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5 Simple Steps to Launching a Successful Ecommerce Business

Tag: online payment gateway

5 Simple Steps to Launching a Successful Ecommerce Business
Mohab Growth Hacks 0

5 Simple Steps to Launching a Successful Ecommerce Business

There are stories all around about people with limited expertise and background turning rich because of the eCommerce boom. From packaged snow to jewellery made from sustainably sourced nuts, almost all types have businesses are exploring the online channel to leverage a worldwide audience. It is only logical that if you have been toying with an eCommerce business idea, you want to launch it quickly and smoothly. As a key stakeholder, you will have your hands full with operational aspects, of your business. Hence the best thing you can do is get all the basic aspects of your ecommerce set up right before you launch.

  1. Choose a proper platform to build your business

Some sellers choose to sell only via third party e-tailers. This will involve taking the time out to understand the platform’s guidelines and optimizing your listings while you showcase your products right next to your competitors. Others choose to create their own store website and sell through it. Each option has its pros and cons. While you save on commission in your own platform, you’ll have to invest significant time and effort to drive traffic. Also, having your own store front will involve working with platforms like Open Cart or shopify or independent developers and additional plugins for customization. Some do a hybrid of both which ensures idea validation and sales from third party websites while your own traffic builds. We’ve seen the hybrid model work wonders for small businesses.

  1. Create an impeccable UI

Design plays a huge role in telling your customers that you are a serious seller. When you develop a store front, pay extra attention to user experience, colours, font, logo and design. You can’t tell much when you are just launching but most people who have done superior designs later have found it to be a big factor in aiding conversion. This is also one major area where most newcomers try to cut corners to hasten the launch. In fact, the first version of many websites are a very poor version of their current version. But that shouldn’t stop you from making your first version a good one. It is when you customers, competitors and investors will want to explore what you sell.

  1. Choose a reliable payment gateway provider

Imagine your customer wanting to buy something and isn’t able to complete the transaction because of a sloppy payment gateway! Seeing people drop away from the final level of your funnel is heartbreaking. Also, with some gateways charging both static fees and per transaction commission, it can just make a dent in your hard-earned money.

So how do you choose a good payment gateway provider?

These days, the easiest way to to set up your payment process is via a “modern” payment gateway that doesn’t require a merchant account. The actual transaction happens on their website ensuring that they are responsible for both security and compliance.

Integrated payment gateways are complex and generally used by bigger stores who want the edge of customers not leaving their site to complete the payment.

Things to consider

  • Price: Payment gateways usually charge per transaction or for monthly usage. Some have both and an initial set up fee. 2% may not seem much but it can pinch if you are selling high end goods.
  • Actual process: Check out the demo for the payment gateway on their site. See how many leaps your customers will have to make to finish their transaction.
  • Support: Once in a while, you will get a rotten egg that’ll need hand-holding. For such cases, it is best to know how your payment gateway deals with things like returns, refunds and complaints.

For example, PayTabs not only offers a very small fee that fits most startups, it also offers hand holding and ongoing support.

  1. High level knowledge on driving traffic to your site

As an online business, it is imperative that you know the basics of search engine optimization (SEO), pay per click advertising (PPC), Social media marketing (SMM) and influencer marketing. SEO for your own store, for your app store (aSEO) and even for third-party listings plays a key role in how your product reaches consumers. PPC advertising can be a great tool for idea validation. Social is something that you simply can’t do without and you need to hold your influencers closer than your friends. Even if you choose to hire an agency to do this, take an initial course online to ensure that you understand when your agency shares metrics with you.

  1. Test and launch

Keep a set of 50 – 100 people friend list who can be your guinea pigs during the initial days. Ask them to independently evaluate your site performance and give you feedback from time to time. From small bugs to dummy content to blurry images, these extra eyes can do a world of good before your actual customers see your site.

Last but not the least, be agile and ready to shift gears quickly. Learning from experiments is a great way to grow your ecommerce business.

 

 

9 years ago
How To Fully Protect Yourself Online
Mohab Growth Hacks 0

Security is a vital element when it comes to safely surfing the internet.  If you are one of the several million people who use online payments, providing sensitive information over the internet can leave you targeted by hackers looking to take advantage of your internet activity. Whether it’s about online safety, online payments or data clouds, the following tips will provide you with what you need to know to make sure you stay safe and secured on the internet:

  • Online Payment Security:

  1. Enter websites you are familiar with:
    Always shop using trusted websites instead of browsing on search engines. Search engine results can be misleading.
  2. Find the Lock symbol:
    If the website you are on does not have an SSL encryption, never purchase from it as your credit card information can be compromised.
  3. Never share unnecessary information:
    E-Commerce websites do not ask or need sensitive info such as your social security number for business reasons.
  4. Regularly check your statements:
    Make it a habit to check your statements online for your credit card, debit card, and checking accounts to ensure no fraudulent charges exist.
  5. Never use public computers:
    This is self-explanatory, using public computers puts your information at high risk of being stolen.

  • Internet Security:

  1.  Two-factor authentication is recommended:
    Two-factor authentication lets users provide another code in addition to their password. Eg, sending codes via SMS etc.
  2. Update your browser and devices:
    Outdated browsers and devices leaves you at risk of being hacked. Hackers usually find glitches in older version where it is possible for them to capture information from software and devices. Continuous updates prevent that.
  3. Create strong passwords:
    Avoid using simple words, birthdays, or any word that is easily guessed. Always be sure to reach the “strong” gauge when creating passwords, mixing between upper and lower case characters is also recommended.
  4. Use Google Security:
    This free service from Google helps strengthen your accounts to further guarantee your safety online.
  5. Regularly change your passwords:
    Other than creating a strong password, it’s important to change them regularly to keep hackers at bay.

  • Credit Card Security:

  1. Keep your PC well protected and up-to-date:
    Your antivirus and spyware software needs to be running and updated to the latest version when you are connected to the internet. Many existent online bugs are designed to track and record all of your personal information. Don’t make purchases or transactions without enabling anti-spyware and antivirus software.
  2. Try E-Wallets:
    A helpful software where your address and credit card information can be stored on a program in your computer that requires you to sign in using a password and username. This software then automatically fills in the blanks for you.
  3. Include Virtual Cards:
    They offer another level of protection involving using a false card number that you can use to make a purchase online. A virtual card will disguise the real account number so hackers will not be able to steal it. Only select banks offer this.
  4. Secure Your Email:
    If your do not own a secure email address, you may be loosely giving away credit card information to hackers. It’s preferred to print confirmation emails immediately then to discard of them online. No sensitive information should be found in your emails.

  • Cloud Security Tips:

  1. Be aware of where your data is stored:
    Include specialized hardware to permit cloud computing services to pass the most strict security procedures.
  2. Always backup your data:
    Many backup outlets are available to store your vital data in a safe and secure place.

Ensuring all your software, electronics, and information are constantly updated and protected will be the start of an important step to keeping you safe on the internet. At PayTabs, we highly value security. Our services come with a built-in fraud protection system which includes our own in-house fraud protection layer as well as the internationally recognized 3DSecure system. This two-layered system ensures that your transactions are highly secure and hassle free. Keep checking the PayTabs blog for many more useful tips and updates!

9 years ago
PayTabs
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