In an increasingly digital retail landscape small business owners need to take advantage of ecommerce solutions to maintain a consistent revenue stream and continue to grow. With large online retailers cornering the market specialty retail store owners need to make their products more easily available. Even if you have a superior product, a prospective customer may purchase an inferior and possibly more expensive item instead due to the convenience of online shopping. Ecommerce is a growing marketplace, expected to be up about 14% this year, yet 72% of small storefront businesses are not selling online. It may be overwhelming to think about setting up a website, adding ecommerce functionality, and learning to integrate social media and other online marketing tools, but there are many benefits to being one of the 28% of small businesses that are selling their products and services online
Creating Your Online Store
There are many different paths you can take to develop your Ecommerce website. There are templates available for purchase where someone with basic coding knowledge can easily develop your site. In most cases it will be best to hire an expert to develop your site. There are laws and regulations that you will need to make sure you adhere to. Since these sites ideally will be processing a heavy amount of personal information, security and reliability are of the utmost importance.
Inventory
There is nothing more disheartening for a consumer than to see the dreaded “out of stock” label on a product they’re looking to purchase. This happening just one time could turn clients away from your website permanently. Not every small business is going to have a warehouse to store their goods. There are other options such as private storage and virtual inventory. Virtual inventory allows you to leverage larger warehouses to fill your orders. The downside to this is you will need to give them a cut of your profits.
Pricing
Your price points are sure to be different on your Ecommerce site than in your storefront. The reason for this can be due to different target markets and also shipping costs. Many Ecommerce sites increase the prices of their products in order to offer free shipping. You’ll want to make sure you research similar products that your competitors offer online to determine an appropriate pricing model. You need to offer great value while still turning a reasonable profit.
Shipping
There are many things to consider when it comes to shipping your products. Cost of course is the first thing to consider as this will affect your product pricing. You also need to focus on efficiency, product safety and distribution channels. You need to make sure that people are getting the correct product, undamaged, in a timely fashion.
Marketing
Now that you’ve decided to offer your products through Ecommerce, it’s time to get the word out. Just like sales, marketing has become increasingly dependent upon technology. Developing blogs and promoting them through social media channels is a great way to increase the reach of your company. Hiring an experienced marketing firm to handle your campaigns will ensure you get the most out of your marketing dollars. With stiff competition between online retailers it’s important to focus on differentiators and what makes your product unique.
Benefits of Ecommerce:
- Reaching New Markets
- Your Website Is Your Store
- Mobile Sales
- Social Media Sales
- 24/7 Availability
- More Convenient Shopping
- Extensive Analytics and Tracking
In many cases small business owners lack the credit or collateral to access the money needed to remain flexible. Quikstone Capital Solutions provides fast cash for businesses. A merchant cash advance from Quikstone Capital Solutions is a business loan alternative that can help your business thrive and prosper, whether you need cash to buy equipment, cash to renovate or expand, cash to purchase inventory, cash to advertise or cash for emergencies. Quikstone Capital Solutions can help provide you with the business capital you need.
