Online business and e-commerce have made establishing and running startups extremely easy. The ease of setting up a company has also resulted in cut-throat competition, with a staggering 804,398 new businesses entering the fray in 2020 alone.
Entrepreneurs looking for elbowroom need to adopt competitive strategies to gain a foothold in the market. This factor becomes all the more critical for companies offering high-risk merchandise and services such as telemedicine, web hosting or jewelry, or targeting customers in developing countries worldwide. Here are some of the essential tools and practices you would want to adopt to attract buyers to your new business.
Offer Secure Credit Card Processing Facilities
You’ll need to partner with a reliable high-risk credit card processing company to facilitate receiving payments and conducting transactions. A secure processor protects both you and the customer by offering fraud prevention, which is highly essential in higher-risk industries. Most importantly, clients wary of scams prefer to work with companies that can prove they’re running legit operations.
Streamlined payment procedures with the option of chargebacks and refunds assure buyers that if they aren’t entirely happy with the purchases, returning them is a sure way of getting their money back. Protection from data breaches and Personally Identifiable Information (PII) hacking is another factor that businesses are looking for. High-risk payment processing offers buyers multiple payment options aside from credit cards, such as debit cards, loyalty cards, membership club plans, and gift cards. You’ll have a higher probability of completing the sale when customers can pick the payment platform that works best for them.
Offer Coupons and Discounts
Coupons and money-saving marketing strategies are possibly the most effective in attracting new clients. Customers love a good deal where they can get multiple products for discounted prices. You would want to offer site visitors incentives to provide their email address for advertising campaigns and receiving information about updated promotions. Offering coupons on social media, encouraging buyers to visit your site is another smart move.
Coupon statistics reveal that at least 88% of Americans use discounted deals to make purchases on internet shopping networks and digital coupons rather than traditional paper coupons are 35% better at attracting new customers. When almost 15% of shopping is done at digital stores, capturing this market is vital for your new company’s long-term success.
Offer Streamlined Transfer of Ownership
Many high-risk businesses fall under the category because of the kind of merchandise they deal in. For instance, antiques, vintage cars, valuable collectibles, stamps, furniture, artwork, and other items that require a clear transfer of ownership. Various states like New Hampshire, Maryland, Nebraska, West Virginia, and Louisiana require a mandatory bill of sale for registration. These documents are needed when evaluating sales tax and insurance premiums.
You might want to provide remote online notarization for a legal transfer complete with details like the names, addresses, and contact numbers of the buyers and sellers, along with a description of the property. Authenticated ownership paperwork reassures buyers, so they’re more likely to buy from you.
Lower the Number of Abandoned Carts
Abandoned carts or customers selecting items and leaving before checking out is one of the most significant issues plaguing the e-commerce industry. The Baymard Institute reveals that close to 70% of carts are abandoned by people visiting websites. You can lower this number by integrating a software system that saves the information and sends reminders to customers.
The tool also relays product images and features to attract buyers into revisiting and completing the sale. Sending incentives to interest people in placing orders like a one-time discounted price or membership for future orders can also work to finalize deals.
Adopt Best Email Marketing Practices
Emailing customers about the latest products, you have to offer and limited promotional period offers are one of the best strategies for maximizing sales. Make sure to address the recipients personally and add their names in a few places in the text’s body. Design the message so that images, prices, and deals are clearly visible.
Place the Call to Action button where readers can find it and click easily. Directing this action to the purchase page for quick checkout will raise your chances of making a sale before the customer has the time to change their minds. When gathering email addresses, make sure to categorize them carefully according to demographics and previous shopping patterns, and create customized email campaigns.
Offer Shopping On the Go Options
The best way to ensure e-commerce sales is to have an interactive website that can be viewed on mobile devices, including smartphones, tablets, and laptops. Considering that at least 64% of sales are made by customers using cell phones, not having this feature can make it difficult to keep up with the competition. Make sure to choose mobile-friendly templates to advertise your products and services.
These best practices for e-commerce retailers in high-risk industries should maximize sales and help grow your online business.
high risk business concept -DepositPhotos