Often, the largest obstacle that business owners face is being unfamiliar with the process: they are trying to figure out how to start an online retail business. So here are ten easy steps to learn how to open an online store, whether you already sell products in a brick-and-mortar location or you're starting an online business from scratch.
So today I want to dive into some out-of-the-box ways to increase your store’s traffic. Ranging from smart ads to sponsorships, these tips will give you a unique look into the business of increasing your online business. Keep reading to learn about some of these more unusual techniques, and feel free to try them out.
Are you a seller who's ready to go online? For many new online merchants it's a very cumbersome and difficult process to understand ecommerce. They often fail to understand the basics of ecommerce and consequently face problems in setting up their online businesses.
The core items you'll need to configure (or find) as an ecommerce professional include the following:
- A domain registration (such as xyzbusiness.com)
- A quality ecommerce website developer or platform (like Shopify or Bigcommerce)
- Quality (not just the cheapest) web hosting (Hosting is included with platforms like Shopify, but not with systems likeWordPress and Magento)
- A shopping cart
- A way to accept your payments – AKA the combination between a merchant account, payment processor and payment gateway (detailed below)
In this article, I discuss one of the most important aspects of ecommerce: The way you're going to accept payments.
It sounds simple at first, but there are actually three elements that come into play for taking those payments from customers and getting them into your own account:
- A merchant account
- A payment processor
- A payment gateway
Now you might be wondering, what's the difference between a payment gateway, payment processor and a merchant account?
That's what we're here to discuss. All three of these elements work together to transfer money from the customer to the merchant, but it helps to understand what each of them do throughout the process.
Laying out your online store raises various questions. Your homepage serves as a hub for the best stuff on your online store, with components such as image sliders, shopping cart buttons, product thumbnails and buttons, and email marketing subscription forms.
Today, social media spending makes up a small fraction of most business’ marketing budgets. A recent Duke University survey found that, on average, social media spending accounted for just 9% of the overall budget. But that number is projected to expand to nearly 22% in the next five years.
Forget about ecommerce for a moment! Imagine trading one of your prized cattle for a piece of land to raise your family in 7000 BC. That’s how it was done back then. Boy how times have changed. Now think about the first ATM in 1972, and how remarkable it was for people to walk up to a magical machine that spewed out physical cash after a few button clicks.
The history of ecommerce is truly amazing, so we compiled a story of 11,000 years in 30 seconds, by using another modern marvel: animated GIFs. Have a look below and scroll down for the full infographic.
Shopping cart abandonment is a phenomenon that is common in e-commerce. It is an idea that shows the proportion between the number of people who commit to an online purchase and the number of the possible customers who leave the sites at some point, without checking out. Sadly, the registered abandonment rate, as stated by many specialists in the field, is around 60% and up to 80%. We will try to discuss several tips that could be implemented in order to improve the conversion rates and reduce the number of people abandoning your shopping cart.
Did you know that 73% of companies have no idea as to why their customers abandon their shopping carts without buying? This is a troubling statistic considering the internet is filled with tools to help you understand why people don’t convert into paying customers, and most successful ecommerce stores run tests and reports to make changes for improving cash flow.