There are so many reasons to open a business online and so few reasons to open a physical business. There are far too many risks and barriers to entry when you want to open a brick and mortar store that often it makes little sense. That isn’t to say that opening an online business is without risk or that it is going to be easy(source). Nothing could be further from the truth. There are certainly challenges to opening a business online and they are very unique since it is not your typical business.
Understanding the risks helps to avoid failure. And with that also comes the knowledge of what you need to do to run a successful online business. In this article, I will go over several things to keep in mind when running a business online that you should be doing to be successful.
1.Accept many forms of payment
One of the best things about running an online business is that you have customers from all over the place. And since they are using their computer to access your store, they likely have a lot of different payment methods to choose from. In a regular store they generally have a choice of debit card, credit card or cash.
These days they can choose from debit, credit, Paypal, cash apps on their phone and even cryptocurrency. They can buy Bitcoin with credit card and then use it to pay for lots of things online, but sometimes struggle to find vendors that accept it.
If you give people a choice and accept a lot of different payment options then they are more likely to continue to shop on your site.
2.Automate as much as possible
One of the biggest advantages of running an online business is how hands off it can be. You don’t need a huge staff and your presence in the store is not required. This frees you up to grow the business while it runs itself. You can automate much of your online business so it can run even more efficiently and with less work on your part.
For instance, inventory can be done using software and apps so it automatically updates itself when a product is sold. You will not run the risk of running out of stock because you will always have the number handy and alerted to when it is running low.
3.Use email marketing
You should have a solid marketing strategy, but if you do nothing else, at least have a good email marketing plan. The beauty of running an online business is how connected you are to your customers. And if you require an email to complete a purchase then you have a huge list of people that you can now directly market to when you have a sale or some other type of promotion.
Make sure that you are sending other helpful emails also so you aren’t constantly hitting people up to spend money and people are less likely to unsubscribe. *This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.