Transitioning your brick and mortar store online is not so easy. Focus on the following elements to succeed.
An Increasingly Necessary Change
The internet is starting to dominate commerce across the world.There is a reason why solutions in digital marketing are required by many businesses that are classified as rising stars amidst their industry peers. Amazon.com has become one of the world’s richest enterprises for reasons of convenience, selection, and cost-reduction. It’s an e-commerce platform that dominates the market, essentially. But when you are thinking about transitioning your physical business online, you may want to consider the creation of your own online store, rather than the use of online marketplaces.
Well, your business is simply going to reach more people, and make more money, if you’ve got some sort of e-commerce solution in place. But this is an “easier said than done” sort of thing. If you go about a total transition, the cost involved may require you to suspend “physical” sales for “digital” solutions, and through marketing can help secure profit, there’s no precise guarantee that success will result. A better way to make the transition gradual through known online solutions like Shopify. Basically, you’ll want to do a few internet searches so you can get your head around building an online store.
Beyond setting up the store in a way that’s known to be effective, you’ll want marketing which drives potential and existing clients to your site. It’s important not to forget the customers you’ve converted, because they tend to have an increased likelihood of repeat purchase.
When all that is taken into consideration, you want to ensure you’ve got your financial processing solutions properly ironed out. What does this mean? Well, for the most part, people shopping online are going to take a cue from celebrities and make purchases using credit of some variety. Many rich and famous people don’t actually keep cash on them, but celebrities and their credit cards are well-known throughout many businesses. You want to accommodate credit cards based on their likelihood of a strong purchase.
As Merchant Expert points out, J.P. Morgan’s signature Visa, American Express, CapitalOne Quicksilver, and many other cards tend to characterize the rich and the famous. You want to have an e-commerce solution that will process high-profile cards of this variety because otherwise, you could lose some “big fish” online. When it comes to credit card processing, you can’t be cavalier. You need to be strategic about it. There’s usually a fee involved in processing transactions. Now imagine your e-commerce store takes off, and you end up doing 10,000 transactions a day. That’s a pretty high success rate, but not without the realm of possibility!
If you’re paying $2.00 per transaction, you’re paying $20k a day just to process credit cards. If you can drop that down to $1.00 per transaction, that’ll save $10k a day, or $3.65 million a year.
Discounting Processing And Strategic Application
You should look for the greatest discount in terms of processing. These can act sort of like business hacks which will help get your business up to its proper “speed” or “cruising altitude”, as it were. Though the cost of a digital store – an e-commerce solution – is usually less than the cost of a physical one directly, it likely isn’t free. So you want to cut costs where you can. In terms of processing, you want to reduce expenses. By paying for shipping you may be able to increase purchases which cover the tangential cost and expand profit.
There’s a balancing act here that will differ slightly – and sometimes in a major way – for different businesses. An additionally worthwhile strategy might be for you to monitor your peers and see what kind of online selling and buying solutions they put into play. Oftentimes you can save the reinvention of your operational wheel, as it were. Whatever you decide to do, it’s wise for you to carefully approach e-commerce and marketing solutions. Making the transition will be more successful at differing speeds as appropriate for a given business. Cutting costs related to such stores is also a very wise way to secure the success of your transition. A concerted approach combining these strategies is likely to have increased levels of success.
Bringing your products online
Additionally, you also need to consider the way you will upload the products to your brand new Shopify store. There are many applications with different offers, and you have to use the perfect one for your needs. Most of them require you to have a data feed file, which includes all the necessary product data, including title, price, inventory quantity, etc. You can create a data feed file for yourself using the information of your products in the physical store. Or you can decide to go on with drop shipping. If you would like to extend your inventory, you need to find a supplier who caters the needs of your business.
After creating your online store’s foundations, establishing your sales strategy and importing your products with an application, like Syncee, you can start managing your inventory. Do not forget about constant updates, which are essential in order to give the up-to-date product data to your customers. Doing this manually could mean a lot of tiresome work, but using the adequate application saves you time and money.
Guest-blogger at Syncee. She is a super-connector who helps businesses find their audience online through networking. She frequently writes about the latest advancements in online business and e-commerce.