There are a few steps to build a solid start to any business. Conceiving the idea, building a plan for profitability and the other most important point – scaling. It’s how you can make things grow efficiently without slogging 24*7. The E-commerce is one such market which appears strong with signs of profitability and growth. The US e-commerce market is the 2nd largest in the world and globally, the industry is estimated at $4.5 trillion by 2021.
As you are set to enter the next growth face, it’s important to consider the following questions to monitor the performance of your e-commerce setup!
1. How do you plan to Personalize experiences for your Customers?
It’s important for customers to have a personalized buying experience. The adage ‘One size fits all’ can’t work here as customers expect that you will anticipate their next move and adapt accordingly.
While you might be a truly international site with sales worldwide, it important to localize to satisfy your customers! It could be everything – from the product description, process and even offerings- adapt the complete experience to their location. It’s important to reduce cart abandonment rates too, which is at an all-time high of 75.6%, by prioritizing this key moment during checkout! Say no to surprise fees, cumbersome processes and losing customers to unnecessary jargon – make the buying experience easy to meet the needs of your individual customers.
2. Are you an end-to-end e-commerce solution provider or a payments only site?
The growth of an e-commerce site depends on the e-commerce platform chosen for the online store. It is always wiser to choose a single suite of tools to help deliver the best e-commerce experiences. So when you consider scaling your business, evaluating your current e-commerce set-up to make certain processes effortless is important.
- Make way for effortless payment processing for customer and business
- Allows easy subscriptions
- Easy checkout without hassles
- Does your platform allow global scaling?
3. How would you ensure a modern shopping experience?
Ensure that your product catalog s always up-to-date and provides easy navigation. Help make search options easier with good filters. And of course, make it compatible across devices like iPads and mobiles. It is said that global mobile e-commerce sales are going to triple by 2021 to around $2.6 trillion.
Ask yourself the following questions:
- What are the best products to be displayed?
- How many will I be selling?
- What is the product information I will provide?
You can make changes considering personal preferences! For instance, most users prefer an ad-free, uncluttered site which makes navigation easier and quicker. There should be no hidden costs appearing automatically at checkout and buying at such an e-commerce site is what any customer would prefer.
4. How are global transactions going to be handled?
It is important to make your site compatible with many payment options. Shoppers have access to payment options as varied as Apple Pay, debit and credit cards and a lot more. Payment options also vary geographically and it’s important to ensure your site is compatible with various payment options.
5. How will you address admin operations as you scale?
As your company grows, you have additional back-office operations like management of payments, taxes, and profits. Consider the following things:
- Customer relations – Availability of prompt customer service with proper experience and as dynamic, the personalized storefront is very important for long-term success.
- Tax compliance – Ensure that all the tools you have in place are up to the job of managing taxes and compliance. Taxes can be a tricky subject since they vary nationally and internationally. It’s important to manage them the right way and save time from making mistakes.
- Reporting – Data plays a big role in decision making for product expansions or reductions. You need to ensure your solution to track purchases, run rates and measure financial data to provide clear insight into the future of your business.
When you have an answer to all the above questions, it will help you jump-start your e-commerce business and ensuring scalability and increase in profits. It will help you with tools and solutions to carry forward your company towards progressive growth.
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