Are you on top of everything concerning your e-commerce business? When you’re spinning on the merry-go-round of the day to day operations you may be letting things slip by. New advances, impending dangers, and upcoming changes may not be pinging your radar.But have you even got all of the bases covered? Maybe when you got off the ground you rose so quickly you put a few things off for later. It’s time to shore it all up and solidify your foundation and make preparations for the future.
Protect yourself first:
Are your transactions completely secure? Are you sure that not only are you guarding against identity theft in fraudulent customers but also that you are protecting your own interests?
Luckily, the average rate of fraud globally is less than 1%. That said, if you do become a victim of fraud, it can be disastrous. Say you are attacked by a person who has bought a bundle of credit card numbers on the black market, purchased several things from your site and all of those charges are disputed by the real cardholders. At $15-$25 per chargeback fee, the backlash could add up quickly.
If you are using a popular e-commerce platform, you’re probably okay. They usually have fraud detection built into check out that is then double verified by through the payment method gateways like Paypal. If not, get help from an e-commerce web developer or consult with an e-commerce service to make sure you’re covered.
Concerning those payment gateways, it is sometimes up to merchants to set the parameters of fraud detection. Make sure yours offer the level of security you want without overburdening your real customers. Up to 1.5% of legitimate customers will abandon their purchase if they are frustrated with security questions and captchas.
Do you have a strategy? You’re up, you’re running, and you’re out there. You’re more than willing to make millions. But when you started out, was it with a strategic plan or did you just jump into the fray? If so, it’s not too late to do some strategic planning.
80% of Americans have made an online purchase in the last month. Online shopping is growing. In fact, it’s growing at a rate of 23% a year, with an 8.9% increase in the third quarter of 2016 alone. So far, only 54% of small businesses have a website for online purchases. Work your strategy before they catch up.
One place you may be able to get ahead of the pack is in shipping. Yes, low prices can make a difference, but low shipping costs may result in far more conversions than price point alone. Up to 72 percent of those that didn’t complete check-out left because of shipping costs. Over 65% didn’t even make it that far because of shipping costs.
If you want an edge – lower shipping costs may be the answer.
Another thing to consider is images. Shoppers (78% of them) want to see more images of what they may potentially purchase. The better the images, the more likely the sale. If you’re displaying the stock image of a product that 50 other sellers are using to sell the same product, you might get the conversion by luck of the draw. If you include a better image of that product, you might get more sales than the competition because the better image may translate to a higher level of integrity in the customer’s mind.
Lastly, use the right social media. Snapchat is trending and is taking over social media, however, it is not doing so well with online shopping. Only 10% of potential customers are willing to buy through Snapchat as opposed to 20% who would make a purchase through Facebook. The other major players like Pinterest, Instagram, and Twitter fall in between. Use every available platform to get the word out, but don’t spend extra dough where it won’t count.
Running an e-commerce business, especially when it starts to really take off, can be harrowing and complicated. You’ve always got to stay ahead of the competition while simultaneously staying ahead of technology.
Get help navigating the tumultuous tide of e-commerce by finding an e-commerce web development company or e-commerce services in San Francisco. Credibase can help you find them, as well as e-commerce companies in New York City or San Diego e-commerce companies.
Look for the e-commerce services you need in these cities or one near you by logging into Credibase now.