E-commerce platforms have proven highly effective for selling products. These online services have helped millions of entrepreneurs grow and expand their businesses. With hundreds of online e-commerce platforms to choose from, at multiple price points and with varying degrees of complexity, it can be daunting to venture into this territory.
Here are a few guidelines to help you to select the right e-commerce platform and tools for your business.
Getting Started
A pre-built e-commerce platform is the ideal option for many entrepreneurs. It eliminates the cost of hiring a web developer, it is convenient, simple to use, and it places you in a community of other online businesses. Squarespace, Shopify, BigCommerce, WordPress, and WooCommerce are popular sites that offer easy-to-use e-commerce templates that will help you get your shop up and running. Hiring a web developer to build a brand-new website from scratch is more expensive, but it could be the right option for you, depending on your business, product or service.
Joining a Marketplace
Online markets such as Amazon, Etsy and eBay operate similarly to malls. Each has built in traffic, but you have to pay for it. Their own marketplaces do not provide opportunities for you to build your brand and connect directly with your customers. You would have to employ other strategies to do that. Now, owning the customer relationship could negatively affect the long-term growth and sustainability of your business.
Marketplace Risk
The primary risk of building your entire brand and business on someone else’s property is that your access to the property, in this case, the e-commerce marketplace, could easily be revoked. Sites like Amazon and Etsy have the power to remove your business if there are infractions, even minor ones that you were not aware of. This is a rare occurrence, but you should be aware of this risk, as it can seriously affect the life of your business. The main way to counteract this disadvantage is to build your brand on your own store that provides you with your customers’ information.
Creating a Storefront Business
You can build your storefront business with either a hosted Platform – user-friendly, but you have less control; or a self-hosted platform – more complicated to use, but with more control.
Hosted Platforms
Hosted e-commerce platforms are used by the majority of the entrepreneurs since they eliminate the need to worry about all the technical aspects of maintaining a website – payment card industry (PCI) compliance, security vulnerabilities, website crashes, backups, and other issues. Platform providers such as Shopify, Squarespace, and BigCommerce manage the necessary aspects to ensure a safe and secure website, leaving you free to focus on your customers and business.
Self-Hosted Platforms
If you are experienced in website development and maintenance, a self-hosted e-commerce platform may also work for you. In addition to purchasing your own hosting space and software, you would be responsible for managing all relevant technical, compliance, and security issues. Attendance to these matters could interfere with your ability to sell your products, provide customer service, and build your brand.
Building Your Brand With Social Media
In this age of mobile commerce, whether operating in an online marketplace or as a storefront, your business must create and maintain a strong social media presence to engage with today’s online consumers and expand your market. Employ social media channels, such as Facebook, Twitter, and Pinterest, to build your brand and drive your business. Use eBay or Amazon to grow your sales. Put these resources to work to strengthen your core assets your online store and brand.
Selecting Payment And Shipment Options
Congratulations, your online or mobile customer has made a purchase! Now you have to collect payment and, if relevant, arrange for product shipment. PayPal, Google Wallet, and Square accept and manage online and/or mobile payments. Some payment processors, including PayPal, integrate their services with those of shippers such as UPS, Canada Post, and others.
As your business grows, you may require more advanced payment processing options. Merchant services providers such as Authorize.net and paylinedata.com may be able to offer what you need at a lower cost than PayPal. The key is to arm yourself with the proper knowledge and ask the right questions to discover the e-commerce platform best suited to your business.
Kevin Nwankwo | Contributing Writer