E-commerce Tips

By Debbie Gregory.

Many veteran business owners and VAMBOA members began their entrepreneurial journey by launching E-commerce websites. E-commerce, short for electronic commerce, is also known as internet commerce and refers to the buying and selling of goods or services via the internet, as well as the transfer of money and data to execute these transactions.

With global retail E-commerce sales are projected to reach $27 trillion by 2020 so you can see why this is such an attractive way to begin a business. But before entrepreneurs jump into the water, here are a few tips to aid in the success of an E-commerce business:

It begins with reaching your audience. If you’re looking to do business online, that’s where you are going to find the majority of your customers. So purchase your domain name, design your web site and set up your social media accounts. Blog, blog, blog. Add a podcast. Optimize your store for mobile.

If you aren’t great with technology, outsource the things you need help with. For example, when your customer adds a product to their cart, does your web site immediately let them know what others products previous purchasers have added-on as a suggested bundle? If a customer is about to abandon their cart, does your website know how to entice them back? If you don’t know how to build in these options, outsource them to someone who does.

Because you are at a disadvantage when it comes to your customers being able to see and touch (and smell) your product in-person, offer incentives such as free shipping or a money back guarantee if it makes financial sense to do so. Encourage your existing customers to leave reviews of your products by offering a percentage discount on their purchase to thank them for their time.

Start building a sales funnel. Think “Do you want fries with that order?” If your customer comes in for one thing, you’re going to ask if they’d like anything else before they cash out.

The more value you add — through freebies, up sells, and add-ons — the more trust you’ll build with your customers, and customers who trust you will spend more.

Building a good relationship with your customers will increase the chances that they will refer others to you, boosting your business even further.

Veteran and Military Business Owners Association, VAMBOA,