Since the pandemic, e-commerce businesses’ market share growth in the retail industry has increased. However, due to the increasing number of e-commerce websites online, making your site stand out will require a deep understanding of the market.
The success of your start-up or scale will depend on your ability to keep up with technological advances and customer demands during this digital transformation of the high street. Use these three steps to get started.
1. Choosing an E-Commerce Platform
An E-Commerce platform is an application that allows an entrepreneur or business to create a cloud-based online store. The platform you choose will be the foundation of your website, with each platform offering different features, levels of functionality, and ease of use. With plenty of options on the market, there are a variety of things to consider before choosing your platform.
- Budget: When considering the price of an E-Commerce platform, consider the price of the subscription and your potential operating costs and other overheads.
- Service: One of the main things to consider is the level of interaction you can achieve with your customers through the chosen platform. Also, think about how easy the platform is to use for customers.
- Technical support: As with all technology, things are eventually bound to fail. Because of this, it is worth knowing that you’ll have support in place if you begin to struggle.
- Security: Security is a must. When providing an E-Commerce service, you must ensure your customers’ money and details remain safe and secure.
Some of the most popular platforms are WooCommerce, Shopify, Magneto, and BigCommerce. Each platform has its strengths and weaknesses, so choose carefully. At the very least, your chosen platform should have excellent mobile responsiveness and in-depth search engine optimization (SEO) capabilities.
2. Integrating Cryptocurrencies
You’ll first need to pick a reputable crypto or bitcoin payment provider to accept crypto payments. After that, integrating crypto payments into your site is often simple, taking around 5 minutes to download the correct plug-in.
Cryptocurrency continues to grow as a viable payment option for e-commerce transactions. As such, you can expand your potential reach and sales by integrating cryptocurrency options into your e-commerce site. A few possible benefits of accepting cryptocurrency transactions include faster transaction processing and enhanced security. There are, however, a few steps to consider before completing this integration.
Cryptocurrency rules and regulations
The way a business can use cryptocurrency and the tax applied on cryptocurrency transactions varies from country to country and even (if you are based in the US) state to state. Try seeking professional guidance to learn the specifics of crypto governance in your area.
Not being aware of the laws governing the exchange of cryptocurrencies could bring severe tax issues or penalties.
Setting up a Crypto Wallet
Before taking cryptocurrency transactions, you’ll need to set up a wallet to store cryptocurrency. Plenty of options exist, and each e-wallet has its own benefits. Payment gateways are sometimes also a viable alternative for anyone who doesn’t wish to convert the currency themselves.
When taking cryptocurrency payments, it is worth knowing that the price of cryptocurrencies and Bitcoin will always be volatile. The worth of the currency will constantly rise and fall. Monitor market prices and trends to know when to convert your cryptocurrency into regular cash.
3. Building an Online Catalog
The success of any e-commerce website relies on the quality and diversity of its product line. The specifics of building an online catalog often depend on the type of products intended for sale. However, some steps apply to all forms of online retail.
First things first, identify the products that align with your target audience. Tailoring products to your customers and understanding their needs down to a tee requires extensive market research. Combining qualitative and quantitative market research will help you cater to your intended clientele and even help you find your niche in the market.
Any product catalog should be user-friendly. All decisions you make, from page sizes to product descriptions and templates, should be made to increase user navigation, aesthetics, and conversion. Separating products into categories and subcategories is always a good idea.
In the current climate, with so many competitors out there, creating a successful e-commerce website will require careful planning, attention to detail, and knowledge of your intended consumer. However, with so many great e-commerce platforms on the market and so many people using online retail, the potential to make a profit through e-commerce has never been more tremendous.