Owning their own business is many American?s dream. They dream of having the freedom and the flexibility that comes with self employment. The internet has made this dream a reality for many people. The internet allows people to start businesses with low costs. You no longer have to pay rent at a warehouse or retail store front. You can simply work out of your home, listing your for sale items on the internet. The internet also allows you to connect with potential customers from all over the world, increasing the success of your own business. Years ago, people were limited to customers in the near vicinity of their store front office. However, online business ownership comes with its own set of struggles.
An online retailer needs to find a way to effectively market and turn potential customers into purchasing customers. The internet offers so many benefits to business ownership that a physical location does not, but it also makes the competition more present. It is easier for companies to begin an online business, meaning that it is likely that you have numerous other companies selling similar items to your business. MineWhat survey (2014), on average, a consumer will visit 3 stores online before making a purchase.
You need to find a way to make your online business stand out amongst those three other online stores. You need to make a reason for your customer to purchase from you, and not them. If you can gain the purchase, the customer is also more likely to return for additional purchases and to recommend your business to their family and friends. Nearly half of all digital buyers already know where to look for a product before buying it, 48% of consumers already know which online store they will buy from. The challenge for an online business owner is making your store that preferred store for many of the online shoppers.
Besides for having a good inventory and creative marketing efforts online, a business can capture customers by providing them with an easy and secure payment transaction. The online store should provide as many payment options as possible, allowing customers to pay how they feel most comfortable paying. 82% of American Express card members and 79% of Visa and MasterCard holders agree that regardless of the nature of the business, merchants should offer customers as wide an array of payment vehicles as possible. Customers will be comfortable paying with different options, and you want to capture every single customer?s preferences.
Finally, your customers want to know that their payment option is secure. The card not present transaction process can be scary for customers. A card not present transaction process involves the customer physically inputting their information into your website. The card not present transaction process requires them to trust your business and your online payment method options. Ensuring that you have a secure online payment option is also important for the success of your business, as if your customer?s information is compromised, you may receive a card not present chargeback. A chargeback credit card or the credit card chargeback process can result in you losing money and inventory at the same time.
Online businesses may find more benefit in going with a third party payment company, rather than offering their own type of payment system. An established payment company can offer you and the customer chargeback protection. They can also provide your customers with a more secure card not present transaction process. This often results in higher customer satisfaction because of the more secure transaction.
The internet has made it easier to have your own business. You can list items for sale without having to pay high rents for a physical store front. However, this also means you have a lot of other competition. In order to be competitive to other online retailers, you need to ensure that your online shopping cart is easy and secure. Often going with a third party payment processing company provides more secure and confidentiality with customer?s information. When customers fell more secure and more confident, they are likely to purchase more items and more often from your business.