Expanding Your Business With Shopify

Jul 29, 2021

Shopify is an excellent platform that can assist potential business owners to launch an eCommerce store in an efficient, stress-free way. However, even the best of platforms cannot automatically draw in sales for you.

To say that the online business community is oversaturated is putting it mildly. In fact, it is estimated that there are 375,000 online stores currently using Shopify as their e-Commerce platform. One of the many ways you can stay ahead of the curve is to be willing to adopt the technology necessary to give you the competitive edge and stay in the game. 

As a Shopify store owner, your goal is simple: attract more customers to buy your product. And most importantly, keep them happy and coming back for more.

Let’s explore some actionable ways you can grow your business with Shopify.

  • Mobilize Your Store

In North America alone, 60% of all Internet use comes from mobile devices such as tablets and smartphones. Europe is quickly catching up. If your Shopify store has yet to be optimized for mobile, this is translating into a considerable loss of sales. All you need to do is implement a Shopify theme that is optimized for mobile and you’re in. 

  • Get On Live Chat

The key to running a successful online business is to use the latest technological innovations to your advantage. By using live chat within your store, you are ensuring that your customers get instant answers and you deliver their needs, fast. Other benefits to using a live chat feature include driving more traffic and ultimately increasing conversion rates. 

  • Sell On Social Media

Social media is no longer just another option, it’s a necessity. It is a critical channel to develop and nurture relationships with your customers. Whether you choose Facebook, Instagram, Twitter, it truly depends on where your customers tend to hang out. In just the last few years, Shopify has provided “built-in social media like buy buttons that convert these platforms into new selling channels. These buy buttons make it easy for consumers to purchase items without having to leave the social media platform. 

  • Funding Your Growth

Many e-Commerce businesses struggle to take their enterprises to the next level due to lack of funds. Although some do seek financing via their local banks, it may not provide the best results. 

Knowing this, Shopify has created its own financing called Shopify Capital. Eligibility for this program is based on your history with Shopify. Merchants who are eligible can get a cash advance or a business loan. Funding can fall between $200 and $1,000,000. 

If you are not eligible for Shopify Capital or you are in need of more assistance, Shopify sellers can check out Payability. You can receive up to $250,000 as soon as the next day to invest in your online business. Your approval and the amount of funding will depend on the health of your account and sales performance throughout Shopify and all sales channels. 

Final Thoughts

Although they may seem ubiquitous, Shopify and eCommerce businesses are still developing. There will always be a need to tweak and improve processes in order to attract and retain customers. What is essential is that sellers must always stay current on the innovative technologies that make your e-Commerce business more efficient and thereby ensure a steady flow of income. 

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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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