Saturday, 31 December 2016

Things You Need To Know Before Launching An Online Store

The small and medium enterprise (SME) sector in India is ever-expanding; in 2013-14 itself, it employed over 40% of India's total workforce. But while the nation boasts over 48 million SMEs, only a fraction of that colossal figure really harnesses the internet for business.

However, slowly but steadily, more and more business owners in India are turning towards ecommerce to grow their businesses.

The old models have changed, and SMEs need online storefronts for their businesses now, more than ever. If you're a small-to-medium business owner, here's what you should do before launching your own online store:

  • Research - The Backbone of Any Business

    • Target Audience: Before you can figure out what you're selling, you need to know who you're selling to. Identify your ideal target audience and build different buyer personas.
    • Market: Research market trends to find out how certain products are performing and whether your product has the potential to sell.
    • Competitor Research: It's necessary to have a strong understanding of your competition so that you can hold your own against them while standing out from the pack as well.
  • Evaluate Your Product for Suitability

    Once you've researched everything you can, it's time to figure out what you're selling. Evaluate your product viability, the market demand for your product and how you can obtain the product.
  • Identifying the Ideal Platform

    Choosing the ideal platform for your online store can work wonders for your business.

    You don't have to be a programmer or even overtly tech savvy to setup an online store. Invest in the services of a company that'll do it for you, or go for popular ecommerce platforms like Shopify, Volusion and Magento.

    WordPress is a good option too.
  • Invest in a Reliable Payment Processor

    Securing your online store from hackers, fraudsters and scammers should be a top priority, not only for the sake of your business but for the sake of your customers as well.

    Online retailers are required to be PCI (Payment Card Industry) compliant. Payment processors like Payza build PCI compliance into their solutions to effectively protect you and your customers.

    Payza's scam and fraud prevention measures stop problems before they even start. Moreover, a Tokenized Payment feature is a worthy addition to the Payza scam prevention system, providing an extra-layer of security to your online store.

    Make sure that your payment processor offers top-of-the-line security solutions and you're all set.

Every successful ecommerce business provides value to their customers through their useful products, seamless customer service and secure, dependable methods of pay. Create a near-perfect online store by investing in the best, because the only thing stopping you from reaching the top, is yourself.

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